Fintech
The Chase for Business survey finds that small businesses are optimistic about growth
Leading provider of financial services for small businesses, Business pursuit The survey revealed that the results indicate continued optimism among small business owners and their growing willingness to invest in digital solutions.
The recent survey, conducted among a diverse sample of small business owners from various industries, sought to understand their challenges and growth expectations in the coming months.
Commenting on the survey results, Ben Walter, CEO of Chase for Business, said: “It is encouraging to see the resilience and optimism shown by small business owners despite the challenges they have faced in recent times. I am pleased that Chase for Business customers are particularly optimistic about the future, with a strong desire to invest in their businesses.”
Chase regularly interviews small business owners and uses their input to design business solutions that address some of their biggest pain points. For example, Chase for Business has launched a number of innovative business solutions such as invoicing, flexible payment options and data-driven insights to help support better business decisions.
Key findings from the latest survey include:
The optimism continues: Business owners said they are poised for growth through product diversification, increased marketing efforts and additional hiring. They cited improving economic conditions, increased consumer spending and innovative business strategies as drivers of their positive outlook.
- More than half (58%) of small businesses surveyed said they plan to expand in the next 12 months by introducing new products, increasing marketing efforts or hiring more staff. This percentage is even higher among Chase customers with 69% saying they plan to expand, versus 47% of potential Chase customers.
Investment intentions: Despite ongoing challenges, such as supply chain disruptions and labor shortages, a notable percentage of small business owners have indicated plans to invest in their businesses in the near term. This includes investments in technology, data analytics, marketing and employee training to improve productivity and competitiveness.
- The majority of small business owners surveyed indicated that they will likely rely more on data to make decisions, especially for analyzing competitors, studying customer purchasing habits, or finding qualified candidates. The majority (89%) of Chase customers expressed willingness to use data, compared to 78% of potential Chase customers.
Digital transformation: The survey also highlighted the growing importance of digital transformation for small businesses, with a growing number of respondents saying they want to leverage artificial intelligence (AI) to simplify decision making, strengthen their competitive position, reach new customers and improve the overall customer base. experience.
- Chase for Business customers showed a greater propensity towards AI than prospects with customer service and operations emerging as primary areas of focus. A majority (61%) of Chase customers said they plan to use AI for customer service and support, compared to 45% of potential Chase customers.
- Small business owners are predominantly in the exploration phase of AI, although nearly half (47%) are in the planning and implementation phases. This is even higher for Chase for Business customers at 56% compared to 40% for prospects.
Strong preference for electronic/digital payments: Small business owners place a high premium on digital platforms for both receiving and making payments and said they would seriously consider switching banks to receive same-day ACH payments
- Electronic or digital payments are the preferred method for receiving and making payments, although a notable portion still opts for paper checks. 78% of small business owners surveyed said they prefer to pay employees electronically, and 90% said they prefer to receive payments electronically from vendors.
Highly desired fast billing: Small business owners expressed a strong preference for timely invoicing, with 86% of customers surveyed saying timely invoicing is extremely important or very important to them. This was even higher for Chase for Business customers (92%) than prospects (82%).
- Businesses that receive paper checks say they experience a typical turnaround time of three or more days for paper checks. Chase for Business customers noticed a faster response with 20% saying they received payment immediately versus 40% of potential customers.
- Many small business owners (54%) said they would switch banks to receive faster ACH payments, and one in two small business owners (50%) said they would switch banks to receive digital invoicing online or through a mobile app without additional costs. cost.