Published: Tuesday, May 21, 2024
Chase for Business released the latest findings of its survey, which shows that small businesses owners are optimistic about their future growth and increasingly willing to invest digital solutions.
Positive Outlook Despite Challenges
The survey was conducted with small business owners in different industries to determine their expectations and challenges for growth. Ben Walter, CEO at Chase for Business, highlighted these business owners’ resilience:
It’s encouraging to witness the resilience and optimism of small business owners, despite the recent challenges they have faced. I’m happy to see that Chase for Business customers are especially optimistic about the future and willing to invest in their business.”
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They are confident that their businesses will grow through diversification of products, marketing and increased hiring. Their positive outlook is driven by improving economic conditions, increased spending from consumers and innovative business strategies.
58% Many small businesses are planning to grow in the next year, whether it’s by introducing new products or increasing marketing. 69% Chase clients are more likely to expand than other clients. 47% Chase prospects. Many small business owners are planning to invest in marketing, technology, data analytics and employee training despite challenges such as supply chain disruptions or labor shortages.
89% Chase clients are more willing to use their data to make decisions than other companies. 78% Chase prospects. The survey highlights digital transformation. Many business owners plan to use artificial intelligence (AI), for decision making, competitive positioning and customer reach.
61% Chase clients are more likely to plan to use AI to improve customer service. 45% Chase prospects 56% Chase clients are at the planning and implementation stage of AI adoption compared to 40% Prospects. Small business owners are more willing to switch banks if they can receive payments the same day via ACH.
78% Paying employees electronically is preferred. 90% Vendors prefer electronic payments. 92% Chase clients are more likely to value prompt invoicing than other types of payment. 82% Prospects 54% Switching banks to get faster ACH payments. 50% Would switch banks to digital invoicing without additional costs? JPMorgan Chase conducted an online survey between April 5-10 2024 among 500 small businesses with 1 to 99 employees. 169 Chase for Business Banking customers and 199 Business Banking prospect were among the respondents.