January 13, 2025 – The U.S. Chamber of Commerce reports that small business owners are optimistic about 2025, with 66% predicting higher sales and 67% expecting increased profits. Additionally, 60% express optimism about their local economies.
Despite this optimism, workforce shortages remain a significant challenge. In December, 35% of small businesses reported unfilled job openings, and 89% of those hiring struggled to find qualified applicants.
To address these challenges and drive growth, small businesses are adopting various strategies:
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Product Expansion and Marketing: 64% plan to boost sales by adding products, increasing advertising spend, and enhancing social media campaigns.
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Artificial Intelligence Adoption: Nearly 80% are either implementing or considering AI technologies to enhance operations.
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Competitive Compensation Packages: To attract and retain talent, 47% plan to increase wages, 40% are offering flexible work arrangements, and 35% intend to enhance benefits such as healthcare, 401(k)s, and childcare.
These findings highlight the resilience and adaptability of small businesses as they navigate challenges and pursue growth in the coming year.
For more details, please see the full blog post from the U.S. Chamber of Commerce here.
