Nevada State Bank has released the results of its 9th Annual Small Business Survey in Nevada conducted by Applied Analysis. This year's result shows some of the challenges small businesses are facing such as supply-chain delay, difficult to hire qualified talents, and the increasing cost of goods. Looking forward to the future, majority of businesses predict that their business will return to normal by the end of 2023. And nearly 78% of the respondents think the business environment in Nevada will improve or stay the same in 2022.
The bank surveyed more than 400 randomly selected small business decision makers representing Nevada businesses with annual sales ranging from $250,000 to $10 million.
Highlights of this year’s survey include:
- More than 1 in 4 businesses reported Nevada’s business environment got better over the past year.
- Businesses indicated education funding is a priority in Nevada’s next legislative session in 2023.
- Supply chain issues appear to be the biggest economic challenge facing business today. More than 80% of respondents indicated they had experienced supply chain challenges in 2021.
- Overwhelmingly, hiring and retaining quality workers is the single most important challenge that small businesses face. This year, 37.7% of respondents indicated this as a top challenge, up more than 16% from 2021, and exceeding the previous high of 35.3% in 2020.
- Housing affordability is expected to worsen and remain a concern for businesses as interest rates continue to rise. More than 42.6% are very concerned with housing affordability and 23.8% are moderately concerned.
- Of small businesses that felt they were not yet operating at pre-COVID-19 levels, the general sentiment is that it would take about two years for their business to return to pre-COVID-19 levels.
To download a copy of Nevada State Bank’s 2022 Small Business Survey report, please visit www.NevadaSmallBusiness.com/survey.