The Empower Trend Report is a monthly survey of business people to see what they are concerned about, what issues they are focused on, and what they are trying to overcome to make progress in their business or career.
WIth the volatile economic times, business people have a wide range of concerns, but there are some bright spots. The latest Empower Trend Report indicates that business people are bullish on their growth prospects even as they are concerned about inflation.
Inflation is the biggest concern for businesses. Fifty percent of business people said that was a major concern followed by the state of the economy and high taxes. Other items of concern are COVID uncertainty, retaining employees and energy prices.
Despite the economic challenges 87.5% of respondents feel their business will grow over the next six months. While 12.5% of respondents thought their businesses would stay the same, it is remarkably optimistic that no respondents felt their businesses would shrink or close.
Marketing topped the list of things companies needed to do to overcome this economic challenges with 50% of respondents ranking it as most important. Handling supply chain issues, hiring challenges and sales all tied for second most important, each ranked as most important by 12.5% of respondents.
Overall sentiment was optimistic despite respondents feeling that businesses faced strong headwinds from inflation and the economy.