Small business owners in Charlotte are feeling more bullish than counterparts nationwide about their success, growth and optimism.
Ninety-eight percent of Charlotte business owners rate their enterprises as successful, outpacing 90% who share that view in the U.S., according to a survey released by U.S. Bank this week. The research was based partly on responses from small business owners in Charlotte, Phoenix, Minneapolis/St. Paul and Los Angeles County.
Among Charlotte owners, 95% said their businesses have grown over the past year, while 73% of owners overall feel the same way, the survey found. Looking into the future, 99% in the Queen City are feeling optimistic, whereas 87% overall share the view.
Despite their favorable views in Charlotte and elsewhere, small business owners are “feeling the impact of their top macroeconomic stressors: competition, the economic environment and inflation,” according to the survey’s executive summary. “A strong majority of small businesses have grown in the past year despite more than half reporting labor challenges.”
Charlotte owners face difficulties in securing financial support for their businesses and training for their workforces, Minneapolis-based U.S. Bank found. In the areas of competition and the economic environment, the views of Charlotte owners generally mirrored those of owners elsewhere.
However, more so than among owners overall, a higher percentage of Charlotte owners ranked limited skills and training and the ability to secure adequate business financing as major causes of stress.
“Ensuring the appropriate financial support for their business is top of mind for Charlotte” owners, said U.S. Bank, citing the survey.
Overall, 72% said securing reliable access to capital and financing to support business operations is most important to achieving their business goals in the next 12 months. In Charlotte, 9 in 10 held that view, with two-thirds planning to obtain reliable financing to capital in the next year.
The survey also found that business owners and workers view technology as essential, but also daunting.
“From the perspective of embracing the future, small business owners and employees understand the critical role digital tools play in enhancing their business success and efficiency,” Shruti Patel, U.S. Bank executive vice president and chief product officer for business banking, said in the executive summary. “They also find AI and automated solutions to be an exciting prospect, but both have some apprehension.”
U.S. Bank’s findings came from a 20-minute survey conducted from April 25 – May 20 this year. It covered 1,000 U.S. small business owners and 1,000 U.S. small business employees, as well as an additional 300 U.S. Hispanic small business owners, 300 Black small business owners and 200 small business owners from Charlotte, Phoenix, Minneapolis/St. Paul and Los Angeles County.