Truist recently surveyed 526 small, 611 mid-size and 50 large businesses in the US.
While 60% of small businesses believe their company’s financial health will be better this year, concerns about economic uncertainty still prevails, as per the report. 42% of lower revenue small businesses are worried about economic uncertainty, a sentiment shared by 53% of mid-size businesses.
However, 68% of large corporations are optimistic about the economic outlook, with 84% predicting business conditions to improve this year. Re-examining business goals, developing five-year plans, and engaging in short-term financial goals are on the agenda for small, medium, large businesses respectively.
Small businesses plan to leverage digital technologies, online channels and innovate (17%), and invest in product development (20%) to recover. Expanding reach internationally and introducing new products and services are primary goals for large corporations, with the latter also being an objective for mid-size businesses.
[6 minute read]