SURVEY: Ohio Small Businesses Say Inflation, Staffing Will Remain Challenges in New Year

Date: December 20, 2022

NFIB State Executive Director Roger Geiger says a new survey of Ohio small business owners shows inflation and labor will likely remain challenges in the coming year. The National Federation of Independent Business is Ohio’s leading small business advocacy organization.

“While Ohio entrepreneurs are seeing an improvement in the supply chain, record-high inflation and staffing shortages continue to weigh them down as they look to maintain and grow their businesses,” Geiger said.

The survey of NFIB members from throughout Ohio said:

  • 61% believe economic conditions will be worse or much worse six months from now, while 36% believe conditions will improve.
  • 48% rank inflation as the single most important problem facing their business, followed by the staffing shortage (28%) and supply chain disruptions (11%).
  • 73% of NFIB member businesses have had to raise selling prices in the past three months because of higher costs, while 72% of members surveyed said they expect additional price increases in the next three months.

On the issue of staffing, the Ohio-specific member survey found that:

  • 47% of NFIB Ohio members reported not getting enough qualified job applicants to fill vacant positions in the past three months; 27% said they didn’t need to hire anyone during the period.

The Ohio results are in line with the results of the latest national NFIB Small Business Optimism Index, which found that 44% of small business owners nationwide had positions that were difficult to fill in November.

In addition, the Ohio survey said:

  • 36% of NFIB members in the state plan to add staff in the first three months of 2023, while 48% plan to maintain current staffing levels. Only 4% expect to reduce staff, while the rest said the question didn’t apply to their business or they have no employees.
  • 49% said they have increased wages in the past three months, while 37% have not. The rest said the question didn’t apply to their business or they have no employees.
  • 48% expect to increase wages in the first three months of the new year.
  • 72% said at least some of their positions do not require a college or advanced degree.

“With small business owners in our state being heavily reliant on non-degreed employees, Ohio’s education system must see reform, and soon,” Geiger said. “A greater emphasis needs to be placed on technical and skilled trades, and we need to break down the barriers individuals face in the state licensure process.

“There are plenty of opportunities to earn a great living without a degree in Ohio,” Geiger said. “We look forward to working with the Ohio Legislature and the DeWine Administration in the coming year to increase opportunities for more Ohioans to do just that.”

Click here to read the full Ohio survey.

Related Content: Small Business News | Ohio

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