Story perspectives

Small Businesses Face Record Revenue Declines Amid Inflation

3/27/2025

50 11

Summary

Story summary

In 2024, small businesses experienced more revenue declines than increases for the first time since 2021.
41% of owners reported income shrinkage, while 57% faced challenges in customer outreach and sales growth.
Inflation and high interest rates hindered progress, with 75% of firms noting rising costs.
Only 19% of businesses were classified as "growing," marking a decline from previous years.
The survey involved over 7,600 firms, conducted from September to November 2024.

1 of 1

Story summary

In 2024, small businesses experienced more revenue declines than increases for the first time since 2021.
41% of owners reported income shrinkage, while 57% faced challenges in customer outreach and sales growth.
Inflation and high interest rates hindered progress, with 75% of firms noting rising costs.
Only 19% of businesses were classified as "growing," marking a decline from previous years.
The survey involved over 7,600 firms, conducted from September to November 2024.