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Reliant Funding Small Business Report

Welcome to the first edition of the Reliant Funding Small Business Report. In this initial study, we took an overall look at pain points, challenges and plans for growth of small businesses in the eyes of their owners. It’s part of our ongoing process to understand the issues they face. We speak with small business owners every day and build partnerships based on the mutual goal of seeing them thrive.

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Age Profile
45.1% 35-54 years old
44.4% 25-34 years old
10.5% 55+ years old
Employee Count
83.5% 5-100 employees
16.5% 101-200 employees
Gender Profile
51.8% Female
47.3% Male
0.9% Prefer not to answer
Gross Annual Revenue over the past 12 months
53.0% 251k – $1 million
23.2% Less than 250K
21.5% $1 million – $10 million
2.3% Over $10 million
Primary investment plan for next 6 months
18.2% Marketing efforts
17.7% Hire more staff
16.9% Facility/equipment upgrades
13.3% Staff training
13.1% New products/inventory
12.4% Technology (Automation AI, Blockchain)
7.7% No investment plans
0.8% Other
Current sentiment on status of business
75.5% Steadily growing
23.0% Staying the same (no notable increase/decrease)
1.5% It’s on a downward trend
Sentiment on the future of their businesses
62.8% Optimistic
35.2% Satisfied
2.0% Discouraged
Biggest internal challenge of operating a business
35.1% Hiring skilled workers
33.3% Marketing/advertising
28.2% Access to working capital
3.3% Other
Areas where SMB owners need and seek consultation
34.2% Marketing/reputation management
25.6% Finances/taxes
24.9% Expansion opportunities
13.5% Business Strategy
1.8% Other
External factors with biggest impact on business
19.8% Customer spending
18.7% Local government business regulations
18.4% Effectiveness of US government
17.1% Competitors
12.2% Healthcare costs
10.0% Minimum wage increase
2.2% Local Crime rate
1.4% Other
Sentiment on local government promoting small business growth in the community
59.4% Feel supported
40.6% Don’t feel supported
SMB owners planning to take a vacation this year
82.7% Yes
17.3% No
SMB owners who bring their pet to work
68.4% No
31.6% Yes
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