51% of small-business owners have recently raised prices to help offset increasing wages
Nashville – Small businesses continue to be weighed down by a shrinking labor force, unrelenting wage pressures and the unavoidable price hikes. These factors leave business owners with no choice but to pass increased costs onto customers.
New research conducted by Ramsey Solutions’ EntreLeadership team finds a perfect storm of factors affecting the way small businesses do business in 2023.
Key findings of The 2023 Small-Business Labor Crisis Report include:
- 11.3 million small-business owners struggle to find employees who can do the work they need.
- 23% of small-business owners say they’ve had to cut business hours due to worker shortages.
- 51% of small-business owners have recently raised prices to help offset increasing wages.
- Six in 10 small-business owners say they feel alone in solving problems and making decisions in their business.
“We are smack-dab in the middle of a labor crisis in America,” said Ramsey Solutions’ CEO Dave Ramsey. “But you’re not powerless if you own a business. In EntreLeadership, we challenge you to step up and raise your level of excellence. Now is the time to create a culture that loves its team, takes care of its team, coaches and corrects its team. Being a boss isn’t going to cut it anymore. You must become a world-class leader because that’s who people want to follow.”
Despite the challenges outlined in the research study, the survey also finds nearly 70% of small-business owners refuse to entertain thoughts of giving up — and another 17% only sometimes think about quitting. That’s 87% of small-business owners embracing the demands, aggravations and sometimes full-on pain of building their businesses with a can-do, will-do attitude.
To view the full report, visit: ramseysolutions.com/business/small-business-labor-crisis.