Charts: U.S. SMB Trends and Challenges Q3 2023

This collection of charts provides a curated summary of Morning Consult’s proprietary Economic Intelligence data on small- and medium-sized businesses. The complete report is available for Morning Consult Economic Intelligence clients on our platform.

Small- and medium-sized businesses felt considerably less optimistic in Q3. With a smaller share reporting sales growth, inflation still a challenge and financing more difficult to come by, the positive picture painted by our Q2 sounding of the SMB mood is looking more like a blip in a negative trend.

Chart Pack highlights:

• Both reported and projected sales growth shrank in Q3, as did the share of SMBs that are expecting business conditions to improve. 
• Fewer SMBs are reporting easier access to loans this quarter, while a rising share of SMBs expect it to become harder to obtain financing in the coming quarter.
• Cost pressures are relatively unchanged from last quarter but remain elevated, while a rising share of SMBs are reporting stronger pricing power.