Small businesses eye belt tightening

Amazon Business polled 500 small business decision-makers in the United States in March and found that 61% of respondents will look for ways to reduce the costs associated with B2B purchases over the coming year. In addition, 61% of respondents say staying within budget is a priority.

“Small and medium-sized business owners say concerns about how inflation and a possible recession will affect their business are keeping them up them at night,” says Todd Heimes, director and general manager, Amazon Business Worldwide.

63% of small business decision-makers polled listed high inflation as the top challenge, while 39% cited a possible recession, and 30% cited supply chain disruptions, the survey found. Respondents could list more than one concern. 88% of respondents said the ability to easily find items is a key factor in growing their businesses long-term, while 91% cited the ability to find items within their price range.

“Even the smallest businesses are looking to find more efficient ways to purchase,” Heimes says.

In addition, buyers at small businesses are seeking ways to make the purchasing process more efficient, helping them find and purchase what they need faster and more easily to spur their companies’ long-term growth, according to the survey.