Small business owners across the nation, particularly in the Southeast, are facing heightened stress levels and concerns about inflation, as revealed by Truist's annual Small Business Pulse Survey. Scott Stearsman, the head of small business banking at Truist, noted the resilience of small businesses amid economic uncertainties, stating, "In recent years, our survey has shown the impact that economic uncertainty and high levels of stress can have on small business owners regionally and nationally."

Despite expressing optimism about growth in 2024, many small business owners are struggling to balance short-term challenges with long-term planning. Only 35% of respondents reported having a formal growth plan in place, with Stearsman emphasizing, "Running a business takes planning, research, funding and is a huge commitment of time."

The survey highlighted that small business owners are facing difficulties in key areas such as prospecting and generating referrals due to the lack of formal plans. Concerns about preparedness for unexpected events like economic downturns or natural disasters are also prevalent, with only a small percentage feeling adequately prepared.

Financial worries, rising costs, inflation, and finding new customers remain top concerns for small business owners. Despite these challenges, many are taking proactive steps to retain employees and improve their financial well-being, with 55% feeling more positive about their financial situation compared to the previous year.

Notably, small business owners in key Southeastern markets, including Atlanta, Orlando, and Nashville, are experiencing higher stress levels and increased concerns about inflation. Despite these challenges, there is a sense of optimism among Southeast Market business owners, with many believing that business conditions will improve in the coming year.

Looking ahead, small business owners are focused on customer acquisition and digital marketing strategies to drive sales growth and achieve long-term goals. Investments in marketing and sales, particularly in advertising and online presence, are anticipated to increase, reflecting a proactive approach to business growth.

Truist Financial Corporation, the organization behind the survey, is committed to supporting small business owners through their financial services and resources. With a mission to inspire and build better lives and communities, Truist aims to empower small businesses to navigate challenges and seize opportunities in today's dynamic economic landscape.