Read the full 2023 Mid-Sized Business Owner Report for a more in-depth look at these trends.
2023 Mid-Sized Business Owner Report
July 2023
Our inaugural Mid-Sized Business Owner Report captures viewpoints on the economy, financing in their businesses, labor, digitization, and more.
Key takeaways
- Mid-Sized Business Owners (or MSBOs) maintain a positive outlook, as 75% plan to expand their business and 67% expect the national economy to improve over the next 12 months.
- Over the last 12 months, 90% of MSBOs have adopted digital strategies to further optimize their businesses and operations, with new digital tools helping them to save time (48%), increase customer satisfaction (43%), manage cash flow (43%), stay organized (41%) and reach new customers (37%).
- Employees are the most valuable asset of any company, and current labor shortages have challenged business owners looking to attract and retain talent. The Mid-Sized Business Owner Report found that many MSBOs struggle to find skilled, experienced employees. To attract qualified candidates, many MSBOs are increasing salaries (43%), offering more PTO (40%), strengthening retirement benefits (36%) and introducing new employee training and resource groups (34%).
