KANSAS CITY, Mo. — A survey of 1,155 small business owners by the Capital One Insights Center found that 75% are confident about the future of their businesses, while 69% say they are positioned for growth.
But nearly half said their operational efficiency has either stalled or gotten worse over the past year. The research points to everyday administrative tasks, cash flow management and disconnected financial tools as major obstacles.
The Capital One research also highlights the importance of credit for small businesses. About two-thirds of owners surveyed said access to credit is a key factor in growth, while 77% said easy access to credit is essential to staying resilient.
Credit cards are also a significant part of business spending. Seventy-one percent of small business owners surveyed said more than a quarter of their spending is made with credit cards.
Rewards can play a role, too. Among business credit card users, 84% said they actively try to maximize rewards, using them to help support business expenses and reinvest in their companies.
Katie Roering shares her challenges and growth opportunities from running Fontana Candle Co.
Shena Ashley, vice president of Capital One Community Impact & Investment and president of the Capital One Insights Center explains the research.