In a year filled with unforeseen and unparalleled challenges, small and midsize U.S. business leaders are showing resilience by remaining nimble, accelerating digital adoption and using lessons learned to plan for continued economic uncertainty, according to the annual JPMorgan Chase Business Leaders Outlook survey released today.
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“Companies best positioned for success in 2021 will be those that focus on remaining nimble amidst continued volatility and evolving consumer demands.”
While the majority of businesses surveyed cited continued economic uncertainty as their top challenge, most – 77% and 63% of midsize and small businesses, respectively – remain optimistic about their own performance in the year ahead, even as they continue to face the impacts of a global pandemic.
Still, fewer small businesses anticipate revenue and sales growth for the year ahead, down to 47% from 60% last year. The outlook for midsize businesses is a bit brighter: 69% expect to see revenue and sales growth in 2021, relatively unchanged from 70% a year earlier and before the start of the pandemic.
“Businesses have weathered many storms over the past year, displaying impressive levels of creativity and adaptability as they shifted to new operating models, distribution channels and technologies,” said Jim Glassman, head economist, JPMorgan Chase Commercial Banking. “The challenges aren’t over, but their tenacity has helped sustain economic momentum and offers optimism for recovery in 2021.”
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