2022 New Hampshire Small Business Survey

Key Findings
 

Staffing Needs

Respondents indicate that their businesses employ very slightly more people currently than they did a year ago. Four in ten expect their staffing needs to increase in the next year, particularly large businesses and those in the manufacturing industry.

Very few expect their staffing needs to decrease. Most say that they struggled a lot or some to hire employees in the past six months, and many who did struggle say that they tried to help their hiring by offering increased compensation or flexible hours.

Employee Well-Being

The vast majority of respondents believe that their employees are satisfied with their work schedule, their compensation, and their benefits. Most respondents say that their business offers paid vacations to full-time employees, but less than half provided other benefits such as medical insurance or paid sick leave. Nearly half of respondents say that their business has at least some of their employees working remotely at least one day a week on average.

Most respondents think that their employees find it difficult to access affordable housing and many believe their employees struggle to access childcare.

More than three-quarters of respondents say that they are very or somewhat concerned about their business being able to find new employees and pay their current employees competitive wages. Majorities are also concerned about being able to retain their current employees and offer competitive benefits. To help with retaining employees, about four in ten say their business increased compensation and three in ten offered flexible hours to their employees.

Supply Chain Issues

Nearly three-quarters of respondents say their business has been affected a lot or some by supply chain issues in 2022, particularly accommodation and food services, manufacturing, and retail trade businesses. A majority have experienced increased costs of goods and delays in sourcing from domestic suppliers.

Resiliency

Just under half of respondents say that their business has a resiliency or continuity plan. Among those who do, a majority say they created their plan in the past three years. Larger businesses tend to be more likely to have a plan at all and for their plans to have a greater number of components.

Business's Financial Health

Just over a third of respondents say their business is better off than a year ago while one-fifth say they are worse off. Respondents are slightly more optimistic when projecting into the future, as four in ten expect their business will be better off in a year and only one-tenth expect to be worse off.

The vast majority of respondents are very or somewhat concerned about the effect of inflation and energy costs on their business, while more than two-thirds are also worried about maintaining sales/revenue, supply chain disruptions, and maintaining customers.

Those under the age of forty and those whose businesses are in the health care and social assistance or the manufacturing industries are particularly optimistic about their business's outlook.

State Business Environment

Respondents are about evenly divided in their expectations for the business environment in the state over the next twelve months, with a majority expecting some good and some bad conditions.

When asked what they consider to be the most important problem facing the business community in New Hampshire, respondents most frequently mention the labor shortage or labor costs, inflation, or housing availability or costs. When asked for one positive thing about the New Hampshire business environment, respondents most frequently mention a lack of sales or income tax, a supportive business community, an overall good business environment, the quality of life, low taxes overall, and a plethora of resources for businesses.
 

The downloadable abridged pdf report is available here:

2022 NH Small Business Survey Report

If you would like a link to the full report, please email ben.dion@unh.edu with your request.