Morgan Health reposted this
Every year Chase for Business surveys hundreds of business leaders to understand their outlook on the economy and how they're responding to operational challenges for their business. Good news! Small businesses are optimistic about the future and ready to grow. This is especially true for Black-owned businesses: in fact, 78% of respondents from Black-owned businesses believe small businesses will be the primary drivers of economic growth in the U.S. Expected sales growth is the top reason businesses plan to hire full-time employees, further fueling the economy. The bad news— 31% report that uncertainty about health care costs may restrain their hiring plans. With health care costs expected to go up again in 2025, we asked small businesses how they're responding. Absent more affordable options, here are the measures small businesses are reluctantly taking: ⬆ 43% increased employee contributions to health care costs ⬆ 39% passed costs to consumers, increasing prices for goods or services ✂ 36% cut other expenses from their business ✂ 30% changed their hiring plans — meaning some employers may be choosing to not create new jobs at all Morgan Health is teaming up with our colleagues at JPMorganChase to understand how we can help. By investing in companies like Centivo we're bringing new affordable and high-quality plan options to the market. We teamed up with Covered California for Small Business to educate business owners in LA on their options. We'd love to hear your ideas for where we can be most impactful in this space. Reach out to Michelle Basta Fatema Salam Brandon Batiste, MPH Reed Goldberg and let us know. Special shout out to Pauline Wu Adam Dallas Bea Capistrant for the great work on this survey. You can read more about the Business Leaders Outlook survey here: https://lnkd.in/eMgP4Xdy #healthcare #innovation #NationalBlackBusinessMonth #smallbusiness