Bluevine Survey Shows US Small Businesses Confidence is Surging

Bluevine's 2024 End-Of-Year BOSS Report shows SMBs are staying ahead through strategic financial moves despite ongoing economic volatility 

JERSEY CITY, N.J., Feb. 24, 2025 /PRNewswire/ -- Bluevine, the banking platform that serves as the financial operating system for startups and small businesses, today released its 2024 End-of-Year Business Owner Success Survey ("BOSS") Report™, offering a look at how small business owners (SBOs) are navigating uncertainty and positioning themselves for 2025.  After surveying 1,200 SBOs, a clear picture emerged: While inflation and rising costs are still causing concern for SBOs, owners are looking to 2025 with more confidence than they have had in years.

SMB owners are uniquely positioned to navigate economic uncertainty because they've been forced to do so over the past two years. The economy was running hot - until the Fed raised rates, inflation surged, and after two relentless years of unpredictability small business owners had no choice but to adapt. Unlike larger corporations, SMBs have had to adjust in real time - learning how to operate lean, stay agile and keep moving forward despite headwinds.

Confidence Surges for 2025
Optimism among SBOs is higher than ever, with 79% of business owners expressing confidence in their overall business outlook, up from 73% found in the Mid-Year BOSS Report. Expectations for profitability have risen from 72% to 77%, and revenue forecasts have increased from 70% to 76%. Despite ongoing economic challenges, SBOs remain optimistic about their future growth.

SBOs are Pros at Strategic Expense Management
SMBs don't have the luxury of waiting to see what happens with changing economic conditions - like  inflation or interest rates - they make real world moves because they have to. With 41% of SBOs adjusting their 2025 spending plans due to the economic landscape of 2024 - an uptick from 35% in mid-2024. Payroll remains the largest expense, followed by materials, supplies and rent. Material costs have become a much bigger concern for solo business owners, with 56% now listing it as a top concern, up from 43%.

Price Hikes Amid Inflation
Two thirds of SBOs have raised prices on some or all of their products or services, up from 61% mid-year. Inflation continues to be a significant challenge, with 64% of SBOs naming it as a top concern. Taxes and fees are also on the radar for 55% of small business owners. Particularly noteworthy is the rise in concern over tariffs, which jumped from just 5% in mid-2024 to 13% today.

Capital Access Fuels SBO Expansion
Access to capital remains crucial for SBOs, with "growth and expansion" and "working capital" topping the list of reasons to seek new funds. Bank loans continue to be the preferred choice, with three out of four SBOs opting for traditional bank loans. A notable shift has emerged among solo business owners, with the percentage seeking capital for debt restructuring or consolidation jumping from 10% to 38%.

"Despite the challenges small business owners are facing, the demand for capital and investment in growth is unwavering," said Eyal Lifshitz, co-founder and CEO of Bluevine. "Even with inflation, rising costs and a rocky economy, these business owners  are staying the course, investing in growth and looking at the long game. It's clear that even in uncertain times, they're committed to making things work and positioning themselves for success."

Methodology                        
Bredin, an independent research firm specializing in SMB market trends, conducted a survey of 1,200 small business owners nationwide between November 14 - 27th. The respondents  reported annual revenue between $100,000 and $5 million. For access to the complete End-Of-Year BOSS Report™, visit here.

About Bluevine
Bluevine is the banking platform that serves as the financial operating system for startups and small businesses. Through a single account, companies can earn more, save more, borrow, and manage their money whenever and wherever they do business – without ever stepping into a branch. Accessible through one dashboard, its product suite integrates high-yield business checking, accounts payable, debit and credit cards, loans, and lines of credit. Since 2013, Bluevine has served over 500,000 customers, delivered over $14 billion in loans, and is currently trusted with over $1 billion in managed customer deposits.

Bluevine is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft's Venture Arm). Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC. Lines of credit are issued by Celtic Bank. For more information, please visit bluevine.com or follow us on LinkedIn, Instagram, Facebook, and Twitter.

SOURCE Bluevine