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86% believe the federal government should do more to level the playing field so small businesses are able to better compete with larger companies, while 93% say the federal government should do more to tailor programs and services to better reflect the realities and needs of small businesses. Small business owners in the Lone Star State believe Congress can better support small businesses, including through modernized programs. 69% worry about employees leaving their businesses because larger businesses can offer higher pay and more generous benefits.65% of businesses impacted by supply chain challenges say itвЂ™s a problem for their business that suppliers are favoring large businesses over small businesses.49% report they have lost employees to larger businesses that are paying more.The feeling of a recovery favoring big business goes deeper: 89% of respondents say small businesses are struggling relative to larger companies in their local communities. Texas small business owners believe it is a tale of two recoveries.

To offset these increased costs, 58% have passed them through to the consumer by raising the prices of goods or services. Of those small business owners, 54% of respondents in Texas have increased wages to retain employees, while 55% have increased wages to attract new employees. 82% of Texas small business owners say their businessвЂ™ financial health has been negatively impacted by inflation over the past six months. Inflation has contributed to workforce challenges as the high costs of attracting and retaining employees affects Texas small businessesвЂ™ bottom lines and ability to do business, according to the survey.

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Heaney says business owners вЂњneed policymakers to understand that while most businesses in Texas have been fully reopened for some time, the road to a full recovery continues-with new challenges around every corner.вЂќ вЂњTexas small business owners continue to face pressing challenges as inflation and an uneven economic recovery are impacting every part of our businesses with no end in sight.вЂќ вЂNew challenges around every cornerвЂ™ Texas-based Kristen Heaney, owner of the Yard Bar in Austin, echoes those sentiments. Wineland says we need innovative reforms, referring to вЂњinitiatives that design appropriate and effective policies on supplies distribution, utility pricing, and creating programmatic responses for health insurance reforms at the state, national and global levels,вЂќ she said. вЂњItвЂ™s been two years and the pandemic isnвЂ™t only a health crisis itвЂ™s an economic crisis that continues to impact small businesses and major industries across America, especially in the food industry,вЂќ said Dallas-based Desiree Wineland, founder and CEO of American Butchers LLC.ДЄmerican Butcher co-founder Desiree Wineland, who is a Goldman Sachs 10KSB alumnus, has been recognized as a вЂњWhite House Champion of Change.вЂќ Wineland created an innovative sustainable food model that supports rural agriculture, revitalizes economic development, and reduces poverty. Over that same period, 92% said hiring challenges worsened or stayed the same and 90% said supply chain challenges worsened or stayed the same, a number 10% higher than the national average. And while hiring and retaining workers remains the top challenge cited by Texas small business owners, concern over inflationary pressures has also increased over the last few months 90% said inflationary pressures have increased since January 2022. The health of the economy is another concern, as 61% of Texas small business owners say the economy has worsened since January 2022-a rate 5% worse than the national average.

Further, nearly three-quarters (74%) of all Texas small business owners surveyed across all sectors say increasing energy costs are having negative impacts on their bottom lines. Texas small business owners are reporting that inflationary pressures are hurting their bottom line and adversely impacting their ability to hire and retain workers, according to new survey data of Texas small business owners from Goldman Sachs 10,000 Small Businesses Voices.ДЁ9% of Texas small business owners say broader economic trends, such as inflation, supply chain issues, and workforce challenges, are having a negative impact on their business.