2024 mid-year editionBusiness Owner Success Survey
This survey of Small Business Owners (SBOs) reveals that many
are taking steps to finish the year strong, while others are making
avoidable mistakes that could hurt their end of year success.
Read on to see what’s working for SBOs, how SBOs can better
plan for and achieve success at their own companies, and what
SBOs are considering as they anticipate the impact of the election.
giving credit
to confidence
SBOs who will finish strong in 2024 are confident and taking action on that positivity
73%
Nearly three-quarters of SBOs report coming out of the first half of 2024 with greater confidence in second half business performance
66%
Two-thirds of SBOs received the additional capital they applied for via loan, line of credit, or credit card in H1 2024
95%
were approved for
the amount
of credit
they applied for
83%
received the APR
they sought
Priced to Sell
SBOs also raised prices when necessary: Of the 77% who felt their businesses were impacted by inflation, 55% raised prices to help counter those inflationary pressures
Small businesses targeted price increases where it mattered most:
& services42%
Hiring According
to Plan
67% of SBOs began 2024 with
plans to make new hires
increase63%
planned20%
hiring plans55%
Spending
Thoughtfully
35%
will cut
spending
47%
will keep spending
the same as planned
18%
will increase
spending
Another aspect of achieving business goals
in 2024 is avoiding common missteps.
The top financial management mistakes to avoid:
58%
Only half of SBOs report maintaining enough of a cash reserve to avoid a cash flow crunch, whether that might be due to economic conditions, late customer payments, or other unplanned operational concerns.
52%
More than half of SBOs still use personal credit cards for business purposes, which obscures true cash flow while also creating issues with expense management and accounting.
44%
Almost half have not utilized any government programs to help them grow this year, yet “Small Business Support” ranked among the top 5 issues SBOs would like to see the federal government address in 2025.
34%
Only one-third of SBOs have established access to a line of credit to use as a buffer for working capital (e.g., payroll, expenses, etc.) or for company growth (e.g., adding employees, developing new products/services)
Survey Methodology
Bluevine’s Business Owner Success Survey (BOSS) is meant to inform business owners about what is working for their peers, so they can better plan, budget, and perform to achieve the success they want for their own companies.
Bredin, an independent market research firm, conducted a survey of 1,200 respondents across the U.S. between June 5-18, 2024. Respondents are company owners, founders, partners, CEOs, or presidents of businesses with annual revenue between $100,000 and $5,000,000.
Report archive
Explore past surveys and see how small business owners have evolved.
