There’s an old saying: The (small business) show must go on. Well, that’s not exactly how it goes, but it’s the truth. Unlike other industries that are much more dependent on the whims of the stock market, the small business service economy remains steady despite volatile economic periods, like the one we are currently facing.
Small business revenues rose by an average of 87% between July 2022 and the previous year, and 80% of small business owners were confident they could withstand a potential U.S. recession, according to a recent report from American Express and Kabbage. Owners in the small business service economy are looking to leverage this growth by leaning into digital transformation, and integrated SaaS solutions may be the key to helping them scale.
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What’s Fueling the Small Business Service Economy Growth?