JPMorgan Chase Survey Findings: Companies Aiming for Growth in 2022 Despite Ongoing Supply Chain and Cost Challenges

NEW YORK–(COMMERCIAL THREAD) – U.S. small and medium-sized business leaders remain confident in their businesses and resourceful in their approaches to tackle the macroeconomic challenges that have created growing difficulties over the past year, according to the JPMorgan Chase CEO Outlook 2022 released today.

At the start of a new year, the majority of business leaders feel optimistic: 83% of mid-sized and 71% of small businesses are optimistic about their own performance in 2022, up from 77% and 63% a year ago respectively. Business leaders are also more optimistic about their industry’s performance and local, national and global economic prospects compared to the start of 2021. Despite the continuing uncertainty posed by COVID-19, companies are setting their expectations to a level high, with 81% of medium-sized companies and 63%. small businesses anticipating revenue and sales growth in the coming year. In line with these expansion plans, more than 4 in 10 respondents predict an increase in credit needs in 2022, which is the highest percentage recorded in the last five years.

“Companies have been key accelerators of continued economic recovery through their determination and ingenuity to find new ways to deliver products and services to their customers,” said Jim Glassman, Chief Economist, JPMorgan Chase Commercial Banking . “They now have a better idea of ​​how to stay competitive in today’s economic landscape, which should allow them to build on the momentum of last year. ”

More than half (53%) of midsize businesses are operating at least at the same capacity as before the COVID-19 pandemic, with almost a third (31%) now operating at a capacity above their levels. ‘before the pandemic, indicating that some companies addressed the disruption and continued to grow. Seventy percent have also seen their profits return to or exceed pre-pandemic levels. The return to pre-pandemic productivity is set to continue, as 9 in 10 mid-sized companies plan to grow in 2022, with the most common growth drivers including expansion into new markets or geographies , innovation or diversification of products and services and increased consumer demand. .

Facing economic and operational challenges

Achievements over the past year have not been easy as businesses of all sizes have had to navigate an uncertain and challenging operating environment. Below are the top three challenges cited by leaders of small and medium-sized businesses.

The main challenges for business leaders

Small enterprises

Medium-sized businesses

Economic uncertainty

Labor shortage


Persistent supply chain issues

Changes in consumption habits due to COVID-19

Higher cost to do business

In response to today’s challenges, small and medium-sized businesses have changed their business models, including:

  • Supply chain workarounds: To mitigate supply chain disruptions, nearly two-thirds (65%) of midsize companies used strategic storage and more than half (51%) added suppliers from new geographies. A significant number also allocated more funds to cover the increased costs associated with moving products (48%), modifying materials or manufacturing processes (32%), and replacing or discontinuing business with some. suppliers (30%).
  • Employee incentives: In response to recruitment and hiring challenges, 81% of mid-sized businesses and 38% of small businesses have or are planning to increase their wages. Flexibility is also a key consideration for many business leaders, with 45% of midsize companies having or planning to offer their employees flexibility on where they work and 40% of small businesses already offer or plan to offer more flexible hours to their employees. To retain staff, small businesses increased their benefits, such as health insurance (61%) and 401K programs (37%).
  • New consumption channels: As small businesses worry about the impact that changing consumer preferences due to COVID-19 will have on them, they are increasingly taking steps to reach consumers through digital channels. Almost a quarter (24%) of small businesses implemented more contactless payment options and 22% increased their sales on social media platforms. In the coming year, 19% plan to transition to an e-commerce model at nearly 100% compared to 12% a year ago.

“Businesses today are eager to grow, but face the reality of not being able to fill vacancies fast enough and dealing with the disruptions in their supply chain that are slowing them down.” said John Simmons, Head of Middle Market Banking & Specialty Industries, JPMorgan Chase Commercial Banking. “At the same time, it is encouraging to see the adaptability of the companies and the hubs they have put in place to overcome major challenges. I am inspired every day by the courage and ingenuity of America’s business leaders, who have continued to shine through the pressures of the past 18+ months.

The financial needs of small businesses

In the coming year, leaders of small businesses are increasingly looking for new ways of financing and financing. Almost 7 in 10 (69%) say they plan or need funding in 2022, up from 59% a year ago, with software systems and development being the greatest need (23%). To help finance their purchases, nearly half of small businesses plan to use business credit cards (48%), up from 38% a year ago, with line of credit the second most common method of financing . A growing number of small businesses (68%) are also considering exploring lending options online, up from 56% a year ago.

“We are delighted to see the confidence level of small business owners improving,” said Ben Walter, CEO of Chase Business Banking. “Challenges remain, but our customers are resilient and we are proud to support them as they face supply shortages, adapt to changing local safety requirements, and find creative ways to hire employees on a tight labor market. As confidence improves, we see an increased need for credit and Chase is ready to help.

New year, new considerations

Companies should consider the following when planning for 2022:

  1. Embrace Uncertainty: Resilience has been critical to the survival and success of businesses throughout the COVID-19 pandemic, as the survey shows, making it all the more important for them to examine how they deploy their defense defenses. cybersecurity, becoming more agile and digitally savvy, and attracting, retaining and supporting their employees for years to come. Learn more here.
  2. Remain patient: Painful as the current supply chain bottlenecks and rising costs are, the flow of goods could return to more normal levels in the months to come as manufacturers ramp up production and demand for goods decreases, thus helping to reduce inflationary pressures. Until then, companies that use strategic storage and look to add vendors from new geographies can have a head start. Learn more here.
  3. Take ESG into account: Even for small and medium-sized businesses, examining which environmental, social, and governance (ESG) factors are central to their mission and considering reporting on their ESG efforts can help create a well-defined corporate culture and improve performance. employee retention, especially in a competitive recruiting environment. Learn more about creating an ESG framework here.

For more information on the outlook for business leaders, please see the midsized and small business reports.

Survey methodology

The JPMorgan Chase Business Leaders Outlook survey was conducted online November 11-29, 2021 for small businesses (annual revenue of $ 100,000 to $ 20 million) and November 2-22, 2021 for businesses. the middle market (annual turnover between 20 million and 500 million). In total, more than 2,600 business leaders from various industries in the United States participated in the survey. For year-over-year trends, current data is compared to data collected in the first quarter of previous years. The results of this online survey meet the statistical parameters of validity, and the error rate is plus or minus 3.1% for the results of small businesses and plus or minus 2.5% for the results of small businesses. medium height, both at the 95% confidence level.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services company with $ 3.8 trillion in assets and operations worldwide. The company is a leader in investment banking, personal and small business financial services, commercial banking, financial transaction processing and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of clients in the United States and many of the world’s largest companies, institutions and governments under its JP Morgan and Chase brands. Information on JPMorgan Chase & Co. can be found at

© 2022 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, NA FDIC Member. Visit for the full disclosures and disclaimers relating to this content.

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