Alaska Small Business Development Center

2023 Alaska SBDC Small Business Survey shares unique insight into statewide outlook

May 30, 2024

FOR IMMEDIATE RELEASE: May 30, 2024

Alaska Small Businesses: Optimistic and Growing

2023 Alaska SBDC Small Business Survey shares unique insight into statewide outlook

Alaska – May 30, 2024 – The Alaska Small Business Development Center (SBDC) is pleased to present the results of its 7th Annual Small Business Survey with insights from more than 700 local businesses. 

“The Alaska SBDC’s annual small business survey provides a unique insight into how Alaska’s small businesses are faring in today’s economy and what they expect for the coming year,” says Alaska SBDC State Director Jon Bittner. 

The 2023 Alaska SBDC Small Business Survey reveals a heartening shift towards optimism among Alaskan small businesses. Compared to 2020, there’s a clear rise in confidence and a strong desire for growth. The results also highlight the increasing participation of women-owned and veteran-owned businesses, showcasing the effectiveness and need for support programs. Despite ongoing challenges like workforce shortages and rising costs, over half of the businesses project a positive financial outlook, demonstrating overall resilience and a strong foundation for future success.

However, Alaskan small businesses are not without their challenges. The top concerns include: 

  1. Customer Acquisition and Retention: Securing a steady stream of customers remains a top priority, especially for those in remote locations or competing with national chains.
  2. Workforce Development: Finding and retaining qualified employees is another ongoing struggle, exacerbated by some industries’ competitive job market and seasonal fluctuations. 
  3. Threat of Inflation: Rising costs and inflation are squeezing profit margins, posing a threat to operational stability and growth potential.
  4. Access to Funding: Securing funding remains a concern. This year’s survey reveals a growing interest in alternative financing options like angel investors and crowdfunding alongside traditional bank loans.

Despite concerns, the 2023 Alaska Small Business Survey reveals a resilient community with a strong foundation. It delves deeper into challenges like funding and staffing while exploring business owners’ insights on navigating the financial landscape and future plans. 

The Alaska SBDC remains committed to providing the support and resources needed for continued statewide growth. This includes core services and special programs: 

Download the full report to discover detailed findings and how the Alaska SBDC empowers businesses to thrive: https://aksbdc.org/about/annual-reports/ 

About the Alaska SBDC:

Alaska Small Business Development Center (SBDC) provides expert business assistance and resources to empower Alaskan entrepreneurs and small businesses for long-term success at the UAA Business Enterprise Institute. With a team of experienced business advisors and an extensive network of partners, Alaska SBDC offers advising, training, and resources to help businesses start, grow, and prosper.

Media Contact:
Harley Tennant, Communications Manager
(907) 786-7276 | Email
                                                                 

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