In partnership with the University of Illinois Chicago College of Business Administration, the Chicagoland Chamber of Commerce released the findings of the 2024 Chicagoland Small Business Outlook Survey at mHub in the West Loop.
The survey, sponsored by TikTok, captures the attitudes and sentiments of Chicago's small business community. It provides insights into accessing capital in a digital economy, challenges in recruiting and retaining employees, and strategies to grow revenue amid higher taxes and economic uncertainty.
The results are based on responses from small businesses across various industries, outlining their strategic priorities and anticipated challenges for the coming year.
Key findings include that women-owned businesses represent most participants. Seventy-one percent expect better performance over the next 12 months, but only 57% believe the Chicagoland economy will remain stable or improve. While growth strategies are a primary focus, many businesses also seek cost reductions to enhance their financial positions. Fifty-seven percent feel safe in their current locations, indicating confidence in local business environments.
Moreover, 57% express moderate to high confidence in accessing capital for marketing initiatives. Most businesses feel confident about maintaining safe workplaces and promoting employee morale but struggle with recruiting qualified employees and offering competitive pay. Revenue growth remains a top concern, followed by taxes and economic uncertainty.
Small business owners highlighted marketing as their highest-rated need for additional capital. This indicates a demand for effective marketing tools where TikTok can provide innovative solutions to help businesses reach broader audiences.
“Small businesses are the backbone of our economy," said President & CEO of the Chicagoland Chamber of Commerce. "The 2024 Small Business Outlook Survey offers key insights into unique challenges as they recover from difficult years. With federal pandemic funds expiring leading to budget deficits for Chicago and other districts, it is imperative that leaders prioritize reductions, efficiencies, and growth policies instead of imposing additional taxes on small businesses during uncertain times.”
“TikTok serves as a crucial commercial hub for 280,000 Illinois businesses," said Global Head of Business Marketing at TikTok. "Chicago’s small businesses are tapping into TikTok’s marketing solutions to drive impact and create connections within their community. We are proud to partner with the Chamber to equip small businesses with tools for success in today’s digital economy.”
“UIC Business is proud to partner with the Chamber on this survey,” said Dean of University of Illinois Chicago College of Business Administration. “These results provide essential insights into enhancing our local business environment.”
The Chicagoland Chamber represents over 1,000 member companies employing 400,000 people and generating $24 billion in revenue.
For more information:
Joel Reese
Vice President of Communications and Marketing
(773) 931-4948