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The CPA Group, P.C.
4267 Canal Avenue SW
Grandville, MI 49418
Phone: 616-538-0460
Website: www.thecpagroup.com
September 2023
Business Takes On Financial Challenges
Prior 12 Months
(% of employer firms with financial challenges)
Raised prices the business charges - 56%
Used personal funds - 53%
Used cash reserves - 53%
Obtained funds that must be repaid - 42%
Cut staff, hours, and/or downsized operations - 32%
Made a late payment or did not pay - 23%
Obtained funds that do not have to be repaid - 18%
No action - 5%
Source: 2023 Report on Employer Firms: Findings from the 2022 Small Business Credit Survey
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