One in two entrepreneurs in Russia plans to launch new services

Respondents believe that due to the sanctions imposed on their industries, competition has decreased, prices for their own goods have increased, and new opportunities for production development have arisen over the next year.

In response to declining consumer activity and disruption to supply chains, companies have changed their strategy. At the same time, some companies intend to continue the measures taken earlier.

In addition to expanding the range of products or services, what else are entrepreneurs planning:

• The optimization of business processes has been and remains relevant for the next year for 20% of the respondents, the same number (19%) is thinking about it now.
• 15% of those surveyed plan to take out a bank loan, of which 7% have already taken out loans this year.
• A third of entrepreneurs (31%) are going to discover promising markets for themselves, starting to work with an audience that was previously not covered.
• A quarter (25%) plan to increase the salaries of employees, the same number, to launch new projects within the company.

21% of entrepreneurs are less optimistic. They plan to cut salary costs in general (6%) or for certain categories of employees (4%), reduce staff (5%), close certain lines of business (14%) or businesses in general (3%).

The survey was conducted in October 2022 in cities of the Russian Federation with a population of more than 100 thousand people. More than 1,000 respondents participated in the study.