NFIB Survey Shows Top Concerns For Small Business Owners
Small business owners know that today’s business environment offers more opportunities and challenges than ever before. The NFIB’s latest quadrennial Small Business Problems and Priorities survey provides a comprehensive look at the issues that matter most to small businesses. The 2,831 small business owner respondents listed health insurance costs as their top concern, followed by “unreasonable government regulations,” Federal taxes, and uncertain economic conditions. The Hill reports that the survey found that “more than half” of US small business owners believe that “the rising cost of health insurance is a critical problem,” while 33% cite “the current state of regulations as problematic.” Others surveyed “expressed concerns about the growing push for a $15 minimum wage.” Commenting on the results of the survey, NFIB President and CEO Juanita Duggan said, “Overregulation is a killer for the economy. In recent years, there’s been an explosion of federal and state regulations. Every one of them costs money and time.” Looking specifically at the top concern of small business owners, rising healthcare costs, Duggan added that Obamacare’s supporters “defended the plan as a solution to the cost problem. Obviously, the law has failed in its central promise.” The Roanoke (VA) Star-Sentinel notes that the biggest change between this survey and previous surveys was the number of small business owners having difficulty finding “qualified employees.” While this was the 32nd concern in the 2012 survey, in 2016 it was among the top 10 concerns, with 12% of small business owners citing it as the biggest issue they face. Meanwhile, issues related to taxation make up 5 of the top 10 “most serious problems” according to the 2016 survey respondents. Duggan said, “Between federal taxes, state/local taxes, and their complexity, the government is consuming the resources that small business needs to survive.”
What This Means For Small Businesses
Small business owners are well aware of the difficulties they face. The NFIB Problems and Priorities survey results can be helpful for getting more public, and political, awareness of these issues to enact change.
Additional Reading
The Hampton Roads (VA) Virginian-Pilot also reported on the NFIB survey results.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
