Trump or Hillary? More government involvement or less? A new survey reveals the current small business mindset.
It’s not hyperbole to state that the results of the upcoming presidential election could spell opportunity—or disaster—for small biz.
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A new survey by Wasp Barcode Technologies asked over 1,100 small business owners about the current state of their business and their outlook on the upcoming year in terms of the economy, government involvement, marketing, and the outcome of the presidential election.
Here are the five main takeaways from the State of Small Business Report:
1. Small businesses are unsatisfied with government involvement.
Half of all small businesses say that the government doesn’t do enough to support them, according to the report. Only one in 10 small business owners don’t want the government involved at all, while larger companies are more likely to embrace the government’s current involvement.
2. They would prefer a Republican president.
Looks like those surveyed are rooting for a Trump win. Thirty-nine percent expect a positive impact if the president is a Republican, while 30 percent expect a negative impact with a Democratic president, the survey reported.
3. Hiring and healthcare are two of the biggest pain points.
Half of small business owners said that hiring new employees is more difficult in 2016 than last year. And 43 percent said employee healthcare is their top concern. Other common challenges include increasing profit (45 percent), growing revenue (43 percent), and cash flow (36 percent).
4. Business owners are (mostly) optimistic about revenue this year.
Although smaller companies with five to 50 employees are more pessimistic about the economy, 71 percent of small businesses still expect an increase in revenue in 2016. Most small businesses predict a modest revenue growth of 1 to 4 percent, while only 7 percent expect declining revenues.
5. Social media marketing remains a challenge.
Eight out of 10 small businesses use social media, though many neglect SEO, blogging, and video. While the use of Twitter, YouTube, Pinterest, and Instagram has increased, Facebook, the most used social network, has actually declined in the past year.