For the past couple of months much of the focus in the media has been on the U.S presidential race between Hillary Clinton and Donald Trump. American citizens and foreign nationals alike have had their eyes glued on the campaign coverage of both candidates watching debates and listening to political analysis shaking their heads in disapproval or nodding in agreement. This years nominees to say the least are not very well liked by some of the American public and apparently the world however they are making it their priority to align their platform with some of the most important issues and interests of the people. One of those interest is small businesses in America.
Small business employs over 100 million working citizens and generate 65% of the net new jobs according to Forbes (http://www.forbes.com/sites/jasonnazar/2013/09/09/16-surprising-statistics-about-small-businesses/#5b4d28fb3078) and according to a poll study by Gallop 67% of Americans have a lot of confidence in small businesses (http://www.ocregister.com/articles/aren-735728-rating-percent.html) which means small businesses matter a lot to Americans. Among the biggest things that is talked about in the world of business is the challenges facing business owners in America and what issue specifically worries them. To better understand what business owners have to deal with a sophisticated study conducted by the National Federation of Independent Business every 4 years suggest 78 problems that business owners would rate as a critical problem and those that have little priority over their affairs on a 1-7 scale. For 2016 the biggest concern is healthcare cost and the second is “unreasonable government regulations.” Considering how high it is among the list of the greatest concerns it is obvious business owners are not pleased with government regulations.
“The vast majority of our members operate very small businesses. They have only a few employees and the owner is often the human resources director, accountant and compliance officer all at the same time. Each time the government puts another requirement on them, it is time taken away from running their business and making it more profitable.” said Tom Scott, state executive director for NFIB California. Every new regulation puts a strain on the number of tasks a business owner must assume and on top of dealing with that they must worry about the third biggest issue which is Federal taxes on businesses. Some of the business owners file their taxes individually with their personal and business income filed together and while it seems they make a lot to the IRS in reality most business owners make modest profit.
Another growing concern is finding the right people with the most qualified skills to take positions in business. The competition in the labor market is fierce for small businesses as they are at a disadvantage of not being in a position to offer higher wages and more benefits like their more corporate competitors can offer and that puts a strain on them. These are among the biggest concerns that face small businesses in America and with the election it is important that their voices are being heard by congress and our upcoming new president. Considering how much small businesses contribute to U.S economy ignoring their concerns might have a significant negative impact for the country.
This article was sourced and rewritten from http://www.ocregister.com/articles/aren-735728-rating-percent.html.