Monday, May 27, 2024

Small Business Owners Poised to Impact Upcoming Elections, New Survey Finds

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The latest survey data from Goldman Sachs’ “10,000 Small Businesses Voices” report revealed that small business owners are tuned into elections this year. And of those polled, 96 percent said they’d “definitely or probably” vote in November.

One standout data point from the poll also showed that 20 percent of small business owners said they’re undecided who they will support for president. This compares to 12 percent of the general public saying they’re undecided, according to recent surveys.

“Further, small business owners do not feel candidates for president are talking enough about small business issues,” the report’s authors said. “Fifty-five percent say they’re dissatisfied with the way candidates have been addressing small business issues, with just 27 percent saying they are satisfied.”

When asked about which issues are being “sufficiently addressed” by candidates, inflationary pressures topped the list with 73 percent and was followed by small business tax policy at 72 percent. Regulatory burden on small businesses came in at 70 percent and access to affordable capital garnered 66 percent.

Regarding financial pain points, the researchers at Goldman Sachs said respondents cited higher labor costs, increasing costs of commercial insurance and higher costs for rent as top concerns. Other issues include increasing costs related to employee benefits and health insurance as well as rising costs of accessing capital.

The report noted that compared to three months ago, 71 percent of those polled said inflationary pressures have increased on their businesses while 49 percent say they’ve had to raise the prices on their goods or services to cover the costs.

Jessica Johnson-Cope, president of Johnson Security Bureau in The Bronx, N.Y., said in the report that small business owners today “are experiencing operating costs that are increasingly unaffordable. Small business owners are resilient, and most are enduring despite the challenges. As campaign season kicks off, small business owners want policymakers and candidates to focus on issues that improve the small business climate because small business is America’s future.”

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