The latest survey data from Goldman Sachs‘ “10,000 Small companies The Voices report revealed that small business owners are keeping an eye on this year’s elections. And of those surveyed, 96 percent said they would “definitely or probably” vote in November.
A highlight from the survey also showed that 20 percent of small business owners said they were undecided who they would support for president. This compares with 12 percent of the general public who say they are undecided, according to recent polls.
“In addition, small business owners do not feel that the presidential candidates are talking enough about small business problems”said the authors of the report. “Fifty-five percent say they are dissatisfied with how the candidates have addressed small business issues, and only 27 percent say they are satisfied.”
When asked what issues are being “sufficiently addressed” by candidates, inflation pressures topped the list at 73 percent, followed by tax policy for small businesses at 72 percent. The regulatory burden for small businesses was 70 percent and access to affordable capital scored 66 percent.
About financial weak pointsthe researchers of Goldman Sachs They said respondents cited higher labor costs, higher business insurance costs and higher rental costs as top concerns. Other issues include rising 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 respondents said inflationary pressures have increased in their businesses, while 49 percent say they have had to increase prices on their goods or services to cover the costs.
Jessica Johnson-Cope, president of Johnson Security Bureau in The Bronx, New York, said in the report that small business owners today “are experiencing operating costs that are increasingly unaffordable. Small business owners are resilient and most hold on despite challenges. As the campaign season begins, small business owners want policymakers and candidates to focus on issues that improve the small business climate because small businesses are America’s future.”