A recent survey by 10,000 Small Businesses Voices indicates that small business owners across the U.S. are poised to vote in the upcoming presidential elections. However, ongoing political discussions, particularly around inflation and related economic impacts, are causing frustration.
The poll signals considerable concern among entrepreneurs regarding the foreseeable stability of their businesses. It urges political leaders to provide more detailed explanations of their policy plans, particularly around taxing, healthcare, and regulation.
A stunning 96% of small business owners surveyed plan to vote, showing a deep interest in the country’s political affairs. Still, 20% remain unsure about their desired candidate. Evidently, while there is considerable political engagement, there is also a level of indecision or perhaps dissatisfaction with the options at hand.
More than half (55%) of respondents expressed disappointment with the lack of attention given to small business issues in candidates’ discussions. Only 27% were satisfied with the existing political discourse.
Small businesses’ election concerns unveiled
This reveals a significant gap in candidate messaging, and emphasizes the need for more attention to the challenges facing small businesses.
Approximately 78% stated that a candidate’s stance on small business policies would be a crucial factor in their voting decision. Inflation topped the list of concerns, with 73% of respondents especially worried about its effect on smaller, farming businesses. Additionally, 68% were anxious about the potential impacts of policy changes on healthcare costs.
Trade policies were a primary concern for 65% of respondents. Other worries included changes in environmental regulations (62%), and issues related to immigration policies (59%).
The impact of inflation on the business landscape was evident, with 71% of participants reporting increased inflationary pressures over the past quarter. Almost half (49%) adjusted by raising their product and service prices. Interestingly, 16% actually decreased their prices, potentially applying an alternate business strategy.
Entrepreneurs voiced a need for political discussions to address access to funding, reducing regulatory burdens, and enhancing workforce education. They also stressed the importance of tax arrangements favoring small businesses, better healthcare provisions for employees, and investment in infrastructure and technology. In particular, they called for strategic policies to promote innovation as they battle competition from larger corporations.
These concerns underline the critical need for political representatives to address the specific issues impacting small businesses in the U.S. as they gear up for the forthcoming elections.
