In the wee hours of May 7, 2024, a resounding call emerged from the trenches of small business America: the clarion demand for attention. A recent survey by Goldman Sachs, canvassing the voices of 10,000 Small Businesses, uncovered a palpable dissatisfaction among entrepreneurs regarding the discourse on the campaign trail.
A staggering 96% of respondents affirmed their intent to exercise their democratic right come November, yet a perplexing 20% remained undecided on their ballot choice. Among the cacophony of concerns echoing through Main Street, a prevailing sentiment emerged: the incumbent and aspiring leaders are falling short in addressing the crucibles faced by small enterprises.
In a stark revelation, a majority of proprietors expressed discontent with the scant attention paid to their tribulations, with 55% voicing dissatisfaction compared to a mere 27% who found solace in the candidates’ rhetoric. A glaring 78% emphasized the pivotal role of small business policy stances in shaping their electoral decisions, underscoring the gravity of the discourse void.
Foremost among the grievances voiced was the specter of inflation, haunting 73% of respondents who deemed it inadequately addressed. As prices soar, gnawing away at profit margins, the struggle reverberates from coast to coast, with sectors like agriculture feeling the pinch acutely.
Labor costs emerged as a chief concern, cited by a commanding 81% of entrepreneurs, followed closely by the escalating premiums of commercial insurance, acknowledged by 68%. The domino effect of rising input costs, including goods and employee benefits, further compounded the ordeal for 67% and 63% of respondents respectively.
In the poignant words of Perlla Deluca, owner and CEO of Southeast Constructors, Des Moines, Iowa, “Inflation squeezes every aspect of our small businesses… I want to hear more ideas from candidates about controlling inflation.”
Amidst this symphony of grievances, the clarion call for actionable solutions grows ever louder. Small business tax policy, regulatory burdens, access to affordable capital, and workforce training stand as imperatives clamoring for attention.
Geraldine Keogh, proprietor of The Dessert Ladies and Biens Chocolate Centerpieces in Stirling, New Jersey, encapsulates the prevailing sentiment: “I am listening… but thus far I’m not hearing either address specific solutions to the issues that matter to me as a small business owner, such as inflation and access to capital.”
As the electoral pendulum swings, the onus lies heavy on the contenders to heed the voices of the engine that drives the nation’s economy. The fate of small businesses hangs in the balance, awaiting substantive discourse and tangible commitments from those vying for the helm of the nation’s affairs.
