According to a recent survey by Goldman Sachs 10,000 Small Businesses Voices, small business owners across the country are more undecided about the upcoming election than the general public. The study surveyed 1,259 small business owners from 47 states, Puerto Rico, Guam and Washington, D.C. Despite the majority of small business owners indicating they will definitely or probably vote in November, 20% remain undecided on who they plan to cast their ballots for president – compared to around 12% of the general public who are also unsure.
The results showed that over half (55%) of small business owners feel that presidential candidates aren’t addressing the issues that matter most to them, such as inflation, small business tax policy and regulatory burden on small businesses. Jessica Johnson-Cope, President of Johnson Security Bureau in The Bronx, New York, said: “Small business owners today are facing operating costs that are increasingly unaffordable. As campaign season kicks off, we want policymakers and candidates to focus on issues that improve the small business climate because small businesses are America’s future.”
Small businesses across the country continue to feel the effects of inflation on their operations. Seventy-one percent of small business owners surveyed reported increased inflationary pressures on their businesses and nearly half (49%) have had to raise prices on their goods or services over the past three months. This highlights the concerns of small business owners about economic factors affecting their businesses and underscores their need for policymakers to address these issues in the upcoming election.
