Inflation, Immigration, and Taxes Are Top Concerns for Business Owners
DALLAS, March 20, 2024 /PRNewswire/ — National Write Your Congressman (NWYC), an organization that gives small businesses a voice in government, released its Q1 2024 Index measuring Congressional and business sentiment. The Index found inflation, immigration, taxes, and the U.S. economy as top concerns for business owners this election year.
The Index also revealed employment laws, environmental regulations, tax compliance, financial regulations, and healthcare regulations as the top legislative issues impacting small business operations.
“As we enter a new presidential election year with a divided Congress, small business owners are concerned about how inflation is affecting their business costs and the impact of the election,” said Randy Ford, President and COO of National Write Your Congressman. “Business leaders are still committed to communicating with their elected officials and know the importance their collective voice has on legislation impacting small business.”
The Impact of Small Business Owner Voices
Almost 60 percent of business owners believe reaching out to their elected officials is extremely important to ensure their concerns are represented in decision-making. Thirty-eight percent reach out to their members of Congress once per month, and 20 percent once per week.
Congressional Sentiment
Small business owners hope, satisfaction with government action, and trust in Members of Congress has increased from 2023.
Forty-five percent of business owners surveyed said they don’t trust the elected U.S. Congressional Members who represent them, a 20 percent increase in trust from the 2020 election cycle. In both 2020 and 2024, a little more than half of those surveyed said they are confident their U.S. Congressional Members know their opinions on important issues.
Economic Outlook
The survey found business owners’ top five concerns in Q1 2024 to be inflation, taxes, keeping up with rising costs of employees’ pay/salary, hiring qualified workers, and health insurance expenses. Seventy-five percent of business owners said their business was not growing or has remained flat, while 25 percent of companies continue to grow.
Thirty-eight percent of business owners could not afford a loan given current interest rates, and 23 percent were concerned about their ability to access capital in 2024.
“My top business concern is the rapidly rising cost of living for my employees, which directly affects my cost to hire new employees and retain existing employees. The overall cost of doing business is going up every month,” said Todd May, President of Crossroads Construction Co. Inc., in Magna, Utah.
“Although the supply chain seems to be stabilizing, there are still a lot of holes and price inflation. This causes uncertainty of cost, and we have to requote every time a customer wants to place an order. We have seen lead times on some material increase to 26 weeks or, in some cases, a year or more,” said Don Gosbee, President of Optimum Systems International, Inc. in Arvada, Colorado.
Methodology
NWYC collected data using an online survey administered from February 27 through March 8, 2024. A total of 638 respondents participated. Respondents represent 45 of the 50 states in the U.S. Fifty-eight percent of business owners surveyed employ one to nine employees, and 39 percent employ 10 to 99 employees.
About National Write Your Congressman
Since 1958, National Write Your Congressman (NWYC) has empowered small businesses by providing nonpartisan information, research, and tools to connect with their representatives in Washington. As the nation’s largest, privately held, nonpartisan membership organization made up of small businesses, NWYC’s team of experts provides unbiased, nonpartisan information and research on top issues and pending legislation relevant to small business owners today. NWYC presents both sides of the issue so that members can form an educated opinion and let their elected officials know their opinion. For more information visit www.nwyc.com.
SOURCE National Write Your Congressman
