A new poll by Goldman Sachs indicates that most small business owners are displeased with policy proposals from 2024 presidential prospects. A familiar feeling is that key concerns affecting their businesses, like taxation, regulation, and funding opportunities, are being overlooked. The lack of attention on how the policies would stimulate growth and innovation for small businesses is also a source of disappointment.
The poll included responses from 10,000 Small Business Voices participants. A staggering 96% of those surveyed are ready to cast their votes in the upcoming election. However, about 20% are still uncommitted due to doubts about the candidates’ dedication to their causes. The participants voiced concerns over inadequate focus on their issues, signaling a political need to place small businesses at the heart of their agendas.
Over half of the respondents have expressed dissatisfaction with how much attention candidates give to small business issues. 55% feel neglected, only 27% feel satisfied, and the remaining 18% express no strong opinion. This significant percentage of dissatisfaction underscores the importance of more political concentration on small-business affairs.
Importantly, 78% believe that a candidate’s stance on small business policies will greatly influence their choice.
Dissatisfaction over 2024 small business policies
Issues highlighted by the respondents included inflation, affordable capital access, and workforce training. A staggering 83% of the participants also expressed the importance of healthcare policies in shaping their voting decisions. Other factors include tax regulations and internet connectivity in rural areas.
On the topic of inflation, 73% of the participants, predominantly managing small-to-mid-sized farms, identified this as their primary concern. Rising costs due to inflation are considerably thinning their profits and making the industry less reachable for fresh entrants. The fear of financial instability due to increasing inflation rates was especially notable among these participants.
Of those surveyed, 71% have already felt the impacts of inflation, compelling nearly half of them to augment their product or service prices. A substantial 81% indicated growing labor costs, including employee benefits and health insurance as significant parts of their concerns. Other looming issues include small business funding, regulatory pressures, and affordable capital access, identified by 72%, 70%, and 66% of respondents.
