One survey found that US business owners are concerned for hiring skilled workers, keeping up with rising employee pay and salary costs, inflation, taxes and regulations.
The information was released by National Write Your Congressman (NWYC)an organization that gives small businesses a voice in government, in its “Second Quarter 2023 Index” which measures business and congressional sentiment.
According to the study, 75% of owners said their business was not growing or was flatreflecting an overall decline since last quarter in hope among small business owners, satisfaction with government action, and trust with members of Congress.
“Business owners are concerned about economic conditions in the US as most companies are affected by inflationrising interest rates and a lack of skilled labor,” said Randy Ford, president and chief operating officer of National Write Your Congressman.
“While there is some growth, business prospects remain bleak due to regulatory challenges, access to capital, high interest rates, and running and maintaining a business in these uncertain economic times. Business owners feel an unprecedented urgency to connect with their member of Congress. This is a critical time to make sure your concerns are heard by your elected representatives,” Ford added.
Of the 75% of companies that are in decline or remained stableobstacles to growth are finding skilled workers (56%), high inflation in raw materials and equipment (51%), uncertainty about the future of the US economy (51%), supply chain problems and the ability to access raw materials and equipment (38%) and high interest rates (37%).
88% of business owners have been affected by rising interest rates. 72% have increased the prices of their services or goods, 31% have not taken advantage of investment opportunities for themselves or their business, and 30% have said that the cost of borrowing money has negatively affected their business due to high interest rates.
On the economic outlook, 74% of small business owners believe the US is currently in a recession. Inflation is affecting 96% of companiesand 82% believe that inflation problems will not abate for 2 to 5 years.
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