Survey: 20% of Small Business Owners Say They’re Undecided in 2024 Election
May 01 2024 - 1:54PM
Business Wire
Small business owners see dramatic increase in
the cost of doing business, report significant inflationary impact
on the costs of labor, goods, capital, rent and insurance; 49% say
they’ve had to raise their prices in the last three months
During National Small Business Week, new survey data from
Goldman Sachs 10,000 Small Businesses Voices shows small business
owners are watching this year’s election closely with 96% saying
they will definitely or probably vote in November. Notably, 20% of
small business owners say they’re undecided on who they will
support for President, compared to just 12% of the general public
declaring themselves undecided in recent public polls.
Further, small business owners do not feel candidates for
president are talking enough about small business issues.
Fifty-five percent say they’re dissatisfied with the way candidates
have been addressing small business issues, with just 27% saying
they are satisfied. Small business owners do not believe the
following issues are being sufficiently addressed by candidates:
inflationary pressures (73% cited), small business tax policy (72%
cited), regulatory burden on small businesses (70% cited), access
to affordable capital (66% cited) and workforce training (59%
cited). 78% said a candidate's small business policy position is an
important factor as they decide how to vote in the 2024
elections.
“America’s small business owners today are experiencing
operating costs that are increasingly unaffordable,” said Jessica
Johnson-Cope, President of Johnson Security Bureau in The Bronx,
New York. “Small business owners are resilient, and most are
enduring despite the challenges. As campaign season kicks off,
small business owners want policymakers and candidates to focus on
issues that improve the small business climate because small
business is America’s future.”
Additional findings from the survey include that small business
owners across the country are reporting significant inflationary
impacts on the costs of doing business. Compared to just three
months ago, 71% say inflationary pressures have increased on their
businesses and 49% say they’ve had to raise the prices on their
goods or services over that period.
According to the survey, small business owners say the rising
costs of the following items are having a significant impact on
their cost of doing business:
- 81% - Rising cost of labor
- 68% - Increasing cost of commercial insurance
- 67% - Rising cost of goods and inputs
- 63% - Increasing costs related to employee benefits and health
insurance
- 57% - Rising cost of accessing capital
- 48% - Increasing cost of rent
Even in the wake of this persistent rise in the cost of doing
business, 64% report their business is operating at or above
pre-pandemic levels, and 31% believe the U.S. economy is “good” or
“excellent,” while 39% describe it as “fair.”
The nationwide survey of 1,259 small business owners was taken
April 15-20, 2024. Respondents came from 47 U.S. States, Puerto
Rico, Guam and Washington, D.C. For more information on the survey,
please visit:
https://www.goldmansachs.com/citizenship/10000-small-businesses/US/infographics/sbos-see-dramatic-increase-in-the-cost-of-doing-business/index.html.
About 10,000 Small Businesses Voices
Goldman Sachs 10,000 Small Businesses Voices, which in April
marked its four-year anniversary, builds on Goldman Sachs 10,000
Small Businesses and organizes program participants to advocate for
policies that matter to them. Learn more at
www.gs.com/10ksb-voices.
About Goldman Sachs 10,000 Small Businesses
Goldman Sachs 10,000 Small Businesses is an investment to help
entrepreneurs create jobs and economic opportunity by providing a
comprehensive business education program and access to capital and
business support services. To date, 10,000 Small Businesses has
served over 15,000 small businesses across the United States. The
program has reached businesses from all 50 states, Puerto Rico, and
Washington, D.C. Learn more at www.gs.com/10ksb.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global financial
institution that delivers a broad range of financial services to a
large and diversified client base that includes corporations,
financial institutions, governments and individuals. Founded in
1869, the firm is headquartered in New York and maintains offices
in all major financial centers around the world.
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Andrew Kivette Andrew.Kivette@gs.com