2024 Survey Results
Small business owners across the country are facing significant challenges in today's economy. Our latest survey uncovers their perspectives on government support, economic impacts, and the critical issues affecting their businesses. Here's what they had to say.
GOVERNMENT SUPPORT
Disconnect Between Small Business and Government
Only 30% of small business owners believe the government adequately understands or addresses their needs.
30%
63% of small business owners feel the country is headed in the wrong direction.
When asked about helpful resources from government bodies, respondents indicated that support related to taxes, regulation, and access to funding would be the most beneficial.
ECONOMIC CONCERNS
Navigating a Challenging Economy
The current economy is a significant concern for small business owners, with nearly 50% reporting a negative impact on their businesses.
Over 50% of business owners cited inflation, specifically the increased costs of goods and supplies, as their top concern.
50%
Smaller businesses with fewer than 50 employees are more likely to face higher costs for goods and supplies, with 53% reporting this challenge.
In contrast, larger small businesses (101-500 employees) are more affected by increased costs for recruiting and training talent, with 21% citing this issue.
HEALTHCARE AND BENEFITS
The Healthcare Cost Crunch
37% of small business owners say
HEALTH INSURANCE IS TOO EXPENSIVE
to provide for their employees.
28% of small business owners have had to raise prices due to healthcare costs.
28%
83% of small business owners do not offer any childcare support or benefits to their employees.
83%
FUNDING AND FINANCE
Bank Loans as a Lifeline
37%
of small business owners use bank loans to finance their businesses.
TAX LAW AWARENESS
Looming Tax Law Expiration
Nearly one-third of respondents were unaware that many tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) are set to expire at the end of 2025, indicating a significant awareness gap.
Support for extending the TCJA, creating phased adjustments, or allowing the legislation to expire is consistent across all political groups.
As champions of small business, Americans for Small Business is dedicated to amplifying these voices and advocating for the support and resources needed to help small businesses navigate today's challenging environment.