A new survey of small business owners shows they’re not optimistic about business conditions right now. More than a third say inflation is their biggest concern. National Federation of Independent Business state director Dawn McVea says half of their members have job openings they can’t fill and a bit more than half are having to raise prices.
“You have the challenge of finding workers and the challenge of having to raise prices on goods and services so it’s just one thing after another for our folks,” McVea says.
She says the national Inflation Reduction Act, which gives the IRS billions more dollars for audits and enforcement, worries small business owners.
“The fear that this will put into small business owners as far as worrying about the IRS knocking on their door and having to go through the timely process of an audit,” McVea adds.
McVea says what business owners need the most is certainty to know how to spend their money. But historic inflation, labor shortages, and supply chain disruptions means uncertainty is climbing again. This means small business owners are reluctant to spend money unless they have to.
“Investing in growing their business is not something they’re going to want to be pulling the trigger on right now,’ McVea concluded.
Comments