The impact of small business concerns on the 2024 presidential election

As the 2024 Presidential Election approaches, the small business community is poised to play a pivotal role in determining the next occupant of the White House. With 96% of small business owners reporting a likelihood to vote, their collective voice could sway the outcome. Yet, a substantial 20% remain undecided, signaling an opportunity for candidates to address the pressing issues affecting this critical sector. Small business owners’ dissatisfaction with political engagement There is a growing dissatisfaction among small business owners regarding the attention political candidates are paying to issues that directly impact their operations. Goldman Sachs’s 10,000 Small Businesses Voices survey revealed that 55% of entrepreneurs are unhappy with the current discourse, with only 27% expressing satisfaction. The rising costs impacting small businesses Entrepreneurs are facing a myriad of escalating costs that are straining their businesses: Labor costs (81% of owners reporting an increase) Cost of goods (67% reporting an increase) Employee benefits and health insurance (63% reporting an increase) Access to capital (57% reporting an increase) Rent (48% reporting an increase) These financial pressures are not just numbers on a balance sheet; they represent real challenges that small business owners, like Jessica Johnson-Cope of Johnson Security Bureau, navigate daily....