To support small business owners, GoDaddy surveyed more than 2,000 small business owners about their top concerns heading into the polls. The results showed that policies aimed at reducing inflation, easing tax burdens and the cost of living are the main concerns of small business owners this election season.
“With the number of small businesses increasing, entrepreneurs represent an important voting bloc as November 5 approaches. According to the US Treasury Department, in 2024, the US will see more than 430,000 small business applications per month, up 50% from 2019, so addressing concerns of small business owners could help candidates differentiate themselves less than a month before Election Day,” says the GoDaddy report.
What matters most to small business voters:
Inflation
93% of respondents believe addressing wage and cost inflation should be a top priority for the next administration. Nearly 70% believe above-average inflation will persist for at least another year, with more than 1 in 3 (34%) citing increases in operating costs as the most important economic challenge they currently face. Two in three (66%) indicated their desire for greater federal support for small businesses to mitigate rising costs.
Fiscal policy
50% consider tax reform to be a top political priority. Only 24% believe current federal tax incentives for small businesses effectively promote growth and investment.
Cost of living
Rising housing costs at a faster rate than people’s incomes create an obstacle to achieving the “American Dream,” said nearly 1 in 3 (32%) of respondents. More women (36%) than men (27%) believe this to be true.
Being a small business owner influences how owners vote
According to GoDaddy survey results, for many respondents, being a small business owner influences how they vote. Nearly 1 in 5 (18%) of respondents say they have changed the way they vote in federal elections since becoming a business owner.
More broadly, small business owners are divided on how the upcoming election will affect their businesses.
Impact Scale: 51% anticipate the election will have a moderate to major impact, and 49% predict it will have little or no impact.
Positive or negative impact: 38% believe federal government leadership will have a positive impact on their businesses over the next four years, with only 16% anticipating a negative impact, and nearly half (46%) anticipating a neutral impact .
Courage and resilience despite uncertainty
Despite economic uncertainty, small business owners are optimistic about their future: 77% say their goal is to grow their business in the next 12 months. At the same time, only 27% of small businesses expect more revenue from their business in the next six months, and 41% expect no change.
“Small businesses are vital to our communities and our economy,” said Jared Sine, director of strategy and legal affairs at GoDaddy. “It is important for our elected officials to consider the concerns of small business owners when creating policies at the federal, state and local levels. “When small businesses thrive, we all win.”
Keep reading:
· Small businesses in the US will delay important decisions due to elections: Survey
· Companies in the US pressure employees with more days in the office to resign
· 7 out of 10 companies in the US will lay off employees before the end of the year: Survey