If today’s small business owners had their way, the federal government would be doing more to help them in areas like programs, services and tax credits. In truth, according to Goldman Sachs “10,000 Small Businesses Voices” survey, 70% give the federal government a “C or below” grade for effectiveness in such areas.
And if that was not enough, 85% give similar grades for the government in the area of communicating with them about critical resources and services available to them. In addition, 96% believe the federal government should be doing more to tailor programs and services to better reflect the realities and needs of small businesses.
The survey also shows that while small business owners are showing signs of confidence, they still feel vulnerable in the face of today’s ever-shifting economy. For example, 72% say inflationary pressures and interest rate hikes are making their impact known. When it comes to borrowing, 61% say the cost has negatively affected their small business.
There is good news. Along with 60% expecting to increase profits this year, the survey shows that small business owners are hiring more, even if hiring remains a top challenge:
- More than half (51%) expect to create jobs this year
- Only 9% have had to lay off workers in the past three months
- 59% currently are hiring (82% of those hiring are finding it difficult to recruit qualified candidates for open positions)
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