Small Biz Saturday is coming in hot on November 25th. The ‘holiday’ was created by American Express and shines a much-needed light on small businesses. Michigan small businesses employed 1.8 million people, or 50.2% of the private workforce in 2013, according to the 2016 Small Business Profile released by the Small Business Administration.
In September The National Small Business Association (NSBA) released its 2017 Mid-Year Economic Report which showed the small-business outlook on the overall economy is at its highest point in seven years despite growing frustration over elected officials’ inability to enact needed reforms.
According to the NSBA Mid-Year Economic Report, some of the biggest challenges facing small businesses are:
- Politics or should I say politicians. More small businesses today say “partisan gridlock in D.C.” is the number one challenge facing their business than at any point in the last four years. Small businesses need Congress and the Administration to work together across party lines.
- Health care costs are seen as a major challenge as it relates to growth and survival.
- Obtaining financing for growth is difficult for small businesses. This effects hiring, expansion, employee benefits and inventory.
- Heating, cooling and lighting are the biggest energy costs for small business. The overwhelming majority (85 percent) of small firms are somewhat or not at all confident about the future of low, stable and reliable energy costs.
Small employers comprise 99.7 percent of all employer firms in the U.S., however, our system caters to large business. Regulations, taxes and health care costs can and do cripple our ability to grow and survive.
So…on Small Business Saturday, take the time to visit a small business or show your support on social media. Your voice helps us fight for change as we work towards economic stability while urging lawmakers to tackle the major issues facing our country.
Source: National Small Business Association, 2017 Mid-Year Economic Report.