The Sconi

The National Federation of Independent Business (NFIB) has published the 11th edition of its quadrennial report, "Small Business Problems and Priorities." This report, first issued in 1982, offers a comprehensive overview of 75 issues impacting small businesses across the nation. The latest edition draws on responses from a survey conducted with 2,873 small business owners between February and mid-April 2024.

Holly Wade, Executive Director of the NFIB Research Center, noted the challenges faced by small business owners over recent years: "For the last four years, small business owners have struggled with historic inflation, tax pressures at all levels of government, and uncertainty of what’s going to happen next." Wade emphasized that understanding these issues is crucial for lawmakers aiming to strengthen Main Street businesses.

NFIB State Director Bill G. Smith echoed these sentiments, stating: "Small businesses continue to struggle with historic inflation, tax pressures, and uncertainty, which have significant implications for Main Street businesses and our local communities." Smith urged Wisconsin lawmakers to prioritize pro-small business legislation.

The report identifies several key concerns for small business owners. Cost pressures remain a significant issue. Since 1986, the "Cost of Health Insurance" has consistently ranked as the top chronic issue. The importance of the "Cost of Supplies/Inventories" has increased due to recent inflationary trends. Other notable cost-related concerns include fuel costs and electricity rates.

Taxation also poses challenges for small businesses. "Federal Taxes on Business Income" ranks as the fourth most severe problem. Many businesses benefited from the Tax Cuts and Jobs Act but still face critical federal tax burdens. State taxes are another concern, with many reporting them as critical issues.

Uncertainty is another dominant theme among small business concerns. Economic conditions and government actions are major sources of unease for business owners. Additionally, finding qualified employees remains a significant challenge.

The NFIB aims to provide insights through this publication that will assist lawmakers in prioritizing legislation that supports small businesses in coming years.