Two recent reports have highlighted the ongoing challenges faced by small businesses in the United States. The National Federation of Independent Business (NFIB) has released its “Small Business Problems & Priorities” report, which ranks 75 issues affecting small business owners. Inflation and health care costs remain significant concerns.
Suzanne Budge, Idaho state director for NFIB, stated that the “Problems & Priorities report” is essential for policymakers to understand the challenges faced by Main Street enterprises. The report indicates that health insurance costs have been the top issue since 1986. The cost of supplies and inventories has risen in importance due to inflation, now ranking second compared to 12th in 2020. Interest rates have also become a major concern, moving up from 56th place in 2020 to 13th in 2024.
Holly Wade, Executive Director of the NFIB Research Center, noted that small business owners have struggled with inflation and tax pressures over the past four years. She emphasized that small businesses employ more than half of the private sector workforce and stressed the need for lawmakers to focus on strengthening Main Street.
The “Small Business Economic Trends” report also identified inflation as a major issue for small business owners, with 25% citing it as their most significant problem. Job openings remain unfilled for many businesses, while compensation increases have slowed.
Bill Dunkelberg, NFIB Chief Economist, mentioned that cost pressures continue to impact small business operations and create uncertainty about future economic conditions or government policies.
NFIB’s research draws from its member base of small-business owners across the country. The average NFIB-member business employs between five and nine people.
For further updates on Idaho’s small-business news, visit www.nfib.com/idaho or follow NFIB on Twitter @NFIB_ID.
The NFIB has been advocating for America’s small businesses since its founding in 1943 and remains dedicated to supporting independent enterprises nationwide.
