Two reports released this week by the National Federation of Independent Business (NFIB) highlight ongoing economic challenges faced by small businesses. The “Small Business Problems & Priorities” report, updated every four years, continues to rank “Cost of Health Insurance” as the top concern for small business owners. This issue has remained at the forefront for 38 years.
Suzanne Budge, the Idaho State Director for NFIB, stated, “Our Small Business Problems & Priorities report…ranks the 75 issues, or, more accurately, struggles, that small business owners encounter in opening an enterprise and keeping it running.” Budge emphasized the importance of policymakers understanding these issues to aid Main Street enterprises.
Holly Wade, Executive Director of the NFIB Research Center, highlighted, “For the last four years, small business owners have struggled with historic inflation, tax pressures at all levels of government, and the uncertainty of what’s going to happen next.” The report suggests that inflation and the rising “Cost of Supplies/Inventories” are critical challenges for small business owners, with the latter escalating from a 12th place concern in 2020 to the second spot in 2024.
Bill Dunkelberg, NFIB Chief Economist, commented on the impact of economic conditions, stating, “Cost pressures, especially labor costs, continue to plague small business operations, impacting their bottom line.” With 25% of small business owners identifying inflation as their most significant issue and 38% reporting job openings they could not fill, the NFIB reports suggest the sector’s imminent challenges.
NFIB has been advocating for small business owners across the United States since 1943. This latest data is from NFIB-member small business owners who typically have between five and nine employees.
Keep up with Idaho small-business updates at www.nfib.com/idaho or follow NFIB on Twitter @NFIB_ID.
