As the 2024 election season heats up, small business owners are keeping a close eye on the race, with 96% planning to vote in November. However, a new survey from Goldman Sachs 10,000 Small Businesses Voices reveals that 20% of small business owners remain undecided on their presidential choice, compared to just 12% of the general public. This uncertainty stems from a growing dissatisfaction with how candidates are addressing critical small business issues, such as inflationary pressures, tax policy, regulatory burden, access to capital, and workforce training.
Small businesses are facing significant challenges, with 71% reporting increased inflationary pressures compared to three months ago, and 49% having to raise prices on their goods or services. The rising costs of labor, commercial insurance, goods and inputs, employee benefits, capital, and rent are all taking a toll on these businesses. Despite these difficulties, 64% of small businesses are operating at or above pre-pandemic levels, and 31% believe the U.S. economy is "good" or "excellent."
As the election season kicks into high gear, many large corporations are taking a step back from the social and political activism that characterized the past decade. Companies are increasingly wary of weighing in on divisive issues, fearing backlash from customers and employees alike. This shift comes as ESG (environmental, social, and governance) investing faces criticism and some companies scale back their commitments to sustainability and diversity initiatives. Small businesses, already grappling with a myriad of economic challenges, are likely to follow suit, focusing on their core operations and avoiding the potential pitfalls of taking public stances on contentious political matters.
コメント