Small Business Owners Raise Alarm on Economic Conditions, Government Red Tape
Washington, D.C. (April 12, 2023) – Today, the Job Creators Network Foundation (JCNF) released the March edition of its Small Business IQ Poll that surveys 400 small business owners. The Small Business Intelligence Quotient (SBIQ), an index tracking overall small business sentiment about the economy, declined by 1.6 points to 54.6—marking the lowest reading of 2023 thus far.
Small business owners generally feel uneasy about economic conditions. When asked about their greatest concerns, a plurality picked inflation as their first or second choice. Nearly 2 in 3 also said they’re worried that the shaky economic environment could force their business to close—a six-point jump compared to February.
Moreover, small business owners bemoaned the regulatory burden imposed on them by local, state, and federal governments. More than 3 in 5 said complying with government regulations is time consuming. Seventy-eight percent also favor exempting small businesses from new regulations that increase compliance costs. Meanwhile, support for JCN’s American Small Business Prosperity Plan remains strong with each policy plank enjoying, on average, 82 percent support.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“Despite flowery rhetoric from the Biden administration, it’s clear small business owners don’t think the economy is all sunshine and rainbows. Concern around inflation remains high, 61 percent feel that complying with government regulations is a time suck, and more than half of respondents say policies pushed by the White House have been a net negative for Mainstreet. Rather than doubling down on a policy blueprint that has failed to deliver, lawmakers need to reset the agenda to focus on empowering the backbone of the U.S. economy: small businesses.”