Mike Donohue Senior Media Manager – Northeast | Official Website
Mike Donohue Senior Media Manager – Northeast | Official Website
The National Federation of Independent Business (NFIB) has released the 11th edition of its quadrennial report, "Small Business Problems and Priorities." The 2024 report draws from a nationwide survey conducted by the NFIB Research Center, assessing the challenges faced by small business owners across 75 issues.
David Clough, NFIB Maine State Director, highlighted that "inflation and other rising costs are causing concern for the future success of their businesses." He noted that small businesses in Maine are particularly affected by increasing healthcare costs, high income taxes, and difficulties in finding qualified employees. Clough urged elected officials to consider these concerns and work towards economic relief for small businesses.
Holly Wade, Executive Director of the NFIB Research Center, emphasized that over the past four years, small business owners have contended with "historic inflation, tax pressures at all levels of government," as well as uncertainty about future developments. Wade stated that this survey aims to clarify the issues impacting small businesses and guide lawmakers in strengthening Main Street.
Key findings from the report indicate persistent cost pressures on small businesses. Since 1986, health insurance costs have remained a top issue. The importance of supply costs has risen significantly due to recent inflationary trends. Energy-related expenses such as natural gas and electricity are also major concerns.
Tax-related problems feature prominently among small business challenges. Federal taxes on business income rank as a critical issue despite some benefits from recent tax reforms. State taxes on business income also pose significant challenges for many owners.
Uncertainty is another dominant theme in the report. Economic conditions and government actions contribute to unease among business owners who find it challenging to plan for the future. Additionally, locating qualified employees remains a critical issue.
The publication's purpose is to help lawmakers understand which issues require urgent attention and prioritize legislation accordingly. The findings are based on responses from 2,873 NFIB members surveyed between February and mid-April 2024.
For more than eight decades, NFIB has been advocating for America's small businesses at both state and federal levels. The organization continues its commitment to supporting independent businesses nationwide.
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