Small businesses are a vital part of the economy today. Apart from the larger corporations (the “big” apples), it’s the small businesses that drive the modern economies, from utilizing resources to adding more value, and to providing job opportunities to local communities and youths. But, are the small businesses faring well?
According to the statistics of the US Small Business Administration office, it’s the small businesses that create two third (2/3) of the new jobs in America and contribute to nearly 45 percent of the overall economy.
Moreover, it’s the small businesses that bring innovation and economic prosperity to the local communities, which in return enables the national economy to boom and grow in the long term.
However, a recent study by the Wells-Fargo/Gallup index has revealed and brought into the spot light certain fears and troubles of these small business owners. Following is a list of what they think that might affect them.
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- One third of small business owner are expecting a potential recession in US economy.
- 69% say that the 2020 presidential candidates are not focusing enough on small businesses.
- Almost all the small business owner’s think “fair taxation” and “tax reliefs” must be given a priority in the national policy, fair enough.
Amidst the concerns for the future, the study also shows that the small business owners remain optimistic about the current economic conditions in the US and are confident about the future financial prospects of their operations.
One big problem for local small businesses particularly in the metropolitan areas is the imbalance in rent increase and sales. Expenditures are climbing but sales are down. Many competitors have entered their business landscape with the technological innovations in the palms of everyone these days. Competitors who are hardly paying huge commercial rents are driving sales on E-commerce and yet, landlords are jacking up rents.
The impeding recession foretold by research can start happening any moment the small businesses realize that the power of economy is really in their hands. By their very nature, they are tough, creative and resilient. All they need do is start from not renting a commercial space, or jointly share space and resources in a way that brings cost down. Less demand on commercial space forces price spiraling down. It’s one surefire way of playing chess with a greedy feudalist.