As November’s elections approach, small business owners across New York are stepping into the spotlight, highlighting the pressing issues that affect their livelihoods and the overall economy. A recent survey conducted by the National Federation of Independent Business (NFIB) has revealed the top concerns of thousands of small business owners in the state, offering a glimpse into the challenges they face and how these issues compare to previous years.

The Survey: A Snapshot of Small Business Concerns

The NFIB’s Problems and Priorities Report, conducted every four years, provides a comprehensive overview of the most critical issues impacting small businesses. This year, business owners ranked 75 different concerns, allowing policymakers to understand where their focus should lie. The results show a stark picture of the economic landscape for small businesses in New York.

According to Ashley Ranslow, the New York Director of NFIB, small businesses account for half of the state’s economy. “While that one pizza shop on Main Street may not seem significant, collectively, small businesses are an important vehicle for New York’s economy,” she stated.

Key Findings from the Survey

1. Healthcare Costs Remain a Top Concern: For the past 38 years, the cost of healthcare has been the most severe issue for small business owners. This enduring concern reflects the ongoing struggle for affordable health insurance and the impact it has on both business operations and employee well-being.
2. Rising Costs of Supplies and Inventory: This issue has surged to the second spot in the rankings, jumping from 18th place in 2020. Small business owners are feeling the pinch from rising prices, which ultimately affect their bottom line and pricing strategies.
3. Economic Uncertainty: The survey indicates that uncertainty over economic conditions has become a more pressing concern than it was four years ago. This reflects broader anxieties about inflation, market stability, and the overall economic climate.
4. Tax Burdens: State taxes on business income, unreasonable government regulations, and federal taxes on business income remain high on the list of concerns. Business owners are calling for a reevaluation of these burdens to create a more favorable operating environment.
5. Energy Costs: A new and significant issue that has emerged is the rising costs of natural gas, propane, gasoline, diesel, fuel oil, and electricity. As energy prices soar, small businesses are grappling with how to manage these expenses without passing the burden onto consumers.
6. Interest Rates: Interest rates, which ranked 47th in 2020, have now climbed to 12th place, indicating growing concern among business owners about borrowing costs and their implications for future growth.

The Impact on Small Businesses

Jeff Flaherty, the founder of Wise Home Energy in Rochester, encapsulates the struggle many small business owners face. With 14 years of experience running his business, Flaherty emphasizes the importance of small businesses as the “engine of the economy,” yet he feels overlooked in a challenging state environment.

“The costs have to be passed on to the clients,” Flaherty explains, “but if employees can’t take care of their families, that’s a giant weight on the business.” This sentiment resonates with many small business owners who are trying to balance operational costs while ensuring the welfare of their employees.

A Call for Action

As the survey results highlight the urgent issues facing small business owners, Ranslow stresses the need for state leaders to focus on affordability and the cost of doing business in New York. “How do we make sure that we’re keeping the lights on? How do we ensure that we’re doing everything we can to keep Main Street alive?” she asks.

With the elections on the horizon, it is crucial for policymakers to listen to the voices of small business owners and consider their concerns in legislative discussions. Addressing these critical issues can pave the way for a more supportive environment that fosters growth and sustainability for small businesses across New York.

Conclusion

The NFIB survey serves as a crucial reminder of the challenges that small business owners face in New York. As voters prepare to cast their ballots this November, understanding these concerns will be vital in shaping policies that support the backbone of the state’s economy. Small businesses are not just individual entities; they are a collective force that drives innovation, job creation, and community development. It’s time for their voices to be heard loud and clear in the halls of power.