This week is National Small Business Week, an annual celebration of the country’s small business entrepreneurs. A celebration is indeed deserved. Small businesses tirelessly work to provide us with the products we want for the lowest prices possible. They are also at the cutting edge of the product and service innovations that make our lives better and easier. In doing so, they provide two-thirds of all new jobs created in the country.
This week will be filled with recognition for all that small businesses do as well as awards for specific small businesses that have made particular impressive contributions to their local economies. However, amid the celebration, we should use this week as an opportunity to take note of the specific challenges facing small businesses in today’s economy, and a platform to propose solutions that could help them do even more good.
As part of its Bring Small Businesses Back campaign, the Job Creators Network conducted a national poll of small business owners and found that only one in five plan to hire additional employees over the next year and only around one-quarter believe that the next year will be easier to do business in than the last. The reasons: overregulation, overtaxation, and lack of access to credit. Two-thirds of respondents said that overtaxation threatens the viability of their businesses, while three in five said the same about overregulation.
So while we celebrate small businesses this week, let’s also listen to them and address the significant hurdles that they are facing. While small businesses appreciate the recognition, they’ll appreciate the recognition of the problems they’re facing even more.