The National Federation of Independent Business (NFIB) has released the 11th edition of its quadrennial report, “Small Business Problems and Priorities.” The report, first published in 1982, is based on a nationwide survey of small business owners and outlines 75 issues impacting Main Street businesses.
“This survey is a great representation of how Vermont small business owners feel: inflation and other rising costs are causing concern for the future of their businesses,” said Shawn Shouldice, NFIB Vermont State Director. He added that rising healthcare costs, excessive taxes, and government regulations remain top concerns for small businesses across the state.
Holly Wade, Executive Director of the NFIB Research Center, noted that “for the last four years, small business owners have struggled with historic inflation, tax pressures at all levels of government, and uncertainty about what’s going to happen next.” She emphasized that despite these challenges, small business owners continue to work hard to create jobs and grow their enterprises.
Key findings from the report indicate persistent cost pressures. The “Cost of Health Insurance” remains a chronic issue since 1986. The “Cost of Supplies/Inventories” has risen in importance due to recent inflationary trends. Additionally, energy costs such as natural gas and electricity are significant concerns.
Tax-related issues also feature prominently among the top problems faced by small businesses. Federal taxes on business income rank as a major concern with potential increases looming if certain deductions expire after 2025. State taxes on business income also pose significant challenges.
Uncertainty over economic conditions and government actions have moved up in importance since 2020. These uncertainties rank high among small business concerns alongside difficulties in locating qualified employees.
The report’s findings are derived from responses by 2,873 NFIB members who evaluated various business problems between February and mid-April 2024. This publication aims to guide lawmakers in prioritizing legislation favorable to small businesses.
NFIB has been advocating for America’s small businesses for over eight decades across all states and Washington D.C., remaining dedicated exclusively to supporting independent enterprises since its founding in 1943.
