Peace Garden News

The National Federation of Independent Business (NFIB) has released its 11th edition of the Small Business Problems and Priorities report. This report, first published in 1982 and updated every four years by the NFIB Research Center, surveys small business owners nationwide to identify key issues impacting Main Street businesses.

Holly Wade, Executive Director of the NFIB Research Center, stated that "for the last four years, small business owners have struggled with historic inflation, tax pressures at all levels of government, and uncertainty of what’s going to happen next." She emphasized that this survey aims to highlight the challenges facing small businesses which employ nearly half of the private sector workforce. Wade noted that despite these challenges, small business owners continue working hard to create jobs and grow their enterprises.

Don Larson, NFIB State Director for North Dakota, pointed out specific concerns faced by local businesses: "Small business owners in North Dakota are facing significant challenges," he said. According to Larson, skyrocketing costs and economic uncertainty are major issues requiring attention from state and federal lawmakers.

The report highlights several pressing concerns for small businesses:

1. Cost Pressures: The "Cost of Health Insurance" remains a chronic issue since 1986. Rising costs of supplies due to inflation have become a critical problem for many business owners.

2. Tax-Related Issues: Federal taxes on business income rank as a severe problem. If Congress allows certain deductions to expire in 2025, it could lead to increased tax burdens.

3. Economic Uncertainty: Uncertainty over economic conditions and government actions is increasingly concerning for business owners.

The findings are based on responses from 2,873 NFIB members who evaluated potential problems on a severity scale during a survey conducted from February through mid-April 2024.

For further details or to access the full report titled "NFIB's 2024 Small Business Problems and Priorities," interested parties can download it directly from NFIB's website.