Granite State Times

The National Federation of Independent Business (NFIB) has published the 11th edition of its quadrennial report, "Small Business Problems and Priorities." This comprehensive survey, first issued in 1982 and released every four years by the NFIB Research Center, examines the concerns of small business owners across the United States. The 2024 report outlines key issues affecting businesses on Main Street.

Bruce Berke, NFIB New Hampshire State Director, emphasized that inflation and rising costs are significant concerns for New Hampshire's small business owners. "This survey is a great representation of how New Hampshire small business owners feel: inflation and other rising costs are causing concern for the future of their businesses," Berke stated. He urged elected officials to address these challenges by providing economic relief.

Holly Wade, Executive Director of the NFIB Research Center, highlighted that over the past four years, small business owners have faced historic inflation and tax pressures at various levels. She remarked, "This survey helps the public understand the issues affecting the small business sector." Wade also pointed out that despite economic difficulties, small businesses continue to create jobs and expand but face obstacles such as rising costs and uncertainty.

The report identifies several critical issues:

1. Cost Pressures: The cost of health insurance remains a persistent issue since 1986. Additionally, supply costs have become increasingly important due to recent inflationary trends.

2. Tax-Related Issues: Federal taxes on business income rank as a major concern for many owners. If Congress does not extend certain deductions beyond 2025, this problem may worsen.

3. Uncertainty: Economic conditions and government actions create uncertainty for businesses. Finding qualified employees is also a challenge cited by many respondents.

The findings are based on responses from 2,873 NFIB members who participated in a mail survey conducted between February and mid-April 2024. Each respondent evaluated potential problems on a scale from "Critical Problem" to "Not a Problem."

For over eight decades, NFIB has advocated for America's small businesses at both state and national levels as a nonprofit organization dedicated to supporting independent enterprises.