Granite State Times

The National Federation of Independent Business (NFIB) has released its 11th edition of the "Small Business Problems and Priorities" report. This quadrennial report has been issued since 1982 and provides a comprehensive analysis of the issues small business owners are facing nationwide. According to the 2024 edition, based on feedback from small business owners, inflation, taxes, and economic uncertainty are prominent concerns.

Bruce Berke, NFIB New Hampshire State Director, noted, “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.” He highlighted health care costs, excessive taxes, and government regulations as the top concerns. Berke urged elected officials to address these issues and offer economic support.

Holly Wade, Executive Director of the NFIB Research Center, stated, "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." Despite the difficulties, Wade acknowledged the efforts of business owners in job creation and growth.

The report ranks the cost of health insurance as a persistent issue since 1986. Rising costs are reflected in supply inventory prices, which have moved to second place in importance, fueled by historic inflation. Additionally, the cost of natural gas and electricity are noted as significant issues, with many owners reporting them as critical.

Taxation remains a pressing concern for small businesses, with federal taxes on business income ranked fourth in severity. Potential expiration of the Small Business Deduction at the end of 2025 could exacerbate this problem. State taxes on business income also present challenges, ranking as the second most severe tax issue.

The uncertainty over economic conditions and government actions have increased in importance. "Uncertainty over Economic Conditions" has moved up to the third most severe problem. Small business owners have also ranked "Uncertainty over Government Actions" in the top ten concerns.

This report aims to guide lawmakers in prioritizing pro-small business legislation. The 2024 findings are drawn from responses of 2,873 NFIB members through a survey conducted from February to mid-April 2024, assessing the severity of 75 potential business issues.

The NFIB has been a voice for small businesses for 80 years, advocating at the federal and state levels. It remains dedicated to supporting small and independent businesses.

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