The election is over, but there are other things to worry about.
Small-business owners found themselves “rattled by uncertainty” in October largely because of the presidential election, according to the National Federation of Independent Business.
So now that the election is over, will things improve? Possibly, but owners are worried about plenty of other things, too.
Juanita Duggan, CEO of the organization, explained that “small business owners, who create most new jobs and employ 58 million Americans, are struggling with high taxes, ball-and-chain regulations, and spiraling health insurance costs.”
The NFIB Small Business Optimism Index actually ticked up 0.8 points to 94.9 in October. But that’s against a 42-year average of 98, MarketWatch notes.
Nearly half of respondents cited taxes or regulations and red tape as their “Single Most Important Business Problem.”
Only 9 percent of small business owners said now is a good time to expand, up two points. Among owners who said that now is a bad time to expand, the political climate was the second most frequently cited reason.
“Small business owners need predictability. What we’re seeing in our data is that the political climate creates the opposite,” said NFIB Chief Economist Bill Dunkelberg. “Government actions affect basic business decisions, and owners are unwilling to take risks, make investments, or hire new employees as long as politicians and regulators keep them guessing about the future.”
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