Biggest challenges facing small business owners
First quarter GDP rose 3.2 percent as American entrepreneurs continued to project a strong business outlook this spring, according Bank of America’s spring 2019 Small Business Owner Report. However healthcare costs and the political environment topped the list of their concerns.
“Small business owners thought this would be a game changer,” the head of small business for Bank of America, Sharon Miller told Fox Business’ Maria Bartiromo on Monday. “What we found in this survey is it’s more neutral in impact.”
Nearly two-thirds of entrepreneurs expressed concerns about the current political environment, though they are divided over how major policy issues are directly impacting them. Half of small business owners said the new tax code has impacted their business with 28 percent reporting that impact as positive. This is down from the 45 percent who anticipated a positive impact one year ago.
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Regarding U.S. trade policy, 41 percent said they have been impacted by tariffs, with 18 percent reporting a negative impact, 9 percent reporting a positive impact and 14 percent reporting a mixed impact. Additionally, 33 percent of entrepreneurs said they’re concerned about climate change impacting their business. But according to Miller, the No. 1 concern is finding "quality" skilled workers.
“Small business owners are continuing to hire," she said. "They are continuing to look for skilled labor."