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BizReport : Research archives : January 06, 2016

Healthcare, minimum wage top challenges for SMBs

Small businesses are ready to meet the challenges of 2016 head on, but admit those challenges are daunting. According to a new Manta survey the top issues SMBs are gearing up for in the New Year are minimum wage concerns and healthcare.

by Kristina Knight

"This year will bring major changes at the federal and state levels. Small business owners especially must be cognizant of what's going on within their industries and adjust accordingly," said Manta CEO John Swanciger. "Entrepreneurs are dealing with the moving parts that come with running a business. They're trying to figure out where they should focus in 2016, and they're looking to their communities for help."

Manta's survey revealed nearly one-third (29%) of SMBs continue to struggle with a lack of capital, but as of the end of 2015 minimum wage and healthcare concerns were at the bottom of their concerns list. That may change rapidly in 2016.

With the upcoming election, small businesses are concerned not only with that lack of capital, but also with potential changes to health care and the minimum wage issues.

There is no crystal ball to determine what will happen with those things in 2016, but Manta suggests SMBs can prepare for these and other challenges by:

• Focusing on growth - like writing a business plan and following it
• Hiring the right people - new hires should be evaluated not only on experience but on personality
• Use your community - reach out to other SMBs and advocate for one another

Image via Shutterstock

Tags: Manta, small business trends, SMB regulation, SMB tips

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