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BizReport : Law & Regulation : August 02, 2016

Survey: Regulatory changes challenging SMBs

There have been a plethora of changes to the business landscape so far in 2016, and they range from crowdsourcing to OSHA rules. One thing each of the regulations has in common: they are costing small business owners time.

by Kristina Knight

Small business owners want more time to deal with regulatory changes. That's the main takeaway from a new Manta survey which found half (51%) of SMB owners feel they 'aren't given enough warning' about regulatory changes. Nearly half (40%) say they are spending between 1 and 5 hours on compliance issues each week while 10% are spending between 6 and 10 hours.

"2016 has already brought major changes at the federal and state levels, and more changes are on the horizon," said Manta CEO John Swanciger. "Entrepreneurs are trying to figure out how to remain profitable amidst the growing costs of compliance. Those who can be resourceful and stay nimble in the process will better position themselves for success."

Other interesting findings from the Manta survey include:

• 33% of SMB owners are confused about new national level tax regulations, 21% are confused about the Affordable Care Act
• 36% say state level taxes are the most difficult to comply with, 30% say licensing issues are most difficult
• 27% are leaning on professional advisors to figure these things out, 22% turn to SMB communities

Just over one-third (36%) say they will be hiring during the second half of 2016.

Tags: Manta, small business tips, SMB challenges, SMB regulations

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