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BizReport : Internet : May 05, 2016

Survey: Elections worrisome for SMB owners

Small businesses aren't feeling bullish about their future, primarily because of the upcoming election cycle. That according to a new report which finds that while half (51%) of small business owners believe their revenue will increase over the coming year, nearly as many (40%) believe their revenue lines will remain flat.

by Kristina Knight

According to the Spring 2016 Bank of America Small Business Owner Report, the Presidential and Congressional elections are what have SMBs worried while taxes and the economy top the list of specific concerns SMB owners have as they look to the future.

"Our survey suggests that uncertainty over the upcoming elections is making small business owners less optimistic about their businesses and the economy than in recent years," said Robb Hilson, Small Business executive, Bank of America. "As a result, they're taking a wait-and-see approach before making major investments in the growth of their businesses. We also see this trend when it comes to hiring, as the majority of small business owners we surveyed this spring plan to keep the same number of employees over the next 12 months, perhaps suggesting they are waiting until after the election to reassess hiring plans."

Other interesting findings from the report include:

• 40% of SMB owners currently offer health benefits, most are concerned about increasing costs
• 57% say they 'would need to take measures' to account for increasing the minimum wage to $15/hour
• The most likely action SMBs would take is to increase their prices

Most SMB owners (67%) believe the Presidential election will impact their business while 53% believe the Congressional elections will impact their business.

Tags: Bank of America, Small business, SMB tips, SMB trends

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