New survey reflects small businesses’ hope for elected leaders, economy & more
![NIADA gearing up for annual Capitol Hill event](https://www.autoremarketing.com/wp-content/uploads/2023/02/capitol-hill_29.jpg)
The National Independent Automobile Dealers Association makes its annual pilgrimage to Capitol Hill in September, and National Write Your Congressman (NWYC) gave another view about how those operators might be feeling when they travel to Washington, D.C.
NWYC, another organization that strives to give small businesses a voice in government, recently released its Q2 2024 index, measuring Congressional and business sentiment. The index found business owners’ trust, satisfaction and hope in Congress at its highest level since 2020.
But more than 67% of business owners are concerned and fearful the U.S. economy is moving in the wrong direction.
“Small business owners are concerned about how the election results may affect their business and are grim on the current U.S. economy,” National Write Your Congressman President and COO Randy Ford said in a news release.
“While it is encouraging to see business owners’ trust, satisfaction, and hope in Congress have increased over the last four years, we know there are still feelings of uncertainty and fear. We encourage our members to continue using their voice to ensure their business priorities are heard in Washington,” Ford continued.
NIADA is urging its members to do the same thing during its National Policy Conference scheduled for Sept. 23-25 at the Ritz-Carleton in Pentagon City. The gathering will include presentations from federal regulators as well as NIADA members having the chance to meet with members of Congress and their staff.
Gauging business owner sentiment before President Joe Biden halted his reelection campaign, NWYC reported 74% of business owners anticipated their business would have been negatively impacted due to potential regulatory changes if Biden was re-elected, while 83% expect a positive impact if President Donald Trump is elected.
Meanwhile, NWYC found that less than 2% of business owners think the economy is heading in the right direction. Half of small businesses have remained flat, while 315 are declining and 19% of small businesses are growing.
The survey found that inflation, taxes, uncertainty about the future of the U.S. economy, regulations, high interest rates and hiring qualified workers are the most important issues facing business owners today.
“Thankfully, my businesses have been stable enough to endure these tumultuous times, but it has come at the expense of us having to raise prices on our customers to combat inflation costs we incur,” said Gary Hoffman of Tow King of Waco in Waco, Texas.
“Skyrocketing interest rates would be the biggest hurdle thus far in my three years in business. Required equipment needed to grow has become more and more out of reach as far as funding. Reduced regulations and changes are needed to foster and incentivize small business growth,” said Cam Caudle, owner of Solid Rock Autobody in Marshville, N.C.
“Thriving and succeeding over the past year has not occurred in our small, family-owned business. Inflation, uncertainty, and the mentality of the current federal and state administrations have been disastrous,” said James Bobst, vice president of corporate relations and human resources with Pacific Fibre Products in Longview, Wash.
Despite headwinds, small business owners remain resilient, especially if there are changes among elected lawmakers.
“If we get new leadership in D.C., I believe our business will thrive,” said Roger Barnhart, founder of Barnhart Bolt in Odessa, Texas.