Small Businesses are Concerned with Costs but not with Financing

August 27, 2024

Delaney Sexton
Contributing Editor

Small Businesses are Concerned with Costs but not with Financing

Small business owners are still being plagued by uncertainty with the current economy. The NFIB’s Small Business Problems and Priorities survey reveals what issues are most pertinent to small business owners. Since the survey is released every four years, its insights give lenders a view of persisting issues that small business owners must adapt to maintain their business.

Business owners are less concerned with obtaining financing for their businesses. Obtaining short-term loans and obtaining long-term loans are some of the lowest-ranked problems out of the 75 problems that were ranked. In the twentieth century and during the Great Recession, this was a greater priority for small business owners, but financing was one of the least significant issues outside of those periods.

Small business owners consider delinquent accounts and late payments to be less of an issue than in the past 40 years. The NFIB attributes this to more financing options and expanded use of credit cards.

Financing is not high on the list of small business problems and priorities, but here are the top concerns for small business owners in 2024:

1. Cost of Health Insurance
2. Cost of Supplies/Inventories
3. Uncertainty over Economic Conditions
4. Federal Taxes on Business Income
5. Locating Qualified Employees
6. Cost of Natural Gas, Propane, Gasoline, Diesel, Fuel Oil
7. Unreasonable Government Regulations
8. Uncertainty over Government Actions
9. State Taxes on Business Income
10. Electricity Costs (rates)

Source:
NFIB Small Business Problems and Priorities 2024 Survey