There are more than 28 million small business owners in the United States. Those businesses hire close to 60 million or nearly half of all U.S. employees. You know what that means? Small business owners rock!
This entire month, I want to dedicate my blog to small business owners. This week, let’s talk small business owner concerns, and what according to the National Federation of Independent Business or NFIB, “keeps business owners up at night.”
Believe it or not, sales is NOT a business owner’s number one concern. “More sales” actually came in 45th of 75 small business owner concerns. Here are the 5 concerns, according to the survey, that top the list of what business owners really worry about:
- ECONOMIC UNCERTAINTY – You could say one of the reasons Donald Trump won the Presidential election is because of economic uncertainty in the U.S. According to the NFIB, while small business owners remain optimistic about the future of the economy and the direction of consumer confidence, most say its because of the uncertainty of the direction of government policy, that they are a little uneasy about the future.
- GOVERNMENT REGULATIONS – There are more than 175,000 pages of federal, state and local regulations that small business owners must abide by; that’s why small business owners say government regulations are their second biggest headache or concern when it comes to running their business. Healthcare is one of the biggest concerns, but taxes, overtime rules, independent contractor status and wage discrimination are just some of the hundreds of other regulations small business owners must comply with or face stiff penalties.
- HEALTHCARE COSTS – According to a government report, one out of every five Obamacare customers in 2014 was a small business owner. That’s 1.4 million people! President Trump and Congress are now back at the table to try to come up with an alternative to the American Health Care Act. The President is finding out that his promise to repeal and replace Obamacare is easier said than done. But while most small business owners are hoping the administration will find a lower cost solution, many want Congress and the President to take their time to ensure that business owners and their employees can have and afford healthcare coverage.
- FEDERAL INCOME TAX – Every March, corporations and business owners are expected to file their federal income tax return, but the reality is, there are a number of tax deadlines small business owners must meet throughout the year. Payroll taxes and vehicle taxes are the other taxes that keep business owners up at night. Keep track of your company’s tax deadlines with the IRS’ tax Calendar for Businesses and the Self-Employed. Here’s a link to the calendar: https://www.tax.gov/calendar/
- TAX COMPLIANCE – The Trump administration has mentioned major tax reform recently, and suggested cutting taxes to 15% for business owners. While that hasn’t happened yet or may never happen, tax compliance is one of the biggest concerns for small business owners. As a CPA and bookkeeper who works closely with small business owners, I see how confusing inconsistent state income tax and withholding rules can be. Making sure you have your W-2’s filed, claiming employee wages, and reporting state and federal tax information takes a lot of time and knowledge. If you are trying to do this all by yourself, consider hiring a bookkeeper or accountant to make sure you’re in compliance. Better yet, e-mail me or one of my Brigade Bookkeeping team members, so one of us can review your books and make sure you’re in compliance.
Small business owners have a lot to worry about. Accounting and bookkeeping shouldn’t be one of your concerns. Let Brigade Bookkeeping help you with the numbers, so you can focus on your sales.
In the meantime, take a moment to look at the big picture and focus on where your company is headed, rather than worrying about uncertainty or things you can’t control. You’ve done it; you own a small business and are a big contributor to the economy. Good job and keep up the good work!