Top 10 Problems Facing Small Businesses
Think your small business experiences more problems than most? Or that luck just isn't on your side with new laws, regulations, and other complications?
Well, you may take comfort in knowing that most small business owners are probably going through the same pains as you.
In a survey by the National Federation of Independent Businesses, small business owners ranked the most serious problems they face. The NFIB asked business owners to assess 75 different types of problems; here were the Top 10:
- Cost of health insurance. The cost of health insurance has been a problem for a number of years for employers. Obamacare may have only exacerbated matters.
- Uncertainty over economic conditions. We've been experiencing an economic slump for several years. Many are still waiting for the light at the end of the tunnel.
- Costs of natural gas, propane, gasoline, diesel, fuel oil. If you rely on energy for your business, the rising costs have been problematic.
- Uncertainty over government actions. This is to be expected after an election year when many proposals and promises were being made.
- Unreasonable government regulations. Government regulation is good, but too much can hurt business.
- Federal taxes on business income. We avoided going off the "fiscal cliff," but taxes are going up for many small business owners. On the other hand, the "fiscal cliff" deal also kept many business tax breaks alive for at least another year.
- Tax complexity. See No. 6 above.
- Frequent changes in federal tax laws and rules. See No. 7 above.
- Property taxes. Sensing a theme here? You may want to contact a tax attorney to help your business sort out all these issues.
- State taxes on business income. The only things certain in life are death and taxes, even on the state level.
If any of these Top 10 problems are especially on point for your small business, you may want to contact an experienced business attorney. Having a lawyer on your side can help address some of these concerns, and can pay off for your bottom line.