Apparently, small business anxieties are running higher these days. BizBuySell surveyed 762 small business owners to get their perspective on various economic, political and technological threats. Among their top concerns were cyberattacks, today’s current tax code and the “Amazon Effect”.
With email hacking and data breaches becoming a regular part of today’s news cycle, small business owners themselves see cybersecurity as a top concern, with 60 percent saying they consider it extremely important and 30 percent saying they consider it important. Although only 10 percent of small business owners say they have suffered from a cyberattack, their main concern is protecting their customers’ records and credit information.
Taxes are another big concern of small business owners. Over 80 percent of those surveyed believe the current tax code favors large businesses, which have the advantage of corporate loopholes and tax shelters. It needs to be reformed with tax cuts and a more equal playing field in order for small businesses to grow.
Small businesses are also feeling the squeeze from online marketplaces, such as Amazon and eBay. While 65 percent saying they perceive them as a threat, 45 percent do not sell products through their own website, and 52 percent have not used online marketplaces at all. This lack of online selling may indicate that many small businesses offer products and services not typically purchased online.
Economic uncertainty, regulations and other national issues also weigh heavily on small business owners. 76 percent support President Trump’s “Made in America” provision into potential trade deal negotiation.
Yet, over the past 8 months, small business overall support for Trump has declined. Only 39 percent approve of how he is handling his job as president, while 40 percent disapprove and 21 percent have no opinion. BizBuySell’s February survey showed 47 percent approved of how he handled his job as president, while 30 percent disapproved and 23 percent had no opinion.