A new report by the NFIB has identified a major shift in concerns of small business owners.
For the first time in over three years, small business owners are most concerned with taxes.
The National Federation of Independent Business’ latest Small Business Economics Trends report revealed 22% of small business owners said taxes are currently their top concern. This marks the first time in 44 months that taxes have topped the list, a major shift from past surveys that have shown poor sales and interest rates as the top concern.
The report asked 4000 small business owners to rank ten common issues, including inflation and competition from large business owners, receiving completed responses from 681 companies.
According to the new data 20% of small business owners said poor sales was their top worry (down from 25% a year ago), followed by 19% responding with government regulation and red tape (up from 15% a year ago).
Business owners identified cost of labor as the least concerning issue in the ten common problems with a low 3% listing it as their primary concern.