Government Regulations and Economic Uncertainty Continue to Concern Small Businesses
By: Edie Ousley
ORLANDO (September 29, 2016) – Results of the Florida Chamber of Commerce’s Small Business Index survey show that for the second quarter in a row, Florida’s small businesses are most concerned about government regulations, with 23 percent of respondents listing it as their top concern. The results of the Small Business Survey results were released today at the 2016 Future of Florida Forum in Orlando.
Economic uncertainty was the second most frequently cited challenge facing Florida’s small business community, with 14 percent of respondents citing this as their top issue. Up from 21 percent a year ago, 32 percent of respondents expect the economy to weaken over the next year.
“This quarter’s survey shows that although Florida small businesses are a little less optimistic about the economy, 36 percent of the respondents still expect to add personnel in the next six months,” said DR. JERRY PARRISH, Chief Economist and Director of Research, Florida Chamber Foundation.
The Florida Chamber’s Small Business Index Survey shows:
- Top Issues Facing Small Businesses: Top issues facing small businesses include:
- Government regulations (23 percent),
- Economic uncertainty (14 percent),
- Workforce quality (11 percent),
- Healthcare costs (9 percent),
- Growth management process (9 percent), and
- Access to capital (9 percent).
- Sales: 59 percent of respondents expect their sales will increase over the next year.
- Respondents: 72 percent of respondents employ less than five employees, 26 percent of respondents employ 5 to 49 employees,
“Burdensome regulations such as the federal overtime rules and workers’ comp rate increases continue to plague small businesses and threaten Florida’s economy,” said DEBRA HARVEY, Chief Operating Officer, Ron Jon Surf Shop of Fla., Inc. “The Florida Chamber Foundation’s Small Business Council will continue to identify and promote solutions that help Florida’s small business community grow and thrive.
The Florida Chamber’s Small Business Index Survey was conducted electronically August 29 through September 19, 2016. Click here to view the full report.