Small business owners may appear wrapped up in their operational problems. However, they are also attuned to any policy changes that can affect their venture.
President Donald Trump promised to be friendly to businesses. He vowed to impose a lighter tax on corporations and relax the regulatory rules that businesses have to comply with.
Trump's promises are expected to greatly boost businesses and corporations. Small businesses may also benefit from his policies. According to a Business Journal report, it seems clear that the United States president is keen on delivering on his promises.
While some people may think that a small number of customers or low profits is the biggest problem of small business, that is not the case. According to results of an NFIB survey, small businesses are actually worried first and foremost about the cost of health care.
The Trump administration is reportedly working on alleviating the negative impact of expensive health care by repealing and replacing former President Barack Obama's Affordable Care Act, also known as Obamacare. Small businesses have suffered from the rise in health care cost seen following the implementation of Obamacare.
While many are in favor of repealing and replacing Obamacare, a large number of small business owners are urging caution when it comes to doing so. The Trump administration's plan to quickly end the law is making small business owners nervous as any replacement could potentially jack up health care cost instead of reducing it.
The second biggest problem that small business owners are worrying about is the strict business regulation. Under Trump, small business owners are confident that there will be less strict rules as the United States president promised. Small business owners now believe that the economy is improving, Columbian reported.
For small business owners who have too many tasks, Jobs & Hire previously reported that small businesses can also outsource tasks that entail specialized skills.