What Keeps 28 Million Small Businesses Up at Night?
By leadership author and keynote speaker Ross Shafer
I have a list. Now, I would usually urge you to subscribe to my YouTube channel right now… but like I advise senior leaders, “Go to the wrong meetings…learn what’s happening outside of your industry because you’ll find a lot of profitable advice from unlikely sources.” I feel the same way about this blog. If you want to stay relevant, try other business-related blogs. Listen to business radio shows. Cast a wider net of knowledge and you’ll catch more money. Yeah, I know that’s a mixed metaphor but what do you expect for a free blog? It’s ok, I’m back on topic. A couple of times I’ve been interviewed by Jim Blasingame; who has a syndicated business radio show called The Small Business Advocate. Really smart guy. Great show. Jim’s topic today was “What keeps 28million small business owners up at night?” Jim was citing a 2016 survey from the respected National Federation of Independent Business. 20,000 business owners were interviewed and Jim reported, “You might think their the #1 concern of small business was, “I need more sales” but that was #45 on the list.
Social media wasn’t even in the top 50. It was #64. Competition was #61. And this next one surprised me, “I need a business loan” but was #70. In fact, operational concerns didn’t even crack the top nine reasons. Let me break the suspense. #5 was “Tax Code Compliance is too complex. #4 was “Uncertain Economic Conditions. #3 was “Income Tax on Small Businesses” – #2 was “Oppressive Government Regulations…seeing a pattern here? Alright, for the big grand prize, the #1 nightmare of 28 million small businesses…is The Cost of Health Care. Nine of the top 10 small business worries were directly related to government interference. You’re in business. You know that you succeed or fail by managing the known factors, like fixed expenses and your business hours…and being smart about the unknown factors like getting more customers…and correctly pricing your goods and services. But when 9 of the top 10 wild cards are subject to a deadlocked government, 28 million businesses are left swinging in the wind.
Oh, and for those of you who keep track of lists, finally #10 was something you COULD control. “Finding great employees.” But I’m sure that’s no surprise to you. What can you do about the top Nine? Hire lobbyists. Make phone calls to your elected officials. Talk about these things at your local service club meetings and start effecting change at the local level. Go viral with your ideas.
If you liked what you’ve heard here…tell your friends…subscribe to my free YouTube channel www.YouTube.com/User/RossShafer We have a lot of other videos for you to see.
Ross Shafer is the author of (9) popular business books and (14) human resource training films. In a former career Ross won (6) Television Emmy awards for his work as a TV host, writer, and producer. Today, Ross is a sought after keynote speaker and consultant for Fortune 500 companies worldwide.