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Thursday, November 9, 2017

Why are Small Business Having Such a Hard Time?

The answer to the question of why small business having such a hard time is dependent on whether you are looking at it from the perspective of the small business owner or the legislation processes that hampers their growth. Small business struggle from many facets that range from skill all the way to financing. This article discusses some of their biggest problems.

Business Owner Perspective:

-Finance: Unable to find needed capital to grow the business.
-Skills and Wages: It is difficult to find wages and labor that will improve the business at a price the establishment can afford.
-Skill: It takes years to build a business and gather the knowledge and ability. There is a need for very specific education and certificates.

From a Macro Perspective:

-Legislation: Legislation is designed to cater to big political donors and big businesses but neglects small business and their ability to compete. They simply can't pay enough or have their voices heard through lack of budget and brand.
-Local Regulations: Many local regulations are not small business friendly. Instead of supporting small business they often block them and discourage the development of clusters and innovative communities.
-Small Business Tax: While large companies often get tax breaks small businesses pay a high percentage. They do try and deduct as much as they can but at the end of the day taxes impact them. Simpler and pro-business tax can help.

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