Small businesses report that economic uncertainty is the biggest impediment to their growth, a survey says.
The National Federation of Independent Business Research Foundation found that 72 percent of small business owners would like to expand within the next five years, but feel that market and political uncertainty are impeding their growth.
More than 61 percent of small business owners reported that uncertainty is impeding growth. Only 25 percent of business owners said uncertainty doesn’t impact them at all, according to the survey results.
Business owners also reported that poor sales are standing in the way of their growth, according to a release from the NFIB. That’s in line with data in the NFIB’s monthly Small-Business Optimism Index report, which has identified poor sales as the top business concern for small firms for 16 quarters running.
Businesses also cited a lack of orderly and predictable regulations, difficulty finding skilled labor, and trouble securing financing as top impediments to business growth.