Recent polls of small business owners have consistently shown the following items as their three main worries:
- Taxes. Small business owners are under an enormous burden from new federal, state, and local taxes. Washington and state budget woes are keeping possible tax overhaul in the news. But most business owners understand that “tax overhaul” is usually just code for “increased taxes on everyone”.
- Regulations. While most of us have heard that ObamaCare’s 2000+ page bill has spawned over 20,000 pages in regulations, this is just the tip of the iceberg! Hundreds more regulations are winding through the rule-making pipeline as a result of the Dodd-Frank financial regulation law and the Environmental Protection Agency’s global warming crusade. All of these cost the small business owner time and money that could be used to expand their business and hire additional employees.
- Poor sales. In this bad economy, consumers and business owners alike are cutting back and buying only what they absolutely need. So struggling sales are no mystery.
As the business owner, you can’t just ignore these threats or use them as an excuse for falling income and sales. Doing so is a quick path to bankruptcy!
The smart business owner works at becoming more creative and finding ways to grow their business in spite of all the problems. They work hard to improve their sales and marketing, improve efficiency, reduce overhead, and cut their income tax liability.