More than two-thirds of small business owners expect to see business growth, expansion or increased revenue in the next year, according to a Business.com survey of more than 800 small business owners.
Respondents cited President Donald Trump’s promise of fewer regulations and lower taxes for their hopeful outlook, but their optimism is tempered by political uncertainty. While 63 percent said that deregulation would help them to grow their businesses, only 34 percent said they expect the Trump administration to make a “great impact.”
Last week, Trump unveiled the blueprint for his proposed tax reform, which would significantly lower taxes for many small businesses. The proposal has yet to make its way to Congress, and while many small business owners have expressed optimism about the proposed reform, economists and critics from both sides of the aisle are calling for more details about how the plan will be funded.
While the majority of small business owners are encouraged about their investment plans, 55 percent said current government regulations are hindering their business, and more than half said regulations are negatively impacting their ability to hire employees. Nearly half of the survey respondents said health care policy is among the most restraining regulations they face, followed by governmental licenses, applications and reviews.
“Given the central role of small businesses nationwide, growth in that sector can have ripple effects throughout the economy. But a lot of the current optimism rests on Washington, so it’s not surprising that political uncertainty looms so large in their threat assessments,” said Doug Llewellyn, President and COO of Purch, which recently relaunched Business.com.