33% think a Trump victory will have a positive impact on their business, compared to 16% for Biden.
Seattle, May 16, 2024–(BUSINESS WIRE)–ShareBuilder 401k, a leading provider of retirement plans and champion of small businesses, is a leading provider of retirement plans and champions of small businesses, according to Wakefield Research's latest survey of 500 small businesses. The results have been announced. The results highlighted the challenges and concerns small business owners (SBOs) across the country are facing regarding business, the economy, and the impact of elections.
Research shows that the presidential election has a significant impact on small businesses. Small businesses believe this outcome (49%) will have a more real impact on improving their business than the Federal Reserve's interest rate cuts (19%) or local government policies (11%). Thirty-three percent of SBOs believe a Trump victory will have the biggest positive impact, but only 16% think Biden will help improve business prospects. However, there are notable gender differences, with male small business owners favoring Trump at 40% and Biden at 14%, while female small business owners favor Trump at 25% and Biden at 17%. There is.
The impact of the presidential election is influencing the timing of SBO's management decisions. Owners have indicated they are delaying a number of management decisions until after the 2024 election, including:
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Capital investment (23%)
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Hiring new employees (20%)
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Launching a new product or service (19%)
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Provide employee benefits (12%)
The survey also found that SBOs' current top concerns for expansion are inflation at 61%, customer retention at 37%, competition from large companies at 33%, and labor costs at 26%. To deal with the effects of inflation over the past year, 50% said they had to increase prices, 23% found lower-cost vendors, and 22% said they had to increase employee wages. When SBOs were asked how concerned they were about the future of their business due to market fluctuations, 68% were at least somewhat concerned, with 30% very or very concerned.
Stuart Robertson, President and CEO of ShareBuilder 401k, said: “These findings demonstrate that many small businesses are on shaky footing due to the current political climate, inflation, and market volatility. It shows that he feels that way.” “Given that nearly half of Americans work in small businesses, insecurity could have a far-reaching impact on the country's economic growth. That said, the president's and Congress's fiscal policies may affect the economy as a whole. It can take years to influence the outcome of an election because it can take years to influence it.''It's not as dire as many people feel. ”
ShareBuilder 401k remains committed to providing small businesses with accessible and cost-effective retirement solutions, helping them weather uncertainty and achieve financial security for owners and employees. Small businesses interested in learning more about ShareBuilder 401k should visit www.sharebuilder401k.com.
The ShareBuilder 401k study was conducted by Wakefield Research from April 19-24, 2024, using an email invitation and online survey among 500 U.S. small business owners with 1 to 50 employees. it was done. The sample was chosen to be representative of the U.S. small business landscape, and includes companies from a variety of industries and geographic locations, with 53% male and 47% female owners. I am.
About ShareBuilder 401k
ShareBuilder 401k is a leading digital 401(k) provider specializing in low-cost, all-ETF retirement products and resources for small and medium-sized businesses, including owner-only businesses. Founded in 2005 and currently serving more than 6,500 businesses nationwide, ShareBuilder 401k offers index-based 401(k), digital retirement plan quoting and purchasing, and investment management (ERISA 3(38)) We are a pioneer in providing services. Covers all client fund directories. ShareBuilder 401k is committed to expanding access to retirement plans and helping more Americans save through cutting-edge technology, low costs, and quality education and support.
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