Top Issues for Small Business

My friend Chad Moutray with the SBA Office of Advocacy offers his top five challenges and opportunities facing small businesses over the coming years.  His working paper offers important insights about long-term issues and is well worth a careful read.

The Challenges:

• Strengthening the Overall Economy -  entrepreneur is the engine of the economy -- particularly job creation.  Economic recovery decisions and actions must also focus on our entrepreneurs.

• Taxes and Regulation -- these impact entrepreneurs and entrepreneurial activity, so must be considered in future policy decisions.

• Cost and Availability of Health Insurance -- this issue has no easy answers.  Let's hope the cure chosen is not worse than the disease.

• Attracting and Retaining a Quality Workforce -- not only are we facing compensation issues, but the demographic trends must also be considered over the coming years. 

• Global Competition -- small business must be able to compete fairly in the global arena.

The Opportunities:

• Increased Investments in Technology and Innovation -- this is a proven indicator of future growth so must continue to be a priority for small businesses.

• "Economic Gardening" and Grooming Local Entrepreneurs -- many communities are shifting economic development dollars from attracting corporate headquarters to attracting and keeping smaller enterprises.

• Pursuing New Markets Overseas -- these opportunities should continue to expand. 

• Promoting Business Ownership among Selected Demographic Groups -- Dr. Moutray believes in economic empowerment through business ownership. 

• Advancing Education and Training -- this is a key competitive variable over the coming years.