What do small-business owners want?

Small businesses contribute a great deal to the U.S. economy, and entrepreneurs are always looking for simplified solutions to ensure their companies run smoothly. However, it seems that few groups consider what small-business owners want or how their lives could be made easier. A new survey from the National Federation of Independent Businesses (NFIB) determined what small-business owners are seeking and what they think can help their companies succeed. However, this may indicate a broader small enterprise trend that marks the need for company owners to have more individualized options, whether it comes to their small business banking, purchasing strategies or even their taxes. 

Simplified taxes would be preferred 
The NFIB survey revealed entrepreneurs seek a simplified tax code with lower rates and hope for limited government spending with a balanced federal budget. More than 90 percent of small-company owners surveyed are hesitant to prepare their own taxes because of complicated regulations and pay professionals to file for them. Eighty-five percent think the tax code is overly complex and needs to be revised, and 52 percent believe a simplified tax code should be a top priority. 

Concerns over federal spending prevalent 
According to the survey, few business leaders believed higher tax rates should be responsible for eliminating the national debt. Rather, 81 percent believe government spending cuts should take priority over tax hikes to reduce the deficit. 

Data also showed few business owners are confident new taxes could boost the struggling economy. Sixty-seven percent who know what carbon taxes are oppose them, while 58 percent of those knowledgeable about the national sales tax are against instituting one. 

Seeking easy solutions 
As the data indicates, entrepreneurs are seeking simpler solutions to taxes and government spending, but they're also likely looking for easy and more personal solutions for other aspects of their companies. Banking solutions, which can often get quite complex for many businesses, could be one of these areas in which company owners could seek more innovative and new solutions. 

Small-business owners often need more personalized and simple approaches when it comes to both business financing and general cash management options. Larger banks, which often can't change options for smaller entrepreneurs, may fail to offer a business the special solutions it needs, which could make small- or mid-sized local banks a better choice for company owners looking for the best banking options. 

Content presented by Bridge Bank, offering flexible, customized solutions for entrepreneurs.

Getting Started

Find your ideal banker:

Select any filter and click on Apply to see results

Featured Insights

Despite U.S. Federal Reserve Chair Janet Yellen earlier indicating every meeting of the Federal Open Market...

The U.S. economy experienced modest growth in the second quarter this year, with the U.S. Department of Commerce...

The city of Wilmington, Delaware, will be the home to a...

When it comes to market performance for investors, venture capital has staked its claim as the leader. According to...

Seeking out venture capital investment requires a careful attention to detail and a firm grasp of the underlying...

The complexity of transitioning to an Employee Stock Ownership Plan (ESOP) can be intimidating, says Elisabeth C....

Before a bank can help you identify products and services that can make your business run more efficiently, you need...

While some economists and market watchers are fretting over the way crowdfunding and super angels are upending the...

First-time entrepreneurs launching their initial startup company are no doubt overwhelmed by a huge variety of...

Silicon Valley tech funding is venturing into unchartered territory.  According to the PitchBook 2Q 2015 PE...

Recent News

08/21/15
Last week’s devaluation of the Chinese Renminbi has continued to keep the foreign...
07/28/15
The Euro opened the week stronger within an overall risk-off context climbing from...
07/24/15
Well things have slowed down a bit in the currency markets this week with the Greek...
07/17/15
Another exciting week in the foreign exchange markets comes to an end today with...
07/10/15
While nothing has ‘really’ changed with the Greek situation, plenty has happened...
07/02/15
If you happen to be growing tired of ‘Grease’ lyrical references, imagine how tired...
06/30/15
PHOENIX - Western Alliance Bancorporation (NYSE: WAL) today completed its merger...
06/26/15
In a fairly uneventful week in terms of economic data, the Greek situation was at...
05/21/15
Michael Hengl and Ryan Banta to lead new teams at Bridge Bank San Jose, CA – May 19...
05/19/15
San Jose, CA – May 19, 2015 – Bridge Capital Holdings (NASDAQ:BBNK), whose...

Twitter

Featured Insights

Featured Insight

The complexity of transitioning to an Employee Stock Ownership Plan (ESOP) can be intimidating, says Elisabeth C....

Featured Insight

Before a bank can help you identify products and services that can make your business run more efficiently, you need...

Featured Insight

Business leaders struggling to decide between raising debt vs. equity as the best path to growing their business...

Recent News

Despite U.S. Federal Reserve Chair Janet Yellen earlier indicating every meeting of the Federal Open Market...

The U.S. economy experienced modest growth in the second quarter this year, with the U.S. Department of Commerce...

The city of Wilmington, Delaware, will be the home to a...

Twitter