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.
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