Monthly Polling Results

January 2024

January 31, 2024

SBIQ:56.3
Current Conditions Rating:57.2
Future Expectations Rating:55.6

Washington, D.C.—Today, the Job Creators Network Foundation (JCNF) released its January edition of monthly polling that measures the pulse of the small business community. Small businesses are facing a number of challenges but seldom talked about is the impact of elevated crime—and it’s not positive. According to this month’s survey, nearly one-third (31 percent) of brick-and-mortar small employers say neighborhood crime is increasing the cost of doing business.

In addition to added costs associated with extra security or stolen inventory, small businesses are navigating an economy that is less rosy than the Biden administration portrays. Even with the inflation rate moderating, 78 percent of employers say the cost of doing business has not gone down. And more broadly, nearly half of small businesses (48 percent) say the economy is getting worse while only 29 percent say it’s getting better.

Meanwhile, the Small Business Intelligence Quotient (SBIQ), a seven-indicator index tracking overall small business sentiment, started 2024 at roughly the same level it’s been at for two years. After dipping in 2021, small business sentiment—although somewhat fluctuating—has not meaningfully improved.

View more polling details here. 

Elaine Parker, President of the Job Creators Network Foundation, released the following statement:

“With historic inflation over the past three years, other challenges facing Main Street employers have often not been top of mind. Lawlessness on the streets of American cities is one example. Our polling shows that nearly one-third of small businesses with a brick-and-mortar location are facing higher costs because of crime. The findings should emphasize to lawmakers that soft-on-crime policies have a significant spillover effect on the economy.”

Poll Results:

How would you rate Joe Biden’s job performance helping small businesses?

A-Grade
7%
B-Grade
15%
C-Grade
21%
D-Grade
17%
F-Grade
39%

Is Bidenomics good or bad for the economy and your business?

Good
29%
Bad
63%
Unsure
8%

If your business has faced price increases, are they more, the same, or less than inflation?

More
63%
Same
32%
Less
5%

Have costs of doing business gone down?

Yes
15%
No
78%
Unsure
8%

Are you concerned that economic conditions could force you to close your business?

Concerned
63%
Not Concerned
36%

If you own a brick & mortar business, has neighborhood crime increased business costs?

Yes
31%
No
66%
Unsure
4%

If you own an S-CORP business, will you use the qualified business income deduction?

Yes
50%
No
14%
Unsure
36%

Is the amount of time your business deals with local, state, and federal regulations time consuming?

Time Consuming
55%
Not Time Consuming
44%
Unsure
1%

Are you concerned that bank failures and instability will impact your small business?

Concerned
60%
Not Concerned
38%
Unsure
3%

Are you concerned that new banking regulations will make it more expensive to give loans?

Concerned
70%
Not Concerned
27%
Unsure
2%

Are you concerned that rising interest rates will affect your business’s ability to access credit?

Concerned
72%
Not Concerned
26%
Unsure
2%

Where would you most likely go if your business wanted to get a financial loan?

Big Bank
27%
Small Bank/Credit Union
55%
Fintech/Online Bank
7%
Unsure
12%

Does your business accept credit cards for customer payments?

Yes
78%
No
21%
Unsure
1%

If your business accepts credit cards, are you concerned about the cost of increasing credit card swipe fees?

Concerned
64%
Not Concerned
34%
Unsure
2%

Do you support or oppose legislation that would lower credit card swipe fees by increasing competition?

Support
77%
Oppose
8%
Unsure
14%

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