Washington, D.C. (December 9, 2021)—Today, the Job Creators Network Foundation (JCNF) released its November Monthly Monitor poll of 500 small business owners. The survey reveals small businesses remain uneasy about Biden administration policies. Fifty-seven percent of respondents say proposed tax increases will hurt the small businesses community, while nearly half believe staff will quit if a vaccine mandate is implemented.
The poll’s Small Business Intelligence Quotient (SBIQ), an index tracking overall small business optimism, improved in November after declining for three consecutive months. The indicator now stands at 56.5—down roughly 11 percent from the SBIQ’s peak in July. But it’s important to note the SBIQ is not seasonally adjusted. While some small businesses are enjoying a holiday high, the smallest employers remain uneasy about current and future economic conditions.
For example, only 32 percent of businesses with between two and nine employees would rate the current economy as good or excellent, compared to 45 percent of those with 20 or more workers. And only 24 percent of smaller employers are looking to bring on more staff over the next three months, compared to 72 percent of small businesses with more than 20 workers.
In November, the top five concerns facing small businesses were:
1.) High Prices/Inflation
2.) Consumer Spending
3.) General Operating Costs
4.) Supply Chain Disruptions
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“For the first time in three months, small business sentiment has improved—a sign that an uptick in consumer spending going into the holiday season is giving some businesses a boost. However, systemic economic problems continue to eat away at the smallest small businesses who, unlike their larger counterparts, are having a more difficult time navigating supply chain problems and pricing-in high inflation. And there doesn’t seem to be light at the end of the tunnel. In fact, the looming coronavirus vaccine mandate threatens to make matters even worse for many small businesses by intensifying the labor shortages already plaguing Main Street.”