Small Businesses Optimistic on Revenue, Investment, Hiring
Washington, D.C. — About half of small business owners and decision makers say they are spending too much time and money navigating regulatory requirements and that it’s impacting their growth, according to new findings in the Q4 MetLife and U.S. Chamber of Commerce Small Business Index. Additionally, 51% say that licensing, certification, and permit requirements make it harder to grow their business. Almost as many (47%) say that their business spends too much time fulfilling regulatory compliance requirements.
The survey also found that 69% of small businesses say they spend more per employee to comply with regulations than larger competitors. About two in five (44%) small businesses say they outsource compliance tasks, further demonstrating the financial burden these tasks can put on a small business owner.
“Too many regulations cause big headaches for small businesses, even if they feel confident in their ability to comply or have the means to outsource compliance tasks,” said Tom Sullivan, Vice President of Small Business Policy at the U.S. Chamber of Commerce. “This quarter’s survey shows these requirements are complex, time-consuming, and often prevent small business owners from focusing on running and growing their businesses.”
Although nine in 10 (89%) small business owners and decision makers report they are confident in their compliance knowledge, they report being most likely to turn to a Google search (77%) for assistance, followed by other business owners (67%), consultants (65%), and outside legal counsel (59%) when they face a complex regulatory compliance issue. The areas of compliance that small business owners and decision makers report spending a great deal or fair amount of time on each year are:
About the Small Business Index
The MetLife and U.S. Chamber of Commerce Small Business Index is part of a multiyear collaboration by MetLife and the U.S. Chamber to elevate the voice of America’s small business owners and highlight the important role they play in the nation’s economy. The quarterly Index conducted by Ipsos is designed to take the temperature of the sector, see where small business owners are confident, and where they are experiencing challenges.
The Q4 2024 survey was conducted online in English by Ipsos during October 7 – 21, 2024. The survey has a sample size of 750 small business owners and operators age 18+ from the continental U.S., Alaska, and Hawaii. The survey has a credibility interval of plus or minus 4.4 percentage points for all respondents.
This is a great reminder that financial planning isn’t just about numbers; it’s about aligning your money with your life goals. Physician Lifecycle Planning can help you make the most of your earning potential while ensuring you’re also prioritizing your well-being and quality of life.
Comments are closed.