The Impact of Uncertainty on Small Business Owners
The friends of the small business community, the National Federation of Independent Business (NFIB) www.nfib.com has published their May, 2014 report entitled: “Small Business Optimism Improves, But Don’t Get Too Excited” by Bill Dunkelberg, NFIB Chief Economist.
Uncertainty seems to be a continuing negative force for small businesses and as Mr. Dunkelberg writes, “Washington remains in a state of policy paralysis.” Uncertainties and problems include: cost of health insurance, economic conditions and trends, energy costs, unreasonable regulations and red tape, and the tax code.
According to the report, only a minority of small business owners have plans to increase hiring or make capital outlays. You can review the entire pdf file of the report (by William C. Dunkelberg and Holly Wade) via the nfib.com website under the Resources category. It is 23 pages of worthy, clear and concise reading and charts, spanning nine industries of the small business spectrum: agriculture, retail, wholesale, transportation, manufacturing, construction, professional, services, and financial.
In times of uncertainty and stagnant “jittering” economic growth for the small business owner, there is one plan of action that can offer more stability: having a business succession plan in place.
What would happen to your business if the owner falls ill or is incapacitated? This is a question that almost guarantees to keep an entrepreneur up at night. With a sound Plan of Action for succession, some of that concern and uncertainty can diminish.
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