This year’s upcoming presidential election is especially important to small business owners because many are hoping for a cash injection from the government to spur growth. George Washington University Graduate School of Political Management and Thumbtack.com decided to take a look at some of the other things small business owners are considering prior to voting in November.
According to the research, 40 percent of all small business owners said the economy and jobs will weigh heaviest when choosing between the presidential nominees, while the topic of ethics, honesty and corruption in government was rated second highest in importance.
“Small businesses are deeply attuned to the effect of politics on job creation and the economy,” said Dr. David Rehr, a lead researcher on the study with the George Washington University’s Graduate School of Political Management. “Entrepreneurs are feeling squeezed by the tight lending environment and want their political leaders to curb the influence of money in politics.”
When small business owners are planning for the upcoming months and years, they have to know the policies that will be set forth by the government. In case small firms run into trouble, their owners need to be sure they stay protected with business insurance policies if economic issues change.
The economy affects small business owners more than larger corporations, and the next president could have a large impact on economic growth; however, 28 percent respondents were unaware if President Barack Obama or Governor Mitt Romney is the right man for the job.
“Six thousand small business owners have told an unusually nuanced story about the factors that drive their political decisions,” said Sander Daniels, co-founder of Thumbtack.com. “When job creators speak, we need to listen.”
Small businesses feeling good in August, approaching election
The most recent index from the National Federation of Independent showed small businesses are feeling slightly more optimistic entering the months leading up the the presidential election. Plans for hiring, capital outlays and expectations all contributed to the growth within the index.
“Small business owners are definitely paying close attention to this election,” said Shawn Shouldice, state director of the NFIB. “There is a lot riding on the outcome in terms of taxes, regulatory policy and the direction of the economy.”
