Rushmore State News

The National Federation of Independent Business (NFIB) has released the 11th edition of its quadrennial report, "Small Business Problems and Priorities." This report, first published in 1982, is produced every four years by the NFIB Research Center. The 2024 edition draws from a nationwide survey of small business owners and examines 75 issues impacting Main Street.

Holly Wade, Executive Director of the NFIB Research Center, commented on the findings: “For the last four years, small business owners have struggled with historic inflation, tax pressures at all levels of government, and uncertainty of what’s going to happen next. This survey helps the public understand the issues affecting the small business sector. Small businesses employ nearly half of the private sector workforce, and this publication makes clear where lawmakers should focus their attention to strengthen Main Street and every community in which they operate. Despite the headwinds and economic challenges, small business owners are working hard to create new jobs and grow their businesses, but the threat of rising costs, taxes, and uncertainty gives Main Street pause.”

Jason Glodt, NFIB State Director for South Dakota, highlighted local concerns: “It is evident that South Dakota small businesses are grappling with significant cost increases, burdensome taxes, and a sense of uncertainty. The findings underscore the urgent need for pro-small business legislation to address the pressing issues identified in the report. I urge South Dakota lawmakers to take heed and support small businesses.”

The report identifies key concerns for small businesses:

- Cost pressures remain a primary concern. The "Cost of Health Insurance" has consistently been a top issue since 1986. "Cost of Supplies/Inventories" rose significantly in importance due to recent inflationary trends.

- Tax-related problems also rank highly among concerns. "Federal Taxes on Business Income" remains one of the most severe tax issues despite benefits from recent tax cuts.

- Uncertainty over economic conditions and government actions is a growing concern for many small business owners.

This publication aims to inform state and federal lawmakers about critical issues faced by small businesses to guide future legislative priorities.

The report's conclusions are based on responses from 2,873 NFIB members who participated in a mail survey conducted between February and mid-April 2024.