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The impact of small business concerns on the 2024 presidential election

The pivotal influence of small business owners in shaping the 2024 presidential election outcome
small business
Photo credit: / MaxZolotukhin

As the 2024 Presidential Election approaches, the small business community is poised to play a pivotal role in determining the next occupant of the White House. With 96% of small business owners reporting a likelihood to vote, their collective voice could sway the outcome. Yet, a substantial 20% remain undecided, signaling an opportunity for candidates to address the pressing issues affecting this critical sector.

Small business owners’ dissatisfaction with political engagement

There is a growing dissatisfaction among small business owners regarding the attention political candidates are paying to issues that directly impact their operations. Goldman Sachs’s 10,000 Small Businesses Voices survey revealed that 55% of entrepreneurs are unhappy with the current discourse, with only 27% expressing satisfaction.

The rising costs impacting small businesses

Entrepreneurs are facing a myriad of escalating costs that are straining their businesses:

Labor costs (81% of owners reporting an increase)

Cost of goods (67% reporting an increase)

Employee benefits and health insurance (63% reporting an increase)

Access to capital (57% reporting an increase)

Rent (48% reporting an increase)

These financial pressures are not just numbers on a balance sheet; they represent real challenges that small business owners, like Jessica Johnson-Cope of Johnson Security Bureau, navigate daily. Johnson-Cope emphasizes the resilience of small business owners and the need for policies that bolster the small business climate, which she views as integral to America’s future.

Black voters’ perspectives on the election

Another layer to the election’s complexity is the stance of Black voters. A report indicates that Black voters strongly favor President Biden over former President Trump. However, nearly half of the Black electorate prefers new candidates over current candidates.

The 2024 Presidential Election is not just a contest between political figures; it reflects the concerns and aspirations of small business owners and Black voters alike. Their voices are crucial in shaping the policies that will support the growth and sustainability of small businesses, which are the backbone of the American economy.

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