New ShareBuilder 401k Survey Shows Small Business Owners Feel the Upcoming Presidential Election and Inflation Will Have a Significant Impact on Their Business
33% believe that Trump’s election victory will have a positive impact on their business, compared to 16% for Biden
SEATTLE, May 16, 2024–(BUSINESS WIRE)–ShareBuilder 401k, a leading retirement plan provider and small business advocate, released the results of its latest survey conducted by Wakefield Research among 500 small businesses. The results shed light on the challenges and concerns small business owners (SBOs) face across the country regarding their businesses, the economy, and the impact of the election.
The impact of the presidential election on small businesses is significant, according to the research. Small businesses believe this result (49%) has a real impact on improving their business, more than the Federal Reserve’s interest rate reduction (19%) or local government policies (11%). 33% of SBOs believe that Trump’s election victory will have the greatest positive impact, while only 16% believe that Biden will help improve their business prospects. However, there is a notable gender gap, with male small business owners favoring Trump by 40% and Biden by 14%, while female small business owners favor Trump by 25% and Biden by 17%. .
The consequences of the presidential election are affecting the timing of SBOs’ business decisions. Owners indicate they are postponing many business decisions until after the 2024 election, including:
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Capital investments (23%)
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Hiring new employees (20%)
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Launch of new products or services (19%)
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Offering benefits to employees (12%)
The survey also found that SBO’s current top concerns are growing its business: inflation at 61%, customer retention at 37%, competition from larger companies at 33%, and labor costs at 26%. . To manage the impacts of inflation last year, 50% increased prices, 23% found lower cost suppliers and 22% needed to increase employee salaries. When SBOs were asked how concerned they were about the future of their business due to market volatility, 68% were at least somewhat concerned, of which 30% were extremely or very concerned.
“These findings show that many small businesses feel they are on shaky ground, whether due to our current political climate, inflation or market volatility,” said Stuart Robertson, president and CEO of ShareBuilder 401k. “Given that nearly half of Americans work for a small business, the feeling of unease could have broad implications for the country’s economic growth. That said, presidential and congressional tax policies can take years to impact the broader economy, so the election results may not be as dire as many may feel.”
ShareBuilder 401k remains committed to empowering small businesses with affordable and accessible retirement solutions, helping them navigate uncertainty and achieve financial security for owners and employees. Small businesses interested in learning more about ShareBuilder 401k can visit www.sharebuilder401k.com
The ShareBuilder 401k survey was conducted by Wakefield Research among 500 U.S. small business owners at companies of 1 to 50 employees between April 19-24, 2024, using an email invitation and an online survey. The sample was selected to be representative of the U.S. small business landscape, with companies across multiple industries and geographic locations, with a split of 53% male and 47% female entrepreneurs.
About ShareBuilder 401k
ShareBuilder 401k is a leading digital 401(k) provider specializing in low-cost, all-ETF retirement products and resources for small and medium-sized businesses, including owner-only businesses. Founded in 2005 and now serving more than 6,500 companies in the U.S., ShareBuilder 401k is a pioneer in the index-based 401(k), digital retirement plan quoting and purchasing, and providing investment management services (ERISA 3( 38)) for each client’s fund list. ShareBuilder 401k is committed to expanding access to retirement plans and getting more Americans to save through cutting-edge technology, low costs, and quality education and support.
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