When it comes to who small business owners prefer wins the November presidential election, a new poll finds 33% believe a Donald Trump win would have the greatest positive impact, while only 16% believe Joe Biden being reelected will help improve their business prospects.
The results are from a new survey of 500 small businesses on behalf of ShareBuilder 401k, a Seattle-based provider of retirement plans and an advocate for small businesses. The survey is intended to shed light on the challenges and concerns small business owners (SBOs) face nationwide regarding their business, the economy, and the impact of the election.
The impact of the presidential election on small businesses is significant, according to the survey. Small businesses believe this outcome (49%) has a real impact on improving their business, more than the Federal Reserve lowering interest rates (19%) or local government policies (11%).
While about a third of those surveyed said they believe former President Trump winning the election will have the greatest positive impact—about twice as many as said Biden winning would help improve their business prospects—there is a notable gender difference. Male small business owners skewed 40% Trump and 14% Biden, while female small business owners favor Trump by 25% and Biden by 17%.
The consequences of the presidential election are impacting the timing of SBOs’ business decisions. Owners indicate they are delaying many business decisions until after the 2024 elections, including:
• Capital investments (23%)
• Hiring new employees (20%)
• Launching new products or services (19%)
• Offering benefits to employees (12%)
The survey also found that SBO’s current top concerns are growing their business are inflation at 61%, maintaining clients at 37%, competition from larger businesses at 33%, and the cost of labor at 26%.
“These findings show many small businesses feel they are on shaky ground, whether from our current political climate, inflation, or market volatility.”
ShareBuilder 401k’s Stuart Robertson
To manage the impacts of inflation in the past year, 50% have increased prices, 23% found lower-cost vendors, and 22% needed to increase employee wages. 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 many small businesses feel they are on shaky ground, whether from 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 economic growth for the country. That said, Presidential and Congressional fiscal policies can take years to impact the greater economy, so election outcomes may not be as dire as many may feel.”
The ShareBuilder 401k Survey was conducted by Wakefield Research among 500 U.S. small business owners at companies of 1-50 employees, between April 19-24, 2024.
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