Dbbiness
Rj king
March 11, 2025
Owners of small businesses of America are optimistic for next year, and are looking for federal government to help them compete better, grow and create jobs, according to a new study by Goldman Sachs 10,000 small business voices, which includes a detroit center.
Small businesses throughout the JBA say they are planning to grow their businesses this year, but they can see increased sales if the new Congress and the new administration can set advantages in tax reform, address inflation, increase labor development, lower the red regulatory ribbon and increase access to capital.
“Small business owners are optimistic, but that does not mean that we are not facing real challenges,” says Jessica Johnson-Cope, the President of Johnson Security Bureau in Bronx, a third-generation family firm.
“This is an opportunity for Washington to rethink how small businesses support and help us create economic opportunities. Let’s make sure programs reflect the realities of running a business today in our modern, always developing economy.”
The survey results include:
- Nearly seven in 10 (69 percent) small businesses owners feel positive for their financial perspective for 2025.
- More than three -quarters (78 percent) plan to grow this year, and 46 percent expect to create new jobs in 2025.
- Of those businesses that currently hire, 89 percent say it is difficult to find qualified workers, with 62 percent saying that their difficulty in recruiting is due to their inability to compete with larger salaries and benefits.
- More than half (53 percent) cannot afford to get a loan given the current interest rates, leading to a hit 88 percent saying that lower interest rates would help their business.
- Inflation remains a major concern, as 54 percent of respondents identify inflation addressing as their highest priority of policy for the new administration, making it the high advantage of small business.
Moreover, more than half (60 percent) of survey respondents want Congress to simplify the tax code, citing confusing provisions, hard use loans and rules that do not fit smaller operations.
In general, 73 percent of respondents said the Federal Tax Code is unfavorable to small businesses. Specifically, small business owners report the following challenges with the tax code:
- Tax Loans and Stimulations that are not scaled for their size businesses (63 percent)
- Too much complex and confusing tax code (55 percent)
- Difficulty Maximum Expenses (33 percent)
“We are not looking for special treatment, we are looking for a tax system that does not travel to us,” says Johnson-Cope.
While small businesses continue to navigate growth challenges, many also show severe rules and outdated federal programs such as obstacles. Fifty -seven percent said their business is being held behind by the red bargain bar and compliance, and 95 percent believe that federal programs should better reflect the realities that small businesses face.
With new leadership in the US small business administration (SBA), business owners say now is the main time for reform.
Nearly nine in 10 (89 percent) want the agency to be modernized – especially demanding more access to capital (50 percent), decreased regulatory load and red tape (47 percent), support for more work power development and training (34 percent), modernized communication systems and technologies (34 percent), and increase in small business and 32 percent.
Small businesses say they recognize innovation is a key component to stay competitive, with 80 percent of small businesses owners they use by mentioning increased efficiency and productivity.
However, 44 percent said they lack the resources and expertise needed to successfully set it up, and 76 percent support government policies to help small businesses adopt new technologies such as it.
“Small business owners are not looking alone, they want a place on the table while Washington addresses big issues in 2025,” says Jill McCarthy, National Director of Goldman Sachs 10,000 Small Business Voices. “Their message is simple: listen to us. Work with us. Let’s get this right. ”
Survey of 1,188 Goldman Sachs 10,000 small businesses Participants were carried out by Babson College and David Binder Research from 10-17 February 2025. The survey included owners of small businesses from 49 US states, 2 American territories and Columbia district.
Goldman Sachs 10,000 small businesses, which is built on Goldman Sachs 10,000 small businesses, organizes program participants to protect policies that matter. For more information, visit gs.com/10ksb-voices.