Washington, D.C. (February 10, 2022)—Today, the Job Creators Network Foundation (JCNF) released its January Monthly Monitor poll of 500 small business owners. Although the survey’s Small Business Intelligence Quotient (SBIQ), an index tracking overall small business optimism, rose by one point to 56, entrepreneurs are concerned about the Biden administration’s agenda to address high inflation and supply chain complications.
More specifically, two-thirds of respondents believe the “Build Back Better” agenda will make inflation worse, as rising prices remain a top concern of small businesses. While the flagship BBB bill is dead in the water, components of it are likely to rise from the ashes. Additionally, 67 percent of small business owners believe the Biden administration isn’t doing enough to address supply chain problems.
Key takeaways include:
- Inflation continues to be the biggest concern with 40 percent of small businesses saying it is their first or second biggest concern. Coronavirus restrictions and supply chain disruptions are also high on the list.
- Sixty-six percent of small businesses think that the Build Back Better agenda will increase inflation and 67 percent of small businesses think the Biden administration isn’t doing enough to help supply chain issues.
- Seventy-four percent of small businesses are concerned about coronavirus-related government mandates hurting their business.
- Sixty-nine percent of small businesses think the economy is in fair or poor condition. That number jumps to 75 percent for employers with between two and nine employees.
- Half of small businesses believe the economy is getting worse with only 27 percent saying better—the lowest number we’ve seen in nine months.
- In January, overall small business optimism increased modestly from 55 to 56—the third lowest reading since the Monthly Monitor launched in May 2021.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“As with most Americans, small business owners experienced a modest boost of optimism going into the New Year. But that improvement can be chalked up to enthusiasm for a new start, rather than bettering economic conditions for Main Street. Entrepreneurs are still seriously concerned about high inflation and supply chain complications—two problems they believe Biden isn’t doing enough to address, or even making worse. And while recent strong GDP growth and job creation are encouraging, there was really nowhere to go but up from pandemic-era lows. At this point, economic recovery is on cruise control and the Biden administration is intermittently pumping the brakes with misguided public policy.”