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November 19, 2014

Economic Outlook

Per @NSBAAdvocate: when asked to compare today’s economy with five years ago, 50 percent say it’s better—the highest it’s been in six years. https://nsba.biz/docs/Mid-Year-Economic-Report-2014.pdf

The majority of small-business owners anticipate a flat or recessionary economy in the coming year per @NSBAAdvocate report. https://nsba.biz/docs/Mid-Year-Economic-Report-2014.pdf

Per @NSBAAdvocate: 72 percent of small-business owners are confident about the future of their business, up from 66 percent six months ago. https://nsba.biz/docs/Mid-Year-Economic-Report-2014.pdf

Forty-six percent of small-business owners—up from 41 percent six months ago—say they are concerned that inflation could be an issue facing their business in the coming year, per @NSBAAdvocate. https://nsba.biz/docs/Mid-Year-Economic-Report-2014.pdf

Labor & Employment

According to @NSBAAdvocate, 3-in-4 small firms either increased employee compensation in the last year, or plan to do so in the coming year. #minimumwage https://nsba.biz/docs/Mid-Year-Economic-Report-2014.pdf

Nearly ¼ of #smallbiz hired new employees in the last year—the highest hiring rate in six years according to @NSBAAdvocate https://nsba.biz/docs/Mid-Year-Economic-Report-2014.pdf

66% of #smallbiz have been impacted by the credit crunch according to @NSBAAdvocate https://nsba.biz/docs/Mid-Year-Economic-Report-2014.pdf

Access to Capital

72 percent of small firms say they can access adequate financing, up from 70 percent six months ago and 65 percent one year ago per @NSBAAdvocate https://nsba.biz/docs/Mid-Year-Economic-Report-2014.pdf

26% of #smallbiz report worsening terms on their business credit cards in the last 6 months per @NSBAAdvocate https://nsba.biz/docs/Mid-Year-Economic-Report-2014.pdf

1-in-5 #small biz have had to lay off employees due to inability to garner financing per @NSBAAdvocate https://nsba.biz/docs/Mid-Year-Economic-Report-2014.pdf

1-in-3 #smallbiz use personal property such as their home to secure business financing per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2012/07/Access-to-Capital-Survey.pdf

Tax & Budget

More #smallbiz cite admin burdens than actual cost of taxes when talking about IRS burden per @NSBAAdvocate. https://www.nsba.biz/wp-content/uploads/2014/04/NSBA-Tax-Survey-2014.pdf

40% of #smallbiz spend more than 80 hours per year on federal taxes according to @NSBAAdvocate. https://www.nsba.biz/wp-content/uploads/2014/04/NSBA-Tax-Survey-2014.pdf

According to @NSBAAdvocate 86% of #smallbiz must pay an accountant to handle their taxes. https://www.nsba.biz/wp-content/uploads/2014/04/NSBA-Tax-Survey-2014.pdf

Top deductions used by #smallbiz: Sec. 179, home mortgage interest deduction, the home office deduction and bonus depreciation, per @NSBAAdvocate. https://www.nsba.biz/wp-content/uploads/2014/04/NSBA-Tax-Survey-2014.pdf

73% of #smallbiz utilize kind of tax benefit covered under the extenders umbrella per @NSBAAdvocate. https://www.nsba.biz/wp-content/uploads/2014/04/NSBA-Tax-Survey-2014.pdf

Majority of #smallbiz support broad tax reform: reduce all and reduce deductions per @NSBAAdvocate. https://www.nsba.biz/wp-content/uploads/2014/04/NSBA-Tax-Survey-2014.pdf

Health Care & Employee Benefits

The majority of #smallbiz think offering health insurance is very important per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2014/02/Health-Care-Survey-2014.pdf

Most #smallbiz pay for more than half of the cost of their employees’ health plans per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2014/02/Health-Care-Survey-2014.pdf

Cost is top issue for #smallbiz when deciding whether or not to offer health insurance per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2014/02/Health-Care-Survey-2014.pdf

Average monthly per-employee cost of health insurance for a #smallbiz is $1,121, up from $590 in 2009 @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2014/02/Health-Care-Survey-2014.pdf

91% of #smallbiz faced cost increases at most recent health insurance renewal per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2014/02/Health-Care-Survey-2014.pdf

1 in 4 #smallbiz reported health insurance cost increases exceeding 20 percent at their most recent renewal per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2014/02/Health-Care-Survey-2014.pdf

One-third of #smallbiz held off on hiring a new employee due to rising health insurance costs per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2014/02/Health-Care-Survey-2014.pdf

58% of #smallbiz have little or no understanding of how #Obamacare will impact them per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2014/02/Health-Care-Survey-2014.pdf

Regulatory Reform

Firms with fewer than 20 employees spend 36 percent more per employee than larger firms to comply with federal regulations http://www.sba.gov/sites/default/files/sbfaq.pdf

#Smallbiz pays $10,585 per employee per year per on compliance with federal regulations @NSBAAdvocate http://www.sba.gov/sites/default/files/sbfaq.pdf

#Smallbiz needs a National Regulatory Budget to help curb out-of-control regulatory and paperwork requirements per @NSBAAdvocate https://www.nsba.biz/?p=7708

Regulatory burdens are consistently raned among top 5 challenges facing #smallbiz @MarcoRubio per @NSBAAdvocate https://nsba.biz/docs/Mid-Year-Economic-Report-2014.pdf

Environment & Energy

87% of #smallbiz report negative effects of rising and/or volatile energy prices per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2012/03/2011_energy_survey.pdf

From 2009-11, 82% of #smallbiz surveyed said they had taken at least one step to reduce their firm’s energy consumption per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2012/03/2011_energy_survey.pdf

92% of #smallbiz say they are concerned about the future energy costs of their business per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2012/03/2011_energy_survey.pdf

Exporting

According to @NSBAAdvocate, there’s been a notable increase in the number of #smallbiz who export. https://www.nsba.biz/wp-content/uploads/2013/06/Exporting-Survey-2013.pdf

According to @NSBAAdvocate, getting paid is a significant concern for #small biz exporters, ranked as the most significant challenge they face. https://www.nsba.biz/wp-content/uploads/2013/06/Exporting-Survey-2013.pdf

Per @NSBAAdvocate, #smallbiz exporters who utilize Ex-Im Bank give the Bank high ratings for being user friendly. https://www.nsba.biz/wp-content/uploads/2013/06/Exporting-Survey-2013.pdf

Just under half of #smallbiz exporters are also suppliers to larger exporters, and only one-third consider this kind of transaction exporting, per @NSBAAdvocate. https://www.nsba.biz/wp-content/uploads/2013/06/Exporting-Survey-2013.pdf

Small businesses comprise 98 percent of exporters of goods and produce 33 percent of export value. http://www.sba.gov/sites/default/files/FAQ_Sept_2012.pdf

Ex-Im Bank actually makes money for the U.S. Treasury and in 2013 paid a dividend of over $1.1 billion to the U.S. Treasury. http://usaexport.org/commentary_2.html

Contracting

55% of #smallbiz subcontractors have been paid late by a prime contractor per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2012/07/Access-to-Capital-Survey.pdf

41% of #smallbiz prime contractor have been paid late by the government per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2012/07/Access-to-Capital-Survey.pdf

Feds finally reached their 23% #smallbiz contracting – for the first time in 8 years per @NSBAAdvocate https://www.nsba.biz/?p=8493

#Smallbiz support efforts to ease and streamline the process to become a federal contractor @NSBAAdvocate https://www.nsba.biz/?p=8399

Technology & Innovation

The majority of #smallbiz allow employees to telecommute per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2013/09/Technology-Survey-2013.pdf

73 percent of #smallbiz utilize some kind of social media platform per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2013/09/Technology-Survey-2013.pdf

94% of #smallbiz are very or somewhat concerned about cybersecurity per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2013/09/Technology-Survey-2013.pdf

Nearly half of all small businesses have been a victim of cyber-attacks per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2013/09/Technology-Survey-2013.pdf

The average cost to #smallbiz victims of a cyber-attack is $8,699.48 per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2013/09/Technology-Survey-2013.pdf

Innovative #smallbiz produce 16 times more patents per employee than large patenting firms. http://www.sba.gov/sites/default/files/FAQ_Sept_2012.pdf

Majority of #smallbiz say America Invents Act has had a negative effect per @NSBAAdvocate https://www.nsba.biz/wp-content/uploads/2013/09/Technology-Survey-2013.pdf

Politics & Policy

“End the partisan gridlock” was top ranked issue among small firms for lawmakers to address per @NSBAAdvocate report. https://nsba.biz/docs/Mid-Year-Economic-Report-2014.pdf

82% of #smallbiz say they don’t vote a straight party ticket per NSBA Politics Survey https://nsba.biz/docs/Politics-Survey-2014.pdf

Small-business owners’ party affiliations are split roughly in thirds, with slightly more affiliating with the Republican party, per @NSBAAdvocate survey https://nsba.biz/docs/Politics-Survey-2014.pdf

78% of #smallbiz rank economic and fiscal issues as the top factor in determining how they vote per @NSBAAdvocate survey https://nsba.biz/docs/Politics-Survey-2014.pdf

95 percent of small-business owners say they vote regularly in national contests, per @NSBAAdvocate Survey https://nsba.biz/docs/Politics-Survey-2014.pdf

When ranking the parties on #smallbiz issues, “neither party” was the highest rated response on more issues than not per @NSBAAdvocate survey https://nsba.biz/docs/Politics-Survey-2014.pdf

Majority of small-business owners agree that politics have become more partisan in the last 10 years per @NSBAAdvocate survey https://nsba.biz/docs/Politics-Survey-2014.pdf