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NFIB Reports Show Continued Small Business Challenges

Last week, the Nashville-based National Federation of Independent Business (NFIB) released the 11th edition of its quadrennial report: the Small Business Problems & Priorities report, and its monthly Small Business Economic Trends (SBET) report. In a news release, NFIB reported that inflation and the cost of health insurance continue to be two of the biggest problems facing the nation’s small business owners.

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“The ‘Cost of Health Insurance’ continues to be the number one small business problem, a position it has held since 1986,” the Small Business Problems & Priorities report stated. “In 2024, 41 percent of small business owners cite the ‘Cost of Health Insurance’ as critical, a 10-point decrease from 2020. Despite the decline, the percent who find it a critical problem beats the second highest ranking problem, ‘Cost of Supplies/Inventories,’ by 21 points. The percentage of small businesses offering health insurance has steadily increased since 2017, reversing a nearly two-decade-long trend of declining offer rates.”

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“It’s no surprise that the cost of health insurance remains the number one issue for small business job creators, as it has become increasingly difficult to offer their hard-working team members the coverage that they need,” said Tray Abney, Nevada state director for the NFIB, in a statement.

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