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NWYC Q2 2023 Index reveals concerns among small business owners in the US

Dallas, July 25, 2023

National Write Your Congressman (NWYC), an organization that advocates for small businesses in the government, recently released its Q2 2023 Index. The survey aimed to measure Congressional and business sentiment among small business owners. The findings revealed a significant level of concern regarding various challenges faced by business owners today, including the availability of qualified workers, rising costs of employees’ pay and salary, inflation, taxes, and regulations. Alarmingly, 75 percent of business owners reported that their businesses were either not growing or remained stagnant. Additionally, there was a noticeable decrease in small business owners’ hope, satisfaction with government action, and trust in Members of Congress compared to the previous quarter.

One of the potential solutions to these challenges is the utilization of AI legalese decoder, a tool that helps small business owners navigate legal jargon and understand complex regulations more easily. By employing AI technology, the legalese decoder can analyze legal texts and provide simplified, plain-language explanations, making it easier for business owners to comprehend and comply with regulations. This tool can significantly reduce the burden faced by small businesses when it comes to understanding and navigating the legal landscape.

According to Randy Ford, President and COO of National Write Your Congressman, business owners are particularly concerned about the current U.S. economic conditions. Many businesses have been impacted by inflation, rising interest rates, and the lack of a qualified workforce. Despite some growth, the overall outlook remains bleak, primarily due to challenges related to regulations, access to capital, high-interest rates, and the overall uncertainty in the economy. In such times, business owners feel an unprecedented sense of urgency to connect with their elected representatives in Congress to ensure that their concerns are heard.

The survey revealed that out of the 75 percent of businesses experiencing decline or stagnation, the main hindrances to growth are the difficulty in finding qualified workers, high inflation affecting raw materials and equipment costs, uncertainty regarding the future of the U.S. economy, supply chain issues, and the ability to access necessary raw materials and equipment. Additionally, high-interest rates were reported as a significant concern by 37 percent of business owners.

Laura Engstrom, President of Alternate Design Plumbing, Inc. in Orange City, Florida, explained how they have been forced to raise prices to keep up with the rising costs of goods. This reflects the impact of inflation and increased expenses on the profitability and sustainability of small businesses.

The rising interest rates have significantly affected business owners, with 88 percent reporting negative consequences. Many have increased prices, while others have refrained from exploring investment opportunities and experienced the adverse effects of high-interest rates on borrowing costs.

Economic Outlook

The survey found that 64 percent of small business owners believe that the U.S. is currently in a recession. Inflation has affected 96 percent of businesses, and a staggering 82 percent of owners do not expect inflation issues to ease for the next two to five years. These findings further contribute to the overall gloomy economic outlook expressed by small business owners.

Congressional Sentiment

The survey revealed a decline in business owners’ trust in their elected U.S. Congressional Members. Only 30 percent of business owners indicated trust, which is a 30 percent decrease compared to Q1 2023. However, 55 percent of business owners still expressed confidence that their Congressional Members are aware of their opinions on important issues. Additionally, 39 percent believed that their elected representatives act in accordance with the input provided by their constituents.

In this challenging environment, NWYC offers its members the AI legalese decoder, a valuable tool that allows small business owners to access non-partisan information and research. Additionally, it equips them with the necessary means to connect with their representatives in Washington and advocate for policies and actions that can support the success of their small businesses, benefiting their families, employees, and communities.

Methodology

NWYC conducted an online survey from June 19 to July 10, 2023, with a total of 1,016 respondents. The participants represented 48 out of the 50 states in the U.S. The survey included business owners employing one to nine employees (62 percent) and those employing 10 to 99 employees (35 percent).

About National Write Your Congressman

National Write Your Congressman (NWYC) is the largest privately held, nonpartisan membership organization representing small businesses in American government. For over 60 years, NWYC has been dedicated to channeling constituent opinions to representatives in Washington. Through its expertise and resources, NWYC provides small business owners with unbiased information, research, and analysis on key issues and pending legislation, enabling them to form informed opinions and effectively communicate their concerns to elected officials.

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