America’s small business owners are optimistic about the coming year, but continue to face economic headwinds and are looking to Washington to help them compete, grow and create jobs in 2025 and beyond.
That’s the message from a new national survey by Goldman Sachs 10,000 Small Businesses Voices, which details small business owners’ requests for Congress and the new administration to prioritize tax reform, address inflation, enhance workforce development, cut regulatory red tape, and increase access to capital.
Key takeaways:
- Nearly seven in 10 (69%) small business owners feel positive about their financial outlook for 2025.
- More than three-quarters (78%) plan to grow this year and 46% expect to create new jobs in 2025.
- Of those currently hiring, 89% say they are finding it difficult to find qualified workers, with 62% saying their difficulty in recruiting stems from their inability to compete with larger companies on pay and benefits.
- More than half (53%) can’t afford to take out a loan given current interest rates, leading to a striking 88% saying lower interest rates would help their business.
- 54% identify addressing inflation as their highest policy priority for the new administration, making it the top small business priority.
- More than half (60%) of survey respondents want Congress to simplify the tax code, citing confusing provisions, hard-to-use credits and rules that just don’t fit smaller operations. In fact, 73% said the federal tax code is unfavorable for small businesses.
- Specifically, small business owners report the following challenges with the tax code -- tax credits and incentives not scaled for businesses of their size (63%); overly complex and confusing tax code (55%); and difficulty maximizing expenses (33%).
- Nearly nine in 10 (89%) want the agency to modernize – specifically calling for greater access to capital (50%), reduced regulatory burden and red tape (47%), support for more workforce development and training (34%), modernized communication systems and technology (34%), and increased small business procurement goals and accountability (32%).
- 80% of small business owners who use AI cite increased efficiency and productivity. However, 44% said they lack the resources and expertise necessary to successfully deploy it, and 76% support government policies to help small businesses adopt new technology such as AI.
“Small business owners aren’t just watching—they want a seat at the table as Washington tackles big issues in 2025,” says Jill McCarthy, national director of Goldman Sachs 10,000 Small Businesses Voices. “Their message is simple: Listen to us. Work with us. Let’s get this right.”
