The National Small Business Association (NSBA) today released the 2013 Mid-Year Economic Report which shows an improved overall economic outlook for America’s small-business owners. When compared with five years ago, 40 percent of small-business owners said today’s economy is better off—the highest it’s been in five years.
Today, just two-thirds of small businesses (65 percent) report they are able to obtain adequate financing, down from 73 percent six months ago. Despite the significant gains in economic outlook, small businesses continue to cite economic uncertainty as the number one challenge they face, followed by decline in customer spending and cost of health insurance.
NSBA also asked about key policy issues including health care reform and taxation—both of which remain major points of concern and confusion. Just one-in-five small-business owners say they have a clear understanding of how the new health care law will impact their firms. On the tax front, almost half (43 percent) say they have been the subject of an IRS audit or follow-up action in the last 10 years.