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Uncertainty Permeates Business Outlook
Small business owners in Wisconsin are not as bullish on their future as they once were.
The National Federation of Independent Businesses last week released its latest Small Business Optimism Index.
“From hiring difficulties to rising costs and softer sales, many owners are being forced to make tough decisions about expansion and investment,” NFIB Wisconsin State Director Luke Bacher said. “Wisconsin lawmakers should focus on reducing burdens and creating conditions that allow small businesses to grow, hire, and compete successfully.”
Business owners are now more worried about their futures than their presents.
The survey shows business owners are a little less worried about “labor quality or availability” and “labor costs."
"Labor costs” worries [dropped] to its lowest level since March 2021. However, labor quality or availability in particular remains far above its long-term average," the survey noted.
Instead, the NIFB survey said business owners are more pessimistic about "better business conditions."
"Expectations for better business conditions deteriorated 5 points to a net 10%," the survey noted. "When asked to evaluate the overall health of their business, 11% of owners rated it as excellent (down 3 points), 57% as good (up 2 points), 28% as fair (up 2 points), and 3% as poor (down 1 point)."
The report also says sales declined in August, and 62% of small business owners said they saw a supply chain problem. Small business owners also told the NFIB they are seeing inflation.
Reports of inflation as the single most important problem increased 2 points in August to 16%, now tying with taxes as the second top small business issue," the survey stated.
You can read the August report here.
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