May 24th 2024.
As the 2024 Presidential Election draws near, there is one key group of voters who could hold significant sway in determining the outcome: small business owners. Both President Joe Biden and former President Donald Trump are gearing up for a heated battle, but they may have a tough time winning over entrepreneurs as they go head-to-head.
According to a survey by Goldman Sachs' 10,000 Small Businesses Voices, a whopping 96% of small business owners are planning to cast their votes in November. However, there is a significant 20% who have yet to decide who they will support as the next leader of the nation. This survey involved 1,260 small business owners from 47 states, Washington D.C., Puerto Rico, and Guam, making it a comprehensive representation of the small business community. Interestingly, this group of proprietors seems to be even more undecided than the reported 12% of the general public.
The survey also revealed that the majority of small business owners, at 55%, are dissatisfied with how the candidates have been addressing issues that directly affect their businesses. This is in stark contrast to the mere 27% who are satisfied. In particular, 71% of small business owners reported facing inflationary pressures, resulting in a need to increase their prices. Rising costs in various areas, such as labor, goods, employee benefits, health insurance, and rent, have also been a significant concern for entrepreneurs.
Jessica Johnson-Cope, CEO and president of the Bronx, New York-based Johnson Security Bureau, shared her thoughts on the matter, stating that small business owners are facing increasingly unaffordable operating costs. She added that despite these challenges, many entrepreneurs are resilient and persevering. As the campaign season kicks off, she believes that policymakers and candidates should prioritize issues that can improve the small business climate, as small businesses are the future of America.
In addition to these findings, another report highlighted the views of Black voters on the potential re-election of Trump and Biden. The study showed that 55% of Black voters believe it is crucial to know who will come out on top in the election. Interestingly, about 49% of Black voters stated that they would choose different candidates if given the chance to replace Trump and Biden.
As the 2024 Presidential Election approaches, the opinions and decisions of small business owners and Black voters may prove to be crucial in determining who will lead the nation in the coming years. It is clear that these groups are looking for candidates who will prioritize issues that directly impact their communities and businesses. As the campaigns begin, it will be interesting to see how the candidates respond to these concerns and whether they can win over these critical voting blocs.
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