Small business owners have given the federal government poor reviews for its efforts to support them, according to a survey conducted by Goldman Sachs. The survey revealed that 70% of small businesses gave the federal government grades lower than C in its effectiveness in providing programs, services and tax credits. This result was echoed across categories: only 16% graded the government higher than a C, 85% rated their communication poorly when it came to marketing and communicating about available resources, 96% suggested more tailored programs and 93 % felt big businesses were prioritized over small ones by elected officials in Washington DC. These reasons for dissatisfaction indicate that small business owners feel as though their needs are not being met and their voices are not being heard.
To address this issue, many have called on the government to take proactive steps to make sure their programs and services are communicated effectively, so small business owners can be aware of all options available to them. Additionally, better policies must be tailored specifically for small businesses to ensure their interests are taken into account when making decisions at the federal level. Despite these areas for improvement, 68% of respondents expressed optimism about their business this year with 29 percent feeling pessimistic. This is likely because most businesses are resilient enough to weather economic downturns, but also due to continued help from local governments coupled with increasing access to digital tools which have allowed many small businesses more opportunities than ever before. It is clear that while there is still progress needed from the federal government in supporting small businesses during difficult times, America’s entrepreneurs remain determined in tackling whatever challenges come their way.
The survey from Goldman Sachs demonstrates the current disparities between small businesses and the federal government. Government policies need to be tailored specific to small businesses to ensure their needs are met and their voices heard. In addition, limited resources at the state and local level have been put into effect with the intention of providing relief and support to small businesses during difficult times. It is encouraging that despite these challenges, many small business owners remain optimistic about their future prospects. These results indicate the strength and resilience of America’s entrepreneurs as they take on whatever comes their way.
In conclusion, the Goldman Sachs survey demonstrates the lack of federal support for small businesses and the need for tailored policies specific to their needs. Despite these challenges, many entrepreneurs remain determined and optimistic about their future prospects. With continued help from local governments coupled with access to digital tools, there is hope that small businesses can continue to overcome whatever comes their way.