What do you think is the greatest impediment to small business growth?
Small businesses face a variety of obstacles when they seek to establish themselves and grow. Although the Obama administration has tediously worked to remove those obstacles through providing access to programs, services, and resources,it understands that there is room for improvement.If they can identify what business owners think are the greatest impediments to their success, they will be better equipped to modify and fortify existing programs, as well as develop new ones.
Karen Jasmine commented
Knowledge. The entrepreneur has to be inclined to seek wisdom, knowledge, and gain understanding from successful persons. The successful person must be inclined to lend a hand in that regard.
The biggest obstacle in business growth is competition. When there is heavy competition in the market between various firms or companies then we find some difficulties to beat the another one.
I think the biggest obstacles is the larger corporations bidding down prices. As a small business owner I can not cover cost, pay taxes and supply the services at the contracted prices that these middle companies are paying the smaller companies that are doing the work.
Taxes are the greatest impediment to small business growth. Payroll taxes make it nearly impossible for any company to break even its first year, and all the other taxes on both a federal and state level are so high that a moderately successful company will pay well over half of what it brings in in total taxes when they're all added together.
Why would a lender lend money to a company that he knows is five times more likely to go bankrupt than to succeed due to the fact that margins must be exorbitant, and jobs must be kept to a minimum in order for any new start-up to even have a chance at making it to a second year.
William Gorham commented
First of all I want to applaud the administrations attempts to help new business and the expansion of existing ones.
I think one of the greatest problems is of course access to capital. Even though there have been things past to promote small business growth, Government agencies and banks still aren't willing to work together. Whether it's the USDA Rual development's BNI program or the SBA CAP program.
I'm an 8a company with a 825 credit score, 2 commercial buildings, and I still could not find a bank willing to work with me through the USDA's BNI program.
I have put my 25 job expansion plans on hold and I no longer look to either institution for help. I will just have to get it done the ole fashion way. One Job at a time!!!!!!
pablo f silvas commented
Most of the Bankers i have spoken to oppose the idea of a blacksmith, that is my family's income for nearly five hundred years, to consider funding unless we have been operating in the "black" , for several quarters, Bwahahahahah. I say idiots , since when has any blacksmith made more than a few thousand dollars a year. That is the very essence of capital needs to us to expand and upgrade, Yet, they refuse to grant any funds.
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