Small Business Owners Remain Undecided in Election Preferences: Insights from Goldman Sachs Survey

A survey by Goldman Sachs 10,000 Small Businesses Voices revealed that small business owners are more undecided about the upcoming election compared to the general public. The survey included 1,259 small business owners from various states and territories in the U.S. While 96% of small business owners plan to vote in November, 20% remain undecided on who they will vote for president, which is higher than the general public’s undecided rate of 12%.

The findings suggest that small business owners are dissatisfied with how presidential candidates are addressing important issues that concern them, such as inflation, tax policy for small businesses, and regulatory burden. Jessica Johnson-Cope, President of Johnson Security Bureau in The Bronx, New York, emphasized the importance of policymakers and candidates focusing on improving the small business climate. “Small businesses are vital to America’s future,” she said.

Small businesses across the country continue to feel the impact of inflation on their operations. According to the survey, 71% of small business owners reported increased inflationary pressures and 49% stated that they had raised prices on their goods or services in the past three months. As campaign season begins, small business owners are looking for candidates who will address these critical issues affecting their businesses and overall economic landscape.

In summary, a survey by Goldman Sachs found that while most small business owners plan to vote in November’s election, many remain undecided on who they will support. This is because they believe presidential candidates are not adequately addressing important issues affecting their businesses such as inflation and tax policy for small businesses. Small business owners continue to struggle with inflationary pressures and have had to raise prices on their goods or services in recent months.