Election Winners Must Reduce Uncertainty For Small Businesses
There has been no shortage of words and promises during this year's campaigns for the White House and Congress about helping small businesses grow. This is an especially important issue in Central Massachusetts, where small companies dominate much of the business scene.
Regardless of who wins next week, small business needs every possible opportunity to grow without the burden of onerous regulations. Two recent studies address small businesses' “pain points” and their outlook for 2013 and beyond. While post-recession economic uncertainly continues to persist across the country, more small-business owners are optimistic and better positioned for growth as we head toward the end of 2012. That optimism is evident in a recent American Express OPEN Small Business Monitor survey, which found:
• Just 20 percent of small-business owners believe economic conditions are the biggest barrier to growth, compared with 23 percent in the fall of 2011;
• Only 53 percent have cash-flow concerns, down from 58 percent last spring, and fewer are stressed out by the economy (59 percent vs. 64% in the spring).
But there's plenty of concern about the future. According to a survey by business services company Thumback.com, health care costs are the biggest concern among small-business owners in Massachusetts, followed closely by state small-business incentives, tax rates and tax-related regulations.
Indeed, the issues surrounding health care reform – both here in Massachusetts and nationally – are continuing concerns for businesses both small and not so small. The results of next week's election will eliminate some, but not all, of the uncertainty surrounding this critical economic and social concern. But like all voters, small businesses expect action that can put them on a path to growth, leading to better economic times for all.
Small business needs more than the words wrung from a long and contentious presidential campaign: they deserve action, and more empathetic political leaders.
Worcester's Bond-Rating Boost
As any business owner knows, how you manage the finances of your company — which includes paying the bills – can go a long way toward building and maintaining the confidence of investors, as well as lenders that look for good credit risks.
The recently announced credit upgrades for Worcester by two of the three independent credit-rating agencies provide a more solid foundation for the city's future, especially with the recent development initiatives in the downtown area and at Gateway Park.
In a time when municipal finances are extraordinarily tight, and several cities around the country have gone as far as declaring bankruptcy, Worcester's fiscal accomplishments stand out.
“We are a solid long-term investment,” City Manager Michael V. O'Brien proclaimed after Standard & Poor upgraded the city by two grades from A- to A+ and Moody's from A1 to Aa3 with a positive outlook. (Fitch Ratings reaffirmed its rating of AA- with a stable outlook.)
The bond rating upgrades are certainly welcome news that we hope will help push the city forward in its efforts to broaden its business base.
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