Dbusiness
RJ King
March 11, 2025
The owners of small American companies are optimistic about the coming year and turn to the federal government to help them better compete, develop and create jobs, according to a new survey by Goldman Sachs 10,000 small small businesses, which includes a Detroit center.
Small companies in the United States say they plan to develop its businesses this year, but they may see additional sales if Congress and the new administration can prioritize tax reform, process inflation, improve labor development, reduce regulatory administrative formalities and increase access to capital.
“The owners of small businesses are optimistic, but that does not mean that we are not faced with real challenges,” explains Jessica Johnson-Cop, president of the third-generation family company based in the Bronx, a third-generation family business.
“This is an opportunity for Washington to rethink the way he supports small businesses and helps us create economic opportunities. Let us ensure that programs reflect the realities of managing a business today in our modern and constantly evolving economy. »»
The survey results include:
- Nearly seven owners of small companies out of 10 (69%) feel positive about their financial prospects for 2025.
- More than three -quarters (78%) plan to grow this year and 46% expect to create new jobs in 2025.
- Among these companies that are currently hiring, 89% say it is difficult to find qualified workers, 62% saying that their difficulty in recruiting stems from their inability to compete with large companies in terms of remuneration and benefits.
- More than half (53%) cannot afford to contract a loan taking into account current interest rates, which leads to a shot of 88% saying that lower interest rates would help their business.
- Inflation remains a higher concern, because 54% of respondents identify the fight against inflation as their highest political priority for the new administration, which makes it the superior priority of small businesses.
In addition, more than half (60%) of the survey respondents want the congress to simplify the tax code, citing confusing provisions, credits that are difficult to use and rules that do not correspond to smaller operations.
Overall, 73% of respondents said the federal tax code was unfavorable to small businesses. More specifically, small business owners indicate the following challenges with the tax code:
- Tax credits and incentives not put on scale for companies of their size (63%)
- Tax code that is too complex and confusing (55%)
- Difficulty maximizing spending (33%)
“We are not asking for a special treatment, we ask for a tax system that does not make us trip,” explains Johnson-Cop.
While small businesses continue to deal with growth challenges, many also indicate heavy regulations and federal programs exceeded as obstacles. Fifty-seven percent declared that their business was retained by regulatory administrative formalities and compliance, and 95% believe that federal programs must better reflect the realities that small businesses are confronted.
With a new leadership at Small Business Administration of the United States (SBA), business owners say that it is now the prime hours for the reform.
Almost nine out of 10 (89%) want the agency to modernize – specifically calling for better access to capital (50%), reducing the regulatory burden and administrative formalities (47%), support for more development and training (34%), modernized communication systems (34%), and an increase in the purchase objectives of small businesses and a responsibility (32%).
Small businesses claim that they recognize that innovation is a key element to remain competitive, with 80% of small businesses who use AI citing increased efficiency and productivity.
However, 44% said they did not have the resources and expertise necessary to successfully deploy it, and 76% support government policies to help small businesses adopt new technologies such as AI.
“The owners of small businesses are not only looking at, they want a headquarters at the table while Washington approaches major problems in 2025,” explains Jill McCarthy, National Director of Goldman Sachs 10,000 Small Voices Voice. “Their message is simple: listen to us. Work with us. Let’s do things correctly.
The survey of 1,188 Goldman Sachs 10,000 small businesses The participants were carried out by Babson College and David Binder Research from February 10 to 17, 2025. The survey included owners of small businesses of 49 American states, 2 American territories and the Columbia district.
Goldman Sachs 10,000 small Voices companies, which relies on Goldman Sachs 10,000 small businesses, organizes participants in the program to defend the policies that matter to them. For more information, visit GS.com/10ksb-glops.