According to Bank of America, the number of small businesses planning to expand and obtain funding has decreased since last year. Just like consumers, small businesses are feeling the impacts from inflation, geopolitical tensions, and more.
Small Business & Entrepreneurship Council CEO and President Karen Kerrigan and Hello Alice Co-founder and President Elizabeth Gore join Yahoo Finance for its Small Business, Big Opportunities special to help small business owners understand what pitfalls to avoid when seeking capital for their business.
Gore gives advice by reminding owners: "The number one thing that small business owners need to do is ensure their financial fitness is correct. Are your books in order? Do you have a strong business plan before you ever go out and seek capital?"
Kerrigan outlines some of the top concerns for small business owners: "There are concerns about crime, depending on sort of where they are… as well as their concerns about foreign policy and what’s happening on the international front, sort of the geopolitical, tensions and concerns that are out there and how, something could happen overnight, and affect supply chains, cost, and etc."
She continues: "I would say the other big issue is what’s happening in Washington from a tax and a regulatory perspective. They do see a lot of things in the regulatory agencies. The Department of Labor, the FTC (Federal Trade Commission), and other agencies and how those regulations are going to impact the cost of capital, their opportunity to use independent contractors."
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