Threats of trade wars, tariff expansions and slowing growth have Florida’s small businesses concerned about the future. That’s according to the Florida Chamber of Commerce’s First Quarter Small Business Index Survey.
According to the survey, economic uncertainty now tops the list of issues keeping small business owners up at night. This is the first time in eight quarters that economic uncertainty has risen to the number one concern – beating out workforce quality.
The top five concerns among Florida’s small businesses are:
— Economic Uncertainty – 23%
— Workforce Quality – 18%
— Growth Management Process – 9%
— Government Regulations – 9%
— Access to Capital – 8%
“After being the top concern for eight quarters in a row, workforce quality takes second place behind economic uncertainty, which is the top concern of Florida’s small businesses,” said Glenda Hood, Chair of the Florida Chamber’s Small Business Council, and Founding Partner, triSect. “Florida’s economy is dependent on the small business community, and the Florida Chamber’s Small Business Council remains committed to advocating on their behalf.”
Of Florida small businesses, 47 percent of respondents expect the economy to improve, down from 77 percent one year ago. More interesting is that 41 percent of businesses expect the economy to weaken over the next year- up from 20 percent in last quarter’s survey and 10 percent one year ago.