Big Sky Times

The National Federation of Independent Business (NFIB) has released its latest Small Business Problems & Priorities report, highlighting the main concerns of small business owners. The report, published every four years since 1982, ranks 75 issues affecting small businesses.

The cost of health care has consistently been the top concern since 1986. However, the latest report shows a significant rise in the importance of interest rates as a concern for small business owners, moving from 56th place in 2020 to 13th in 2024.

Ronda Wiggers, Montana state director for NFIB, commented on the challenges faced by small businesses: “Small businesses have faced rising costs in inventory, utilities, fuel and interest rates,” she said. “Now they are faced with the uncertainty of a possible 20% increase in their business income tax. Combined, these create serious economic concerns for Montana’s Main Street businesses.”

The report also notes that the "Cost of Supplies/Inventories" has moved up to second place due to historic inflation over the past two years. Fuel costs and electric rates remain significant issues, ranking sixth and tenth respectively.

Holly Wade, Executive Director of the NFIB Research Center, emphasized the broader implications: “For the last four years, small business owners have struggled with historic inflation, tax pressures at all levels of government, and uncertainty of what’s going to happen next,” she said. “This survey helps the public understand the issues affecting the small business sector."

NFIB's research is based on responses from its member small-business owners across various states. The average NFIB-member small business employs between five and nine people.

For more information on Montana's small business news or to follow updates from NFIB Montana, visit www.nfib.com/montana or follow them on Twitter @NFIB_MT.