WASHINGTON — During this election year and beyond, small businesses could see more opportunities to grow from pursuing new markets overseas, women, minorities and increasing their investment in technology.
The Small Business Administration's Office of Advocacy just released a working paper today that outlines the opportunities and challenges for small businesses. The paper was authored by Chad Moutray, chief economist and director of economic research at SBA's advocacy office.
The five major challenges are strengthening the overall economy, taxes and regulation, the cost and availability of health insurance, attracting and retaining a quality workforce, and global competition, according to the paper.
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The five opportunities that small businesses may pursue in the next decade are increasing investments in technology and innovation, grooming local entrepreneurs for growth, pursing new markets overseas, promoting entrepreneurship among women, minorities, veterans, and immigrants, and advancing education and training.
"Voters will decide who can best lead the country at this important time in our history," Moutray said. "Small business owners should also use this event to assess the impact of proposed policies on various opportunities and challenges facing their businesses."
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