Joel Libava
(Image from the New York Post/Goldman Sachs)
As we approach the 1st 2024 Presidential Debate between Vice-President Harris and you know who on September 10th, a significant initiative has emerged in Times Square.
Specifically, Goldman Sachs 10,000 Small Businesses Voices has unveiled a new small business billboard on Times Square urging ABC News and it’s moderators to question candidates on the most urgent issues affecting small business owners. And that includes franchisees.
From a Press Release:
Jessica Johnson-Cope, president of the family-owned Johnson Security Bureau, Inc. in the Bronx, emphasized the crucial role of debate moderators:
“ABC News moderators are pivotal in holding candidates accountable for addressing our nation’s challenges,” she stated. “Small businesses, which form the backbone of the American economy by contributing 44% of the GDP and employing nearly half of the workforce, deserve detailed proposals from presidential hopefuls to bolster Main Street.”
A Disconnect Between Small Businesses And Presidential Candidates?
A recent survey by 10,000 Small Businesses reveals a disconnect between candidates and entrepreneurs.
In a nutshell, over half of small business owners, 55%, express dissatisfaction with how candidates address their concerns, while only 27% feel content with the current discourse.
That means that key issues such as inflation (73%), tax policies (72%), regulatory burdens (70%), access to capital (66%), and workforce training (59%) remain inadequately addressed.
Notably, 78% of owners consider a candidate’s stance on small business policies a vital factor in their voting decisions for the 2024 elections. Yet, these topics were absent from the June presidential debate.
The Memo From Goldman Sachs
In response, the National Leadership Council of Goldman Sachs 10,000 Small Businesses Voices is sending a memo to ABC News. This document outlines pivotal questions that need answers from the presidential candidates:
- Public Policy: Despite frequent visits to small businesses, candidates often lack specific policy proposals. With ongoing struggles such as inflation and capital access, what concrete plans will your administration introduce to support small businesses?
- Access to Capital: Surveys indicate that high interest rates and limited loan options hinder business growth. How do you plan to facilitate affordable loans or lines of credit for small enterprises?
- Child Care: Many employees are reducing work hours due to unaffordable child care. With 84% of owners concerned about this issue, what steps will you take to improve child care accessibility?
- Affordability: Rising operational costs force businesses to increase customer prices. How will you address inflation and help small businesses remain competitive?
- Workforce: With more job openings than qualified workers, how will your administration support workforce development and skills training?
- Artificial Intelligence: AI holds transformative potential. How will you ensure small businesses aren’t left behind in the AI revolution and can leverage its benefits?
In summary, I think you’ll agree with me that as the debate approaches, it’s crucial for candidates to provide clear, actionable plans to support the vibrant small business community that fuels our nation’s economy.
And that includes franchising.
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