Earlier this week, we shared the results of a pre-election on-line survey of small business concerns commissioned by Sage software. Earlier this month (July, 2016), a similar survey of small business owners was released by the network of business newspapers owned by Business Journals. Their findings were based on a wide array of factors including phone interviews with nearly 1,300 business owners and C-suite executives and companies with 5-499 employees. There are some major differences in the findings of two surveys so we decided - for equal time - to share some of the findings of Business Journals' “The Political Face of Small Business” to compare with the previously shared data.
“Politically, do you consider yourself…?”
Percentage of total respondents who provided a self-selected answer. “Other” includes all respondents who did not answer “Democrat” or “Republican.”
19% | Democrat
46% | Republican
35% | Other (Independent, other or none)
Republicans | Profile of Owners and Businesses
72% | Men
28% | Women
$198,000 | Household income (average)
$1.7 million | net worth (average)
84% | Married
66% | College graduates
$9.6 million | Annual sales
31.9 | Years in operation
11% | Under 10 years in operation
24 | Employees
Democrats | Profile of Owners and Businesses
57% | Men
43% | Women
$170,000 | Household income (average)
$1.3 million | net worth (average)
62% | Married
76% | College graduates
$8.5 million | Annual sales
25.2 | Years in operation
21% | Under 10 years in operation
22 | Employees
Undecideds | Profile of Owners and Businesses
This category includes those who answered, “undecided, independent, other or none.”
70% | Men
39% | Women
$176,000 | Household income (average)
$1.3 million | net worth (average)
68% | Married
67% | College graduates
$6.7 million | Annual sales
25.5 | Years in operation
19% | Under 10 years in operation
26 | Employees
Overview of business owners by self-selected political category
| Owner Profile | Business Profile | Issues | |
|---|---|---|---|
| Republicans | Skew older & male | Have the highest net worth | More likely to be married | Run the most established companies (avg. 32 years in operation) | Highest annual sales | Highest degree of concern across all business issues | Especially high degree of concern about the Presidential election | Least confident about potential improvement of the U.S. economy | Top concerns: cost of health insurance / U.S. economy rising costs / possible tax changes | Most impacted by skills shortage |
| Democrats | Skew younger | Highest share of college grads | Most equitable share of male and female owners | Highest share of Women and Minority owned businesses Younger companies (21% in operation under 10 years) | High confidence in future success of the U.S. economy | Top concerns: Attracting new customers having enough money for retirement |Strong views about the role of business as regards the environment sustainability and social responsibility |
| Undecideds | Skew younger & male | Younger companies (19% in operation under 10 years) | Moderate confidence in future success of the U.S. economy | Moderate concern about the outcome of the Presidential election | Top concerns: Cost of health insurance rising costs being able to find/keep employees |
Top 5 concerns of small business owners across political affiliations
Republican | Democrat | Other | ||
Cost of health insurance and other benefits | 1 | 3 | 1 | |
U.S. economy | 2 | |||
Rising cost of doing business | 3 | 2 (tie) | ||
Attracting new customers | 4 | 1 | 4 (tie) | |
Tax changes that could hurt business | 5 (tie) | |||
Maintaining existing customer base | 5 (tie) | 4 (tie) | 4 (tie) | |
Being able to find and keep good employees | 4 (tie) | 2 (tie) | ||
Having enough money to retire | 2 |
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