As I read through the news around the effect of the Fiscal Cliff deal on small businesses, one thing sticks out… While there are likely to be very few changes for most small business owners, there’s a ton of uncertainty.
For example, while reading through my small business news on Zite, it isn’t uncommon to see articles that have completely different takes on the same legislation (see screen grab!):
- SBA Highlights Tax Breaks for Small Business in Fiscal Cliff Deal
- Even after fiscal cliff deal, small businesses could face new taxes
Or this set of somewhat conflicting article titles I recently came across:
A simple google search on the term [small business fiscal cliff] will show you that opinions of the effect the Fiscal Cliff deal will have on small business owners is all over the place!
It’s my take that compared to other financial issues facing small business owners, the Fiscal Cliff deal isn’t likely to change most small business owners’ approach to growing their business. It’s more critical that small business owners focus on the fundamentals of building a strong business… or as our CEO Jeff Stibel said in a recent Reuters interview when he was asked what small business owners should be doing right now:
This is a great time for small business owners to clean up balance sheets, pay down debts and consider taking new loans. This is also a great opportunity for small businesses to make sure they’re caught up on bills and that they’ve checked their credit scores. These are vital indicators of health and, if the economy destabilizes, businesses can be sure that banks and other lenders will only want to do business with the most responsible, credit-worthy businesses.
Are you a small business owners? What are you doing to set the stage for the growth of your business in 2013?
Update — Real Small Business Issue is Access to Capital
I thought Ty Kiisel did an excellent write up on the fiscal cliff by putting the small business focus where it really should be:
If you want to know how we’re doing our best to help small businesses find access to capital, check out this post where we highlighted many of the things we learned from our October Access to Capital event: 54 Insights from Traditional Lenders, Alternative Lenders, Entrepreneurs, and Successful Business Leaders.
Also, we’re looking forward to making some more announcements about the future of our Access to Capital events soon, so stay tuned!