This is the time of year when many retailers, large and small, anticipate an uptick in sales. That type of anticipation is somewhat tempered by a variety of issues impacting particularly small businesses.
This fall the term has been “uncertainty” when discussing the plight of many Kentucky small businesses. National Federation of Independent Business State Director Tom Underwood said inflation may be leveling in some areas, but prices aren’t going down. And he said staffing challenges can create a strain for small businesses.
“We can’t get people to even apply for jobs, much less have them as qualified for the jobs. So, all the businesses are running short. The employees they have are running hard,” said Underwood.
A congressional vote on the renewal of a small business tax credit is due in 2025. Underwood said a loss of that credit would be disastrous to many small businesses, to the tune of a 20% hit. Underwood is urging holiday shoppers to consider buying local on Small Business Saturday.
“Go to your local business where the person’s name is over the door instead of the multi-national corporation. Talk to the owner. Get them to help you with your shopping and give you ideas,” said Underwood.
Underwood noted about 99% of businesses in Kentucky fall into the small business category. He added that accounts for almost half the workforce. In a day when delivery trucks are a frequent sight in neighborhoods, Underwood said most small businesses have an online presence as well as brick-and-mortar locations.
** WEKU is working hard to be a leading source for public service, and fact-based journalism. Monthly supporters are the top funding source for this growing nonprofit news organization. Please join others in your community who support WEKU by making your donation.
