According to a BizBuySell survey of more than 1,000 small business owners across the U.S, 50% of small business owners over 50 years of age support Trump’s national emergency declaration while 37% disagreed.
Among business owners under 50, more of them disagreed (48%) than those who agreed (37%).
Overall, considering all ages, an almost equal number of people say they agree (45%) or disagree (41%) on Trump’s declaration.
The Immigration Issue
For small business owners, the issue of immigration is a concern because many industries rely on migrants. A recent BizBuySell survey asked owners how stricter immigration policies would affect their business. The majority or respondents (58%) said the policy would have no affect while, 21% said it would have a positive impact and another 21% said it would have a negative impact.
Risks to Businesses
The survey also asked businesses what the biggest external risk to their business in the next two years would be. Only 4% of businesses considered the immigration issue a risk.
The top external risk turned out to be the possible economic recession at 38%, followed by talent shortage at 17%, large competitors at 12%, and government regulation at 12%. Taxes, healthcare costs, and cybersecurity came in at nine, six, and two percent respectively.
Only two percent considered cybersecurity as a risk but it is a growing problem since cyber-attacks can cost small businesses $53,987 on average.
The survey shows that 53% of business owners are confident their business and customer data are properly protected against external threats while 26% are not confident and 20% said they are unsure.
Regarding storage of business and customer data, 42% of businesses use third-party cloud solutions and 38% use manual records at a secure location. Some businesses also use a combination of external hard drives, online files and third-party on-premises software. The key to data security is making sure each method has robust security and a quick and reliable recovery system in place.