"BLOG: Can a new hotline save small business owners 200 hours annually?"
Small business owners average 200 hours a year dealing with government rules and regulations. However, a new Connecticut legislative initiative aims to ease this burden significantly.
The solution: a small business hotline.
SMALL BUSINESS IMPACT
Small businesses with fewer than 500 employees comprise 99 percent of all U.S. employer firms, representing nearly one-half of our nation's workforce, according to a Babson College Study.
Small companies have accounted for 60 percent of net new jobs since the recession, according to the U.S. Small Business Administration.
That number is below pre-recession levels. Too often, complicated regulations, red tape, and difficult bureaucratic processes discourage talented entrepreneurs from starting a business or expanding their workforce.
RED TAPE NIGHTMARE
In a survey of more than 1,800 small business owners nationwide, 60 percent of survey respondents identified some level of difficulty understanding and managing government regulations and laws.
Additionally, a Thumbtack Small Business Friendliness Survey, reaching more than 12,000 entrepreneurs across the country who graded state and local policies that affect small businesses, found that governments must make regulations straightforward and easy to follow.
Otherwise, convoluted laws – especially those involving licensing, taxes, and employment – are the biggest impediments to starting, growing, and sustaining a business, according to the survey.
Another finding from Thumbtack's Survey is that when it comes to business friendliness, Connecticut performed poorly, echoing the results of a CNBC report that ranked our state as one of the most business-unfriendly in the country.
SMALL BUSINESS HOTLINE
There’s a simple solution: creating a small business hotline that serves as a one-stop-shop for entrepreneurs and small businesses to be guided through these processes.
Small businesses have the power to transform Connecticut's economy. However, we need to ensure the state is doing everything possible to make this a place where entrepreneurs want to invest and hire people.
A small business hotline is a simple, yet significant time- and money-saving measure for small business owners that can also help better position our state to win the competition for tomorrow's jobs.
For more information on An Act Concerning the Creation of a Small Business Hotline (HB 5584), and to see sponsors of the bill, click here: http://bit.ly/2m2mIvt.