Last Frontier News

July has seen the release of two surveys targeting small business owners, both highlighting inflation and the challenge of finding qualified employees as primary concerns for Main Street businesses.

On July 8, Jon Bittner, executive director of the Alaska Small Business Development Center (AKSBDC), presented findings from the 7th edition of the Alaska SBDC Annual Small Business Survey to the Alaska Chamber. According to a bar graph on Page 4 of the survey, 17% of Alaska's small businesses identified inflation as their number one issue, ranking it first among 17 measured issues. Meanwhile, 12% cited finding qualified employees as their top concern.

Two days later, the National Federation of Independent Business (NFIB) released its latest Small Business Economic Trends (SBET) report. This report has been a staple for over four decades and revealed that inflation is currently the top concern for 21% of surveyed small business owners. Additionally, NFIB’s Jobs Report indicated that a seasonally adjusted 37% of all small business owners reported having job openings they could not fill during this period.

Thor Stacey, NFIB’s Alaska state director, commented on these findings: “NFIB research data are national snapshots, providing an aerial view of the small business economy. The AKSBDC survey is an on-the-ground look specific to the state. Both provide policymakers with the clearest outlooks on the most important segment of all economies – small businesses – from which to make the best-informed decisions.”

The Small Business Development Centers (SBDCs) are described by the U.S. Comptroller of the Currency as cooperative efforts involving entities such as the Small Business Administration (SBA), colleges or universities, and other partners. With more than 1,000 centers across all states and territories, SBDCs offer free counseling and training on various topics crucial for small businesses.

Regarding NFIB’s SBET report, it is noted for its role in anticipating short-run economic fluctuations and measuring small business activities over time. It provides valuable insights into how policies and economic cycles affect small businesses.