Last Frontier News

Results from recent surveys conducted by the Alaska Small Business Development Center (AKSBDC) and the National Federation of Independent Business (NFIB) reveal that inflation and a shortage of qualified employees are the main challenges facing small businesses. On July 8, in a presentation to the Alaska Chamber, Jon Bittner, executive director of AKSBDC, highlighted the findings from the 7th edition of their Annual Small Business Survey. The survey found that 17% of small businesses in Alaska identified inflation as their primary issue, with 12% citing difficulties in finding qualified employees.

Similarly, NFIB's most recent Small Business Economic Trends report, released two days later, indicated that inflation is the predominant concern for 21% of small business owners nationwide. In addition, NFIB's latest Jobs Report, which forms part of its SBET, showed a seasonally adjusted 37% of small business owners experiencing unfilled job openings.

"NFIB research data are national snapshots, providing an aerial view of the small business economy," stated Thor Stacey, NFIB’s Alaska state director. "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 role of SBDCs, as described by the U.S. Comptroller of the Currency, involves cooperative efforts involving the Small Business Administration, educational institutions, and other partners, offering free counseling and training on topics like business planning and financial management. With over 1,000 centers across the U.S., these organizations aim to support small businesses with various challenges.

NFIB’s Small Business Economic Trends report not only provides insights into short-term economic fluctuations but also tracks ongoing concerns and activities of small businesses over time. According to NFIB, this report serves as a significant resource for understanding how policies and economic cycles affect small business operations.