Top 2007 Small Business Challenges

A new report by the Wells Fargo/Gallup Small Business Index looked at the top challenges small business owners are facing in 2007. They include:

• Cost of insurance (64 percent)
• Taxes (62 percent)
• Energy prices (54 percent)
• Government regulations (45 percent)
• Finding qualified employees (42 percent)

Of the small business owners who had a written business plan:

• 90 percent say generating stronger revenues is their top priority for the year ahead
• 63 percent also say cutting operating expenses is a major objective
• 57 percent cited reaching more customers
• 42 percent are increasing their advertising budgets
• 37 percent are investing in new technology