As Part of Small Business Advocacy Initiative, Presents White
Paper Addressing Top Concerns of Entrepreneurs
WASHINGTON--(BUSINESS WIRE)--
Travelers
Institute, the public policy division of The Travelers Companies,
Inc. (NYSE: TRV),
today released the results of its national small business survey –
commissioned to identify the challenges facing entrepreneurs across the
country. An advocate for small business owners, the Travelers Institute
also released its white paper, titled “Small Business, Big Opportunity –
Finding Solutions for Small Business Challenges.” The white paper and
survey results will serve as the cornerstone for discussion at the
Travelers Institute’s national series of symposia on small business
advocacy.
According to the Travelers Institute’s national small business survey,
nearly two out of three of those surveyed find tax-related regulations
too burdensome, while 51 percent find health insurance mandates
challenging. When asked about disaster planning, more than half of all
small business owners surveyed indicated that they do not have a
business continuity plan, raising an alarm for small business
preparedness.
“Through the survey, white paper, and national series of symposia,
Travelers aims to raise awareness of the importance of small business to
the U.S. economy and promote an environment that fosters growth,” said
Joan Woodward, Travelers Executive Vice President of Public Policy, who
also heads the Travelers Institute. “An important aspect of the national
symposia series is to facilitate dialogue and encourage debate that may
identify and propose alternatives to some of the regulations that are
overly burdensome. Further, we hope to highlight the importance of risk
management and disaster preparedness to small business viability.”
The majority of those surveyed feel that the economy will improve over
the next year. Owners of startup businesses are especially optimistic
that the national economy and fiscal situation will be better a year
from now than it is today.
While the survey reveals that small business owners may believe their
revenue will grow and that they will be hiring new employees over the
next year, close to a third of those surveyed feel government
regulations are negatively impacting their ability to hire and retain
employees, as well as grow their businesses.
Additional key issues of concern for small business owners, according to
the survey, include:
-
47 percent find operational regulations burdensome, such as licensing,
permitting, and inspection issues;
-
52 percent feel government regulations more heavily impact small
businesses than their larger counterparts;
-
64 percent feel a single point of contact to deal with regulatory
requirements to start a business at the federal and state level would
be helpful.
With these statistics in mind, the Travelers Institute proposes three
principles for small business advocacy in its white paper:
1) Raise awareness of the importance of small businesses as well as
identify and pursue opportunities to promote economic growth;
2) Encourage and recommend alternatives to burdensome regulatory
procedures and proposals for small businesses through outreach to
lawmakers;
3) Facilitate public-private partnerships to raise awareness of issues
essential to small business success, such as risk management and
business continuity planning.
The Travelers Institute launched its national symposia series on March
15 in Morristown, New Jersey. The Travelers Institute will hold its next
panel discussion in Atlanta, Georgia, on May 18, with others in select
markets across the country throughout 2011. This tour brings together
key stakeholders to discuss ways to create better operating climates for
small businesses and raise awareness of the importance of risk
management and disaster preparedness to small business viability. For
more information on the New Jersey event and to read the white paper,
visit www.travelersinstitute.com.
Woodward added, “Travelers is committed to the success of America’s
entrepreneurs and small business owners.”
Survey Methodology / Sample Qualifications
Interviews were
conducted via a telephone survey among a sample of small business owners
with 1 to 50 employees, representative at an industry and state level.
The interviewing was conducted from February 18 to March 11, 2011,
resulting in 600 survey responses.
About the Travelers Institute
The Travelers Institute, the
public policy division of The Travelers Companies, Inc. (NYSE: TRV),
engages in discussion and analysis of public policy topics of importance
to the insurance marketplace and the financial services industry. The
Travelers Institute draws upon the industry expertise of Travelers’
senior management and the technical expertise of many of Travelers’
underwriters, risk managers and other experts to provide information and
analysis to public policy makers and regulators. Travelers is a leading
provider of property casualty insurance for auto,
home
and business.
For more information, visit www.travelers.com.
Source: Travelers Institute
Contact:
Travelers
Ashley Maagero
860-277-2954
amaagero@Travelers.com