Here’s a fact: fake news is everywhere. There isn’t a reputable news source out there distributing information with an objective, unbiased voice. It just doesn’t exist anymore.
Where are the Cronkites, the Huntleys, the Brinkleys? In this frayed political climate, fake news seems to be at the very top of every discussion; it’s almost inescapable.
I recently came across an article, written by a fellow Forbes contributor, stating that the number one and two reason why small business owners stay awake at night is the cost of healthcare and regulations.
The poll the author cited came from the NFIB, or the National Federation of Independent Business, that cited 75 areas of concern that keep small business owners awake at night. The top three were taxes, government regulations, and, the pièce de résistance, the Affordable Care Act.
In the 19 plus years I’ve been working at American Management Services – and the thousands upon thousands of small business owners I’ve met with – not one person came to me, tired and groggy-eyed from lack of sleep because they were worried about the Affordable Care Act.
How many small business owners did that author reach out and speak with directly? One? Two? 200? 300? When conducting a survey at American Management Services we speak with a minimum of 400 to 500 small business owners in the span of two to three days.
Let’s talk about real news. Small business owners care about cash – because cash is king – and the effectiveness of their staff.
Let’s break down why the NFIB’s top three reasons that owners stay awake at night is nonsense.
- Healthcare: Most small businesses do under $1 million a year and have less – much less – than 50 employees. They don’t meet the minimum regulations to give their staff healthcare and most provide some sort of coverage without a mandate.
- Regulations: Who cares about government regulations? List for me three regulations that impact a $400 thousand a year beauty salon.
- Taxes: Taxes are a necessary evil in business and no matter what you do you have to pay them. The only reason why small business owners would be worried about taxes is if they didn’t have the funds to pay them, which leads me back into the real reason why small business owners can’t sleep: cash.
Business owners lay wide-eyed at night because of potential cash flow issues. Business owners stay awake at night worrying about not fulfilling an order, not having the right crew of people, not having cash on hand, or not having the right sourcing, period.
To me, that article is fake news because it is not accurate and it appears the author embellished to create the impact he or she wanted. Fake news is pervasive and can be harmful to small businesses.
The only news you should listen to, when it comes down to your business, is your true profit, your checkbook balance, your client satisfaction ratings and your backlog. Be wary of all the chatter, it might just hurt your business.