NFIB Event Shines Spotlight on Small Business

The Indiana arm of National Federation of Independent Business (NFIB) hosted its 2018 Small Business Day at the Capitol event in Indianapolis on Feb. 21.

The event drew NFIB members from across the state to hear economic analysis, an overview of what recent tax reform means for small business owners and the opportunity to network with other business owners across industries.

The event was organized by Barbara Quandt Underwood, Indiana state director of the NFIB, who says she hoped to empower attendees.

“I hope they learned about the 2018 Legislative Session and the issues that affect small businesses. I also hope they came away with a sense that they really can affect change by joining together with other small business owners through membership in NFIB,” Underwood says.

The event began with a panel of Indianapolis-area radio, television and newspaper journalists who discussed how upcoming legislative efforts could impact how Indiana business owners operate.

Michael J. Hicks, the director of the Center for Business and Economic Research at Ball State University, then offered attendees a forecast of the U.S. and state economies in 2018, detailing the major trends that business owners should be mindful of as the year progresses.

Hicks projects that the U.S. economy may continue relatively small growth of 2 to 2.5 percent in 2018. He says a worsening skilled labor market, as well as ongoing issues like the opioid crisis, could be reasons why this economic growth remains modest.

NFIB’s director of legislative affairs, Kevin Kuhlman, spoke to event attendees about the effects the Tax Cuts and Jobs Act will have on small businesses, detailing the specific deductions and credits small business owners should have on their radars.

NFIB president and CEO Juanita Duggan also addressed the crowd, speaking about her own background with small business. She says working at her family’s business as a teenager “instilled a discipline” in her that carries through today.

Duggan reminded attendees of the NFIB’s mission.

“At NFIB, we represent every sector and every part of the economy you can imagine. We are the oldest and biggest advocate for small business,” Duggan says.

Throughout her speech, Duggan emphasized the importance of giving small business owners tax breaks, reminding attendees that small business accounts for half of U.S. jobs and provides half of the country’s GDP.

“99 percent of businesses in America are small businesses, and this tax bill had to be about them,” she says. “It wasn’t enough to say it was about small business, it really had to benefit them.”

Duggan stressed that small businesses were not just miniature conglomerates, they had “distinct needs and challenges” that her organization had to understand and protect.

She says tax reform is an ongoing concern for the organization, and Duggan urges business owners to communicate with their local elected officials to help them understand what businesses need to progress.

Duggan introduced congresswoman Susan Brooks, R-Ind., who spoke to the attendees about her work for small businesses. She also asked the audience to provide examples of the ways the recent tax cuts have benefited them and their employees.

“Tax reform is a highlight that’s part of history. We really think it will make a difference,” Brooks says. “This is not the end of tax reform. If we got something wrong, we need to hear from you.”