According to a new Gallup Poll, “Small-business owners in the United States are most likely to say complying with government regulations (22%) is the most important problem facing them today, followed by consumer confidence in the economy (15%) and lack of consumer demand (12%).”
That’s surprising even to me who understands and appreciates the excessive regulatory burden on small businesses. Given the terrible economy, I would have probably guessed lack of consumer demand.
North Carolina can make our state friendlier to small businesses by taking numerous actions to reduce regulatory burden. One of the most important ideas is to pass a small business regulatory flexibility law that is in place in at least 35 other states and in the federal government. Basically, these laws require agencies to consider the unique impact regulations have on small businesses and adjust regulations accordingly.
Regulatory process changes though go only so far. There needs to be a comprehensive review of regulations and a process to determine alternatives to existing regulations. Laws that create obstacles for small businesses such as all licensing laws should be revisited.
North Carolina can become more competitive and create jobs if it takes regulatory reform very seriously. To put it simply, we need to get rid of a lot of regulations.
