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Economic growth vs budget deficit?

As the government tries to reduce the budget deficit, what do you think is the best use of our budget to get maximum economic growth? Where should the money be invested for small businesses?

Top voted answer
Jef Lippiatt

Jef Lippiatt, Owner at Startup Chucktown

Top 10% Business Ideas

I think one thing that would be great for all small businesses is reduced redundancy (aka more intuitive processes).

Many times there are multiple applications you have to log in to (everything from filing forms, requests, paperwork, taxes, etc.) Those should be streamlined into a single application (1 username 1 password).

Make all deadlines publicly published and send out systematic, automated emails reminding business owners of the upcoming deadlines.

Eliminating bureaucracy that stands in the way of getting a business officially started would be a great help for many.

I would say one other option would be to provide Innovation Incentive Grants/Funding. If a business creates a service or product that leads to more jobs within that State/Coun.try (of a certain level) or has the potential to make a meaningful (positive) impact on the overall economy

Melissa Profeta

Melissa Profeta, Community Manager at SavvySME

Great answer Jef! Thank you for contributing. Do you think this should be a priority?

Jef Lippiatt

Jef Lippiatt, Owner at Startup Chucktown

Definitely! Here in the United States things can even vary widely between states, making things wildly confusing. There needs to be a much larger effort on efficiency and intuitive tools for entrepreneurs. For example, many solopreneurs (solo traders) do the paperwork to get started themselves (usually because they can't afford an attorney). However, when things go wrong (and they sometimes will) generally there is no obvious direction. Starting a business can be hard, but what all steps are there to close it down completely? It's this type of information that is very unclear. Also business permits and licenses. How do you know what you need if you aren't sure how your business is classified? These types of efficiencies are vital and need to be addressed urgently to continue making entrepreneurship attractive to people deciding whether or not to make the jump. People want to start businesses not headaches. If you can stay at your job and limit your income but reduce your hassles, how many people would continue doing that verses taking a leap to have unlimited earning potential but tons of headaches and additional stress from the paperwork and filing dates not being obvious or explained? (rant over)