The uncertainty surrounding the "fiscal cliff" is directly impacting the strategic decisions of many US business owners, according to a new survey by Sageworks, a financial information company. In the survey, accounting professionals were asked to gauge the fiscal cliff's effects on their business clients.
- Almost 30 percent of respondents said their business clients were most worried that the uncertainty would continue.
- Twenty-one percent said their clients worried about a fiscal cliff solution that would negatively affect their businesses.
- Twenty percent said their clients feared that the fiscal cliff solution wouldn't address the longer term issues of government spending and the national debt.
- Eight percent said the biggest concern was that we will actually "go over" the cliff.
- Only 3 percent of respondents said their business clients aren't worried about the fiscal cliff.
In a survey conducted by Sageworks in November, financial professionals said the US national debt was impacting their business clients' hiring and investment practices. At its best, a plan to address the fiscal cliff would tackle our national debt head on. However, Hamilton says any plan would be better than the current stalemate: "You can't expect businesses to plan for their 2013 and 2014 operations when you throw new policies at them on December 31."