Small businesses are foundational to the global economy. They represent 98 percent of all employer firms and account for more than half of the world’s jobs, and their creativity spurs innovation in all sectors of the economy. Intuit is proud to serve more than 7 million small businesses around the world with our QuickBooks product suite. The majority of these firms have fewer than ten employees and include the main street auto shops, barbers, and restaurateurs who contribute to and are a critical part of thriving communities.
Empowering small business formation and growth is a key component to vibrant economies. Intuit supports policy that enables small businesses to access the capital they need to scale their firms. We also believe that governments should facilitate a level playing field and ensure there is less red tape for small businesses.
Access to affordable, reliable capital is hard to come by, especially for underserved small businesses who often lack the credit history or financial health to obtain a loan from a bank. Given these difficult circumstances for small businesses around the world, Intuit encourages governments to create an environment that fosters innovation in the financial services space. This ensures small business owners from all locations and backgrounds can access the capital they need to start and scale their businesses.
Many small businesses and entrepreneurs experience a confusing puzzle of permits and outdated regulations when they start out and try to grow. Intuit believes policymakers at all levels of government should support policy that reduces the regulatory burden for small businesses, enables them to feel confident about the decisions they make, and allows them to better plan for the future.
It takes courage for new entrepreneurs to leave behind the salary and benefits of a traditional employer and assume the full risk of failure. Intuit supports innovative policy that would allow portable benefits to ensure every self-starter is empowered to choose entrepreneurship as a path to economic prosperity.
Finally, to advance policy that will propel small businesses, they must have a seat at the table. Intuit supports creating formal dialogues between small businesses, policymakers, and regulators so the small business voice is fed directly into the policy-making process. We created our own global QuickBooks Small Business Councils and regularly facilitate engagement with small business owners and relevant lawmakers and stakeholders. We stand behind our more than 7 million small business customers and believe their voices should be heard and understood by governments around the world.