Another big hit to his business – a $10,000 audit fee that companies with more than 100 employees must undertake to comply with federal regulations related to the company's profit sharing plan. "It's that kind of regulation that makes companies not want to go over 100 employees," he said.
Solution provider Knowledge Information Systems (KIS) is also struggling with government regulation, said President Augie Riolo. KIS is based in Virginia Beach, Virg., a state that went to Trump's Democratic adversary, Clinton. KIS works extensively with the U.S. government, and the terms and conditions for contracts of more than $100,000 require extensive reporting on everything ranging from management salaries to the demographic breakdown of the solution provider's workforce, Riolo said.
"The level of intrusion is incredibly burdensome," Riolo said. "It is a problem for businesses dealing with the United States government," he said.
Major contractors often add the cost of the reporting back to the contract, Riolo said. But for smaller solution providers in a competitive market, adding that reporting cost to the overall contract amount can result in being priced out of the market, Riolo said.
Riolo also hopes Trump will provide relief to the increasing health care costs KIS has faced since the passage of the Affordable Care Act in 2010. KIS has seen its health care costs increase by at least 3 percent every year since then, said Riolo, who is worried that his company could see a double-digit increase in healthcare costs going into 2017. "Anything of that size is a concern," he said.
Michael Goldstein, CEO LAN Infotech, Fort Lauderdale, Fla., a state that was also won by Trump, said a mandate from the American people for "change" and relief for small businesses was key to the Trump victory.
"Everyone is looking for change," said Goldstein, noting he is looking for health care, tax and regulatory relief. "Small businesses have been suffering with rising taxes, health care costs and regulations. If we can get tax and regulatory relief, it is going to make us all feel better so we can just get on with doing business. Whether you are for or against Trump, now is the time for us all to come together as a country and get back to business."
Bob Venero, CEO of Holbrook, N.Y.-based solution provider Future Tech, Bob Venero, CEO of Holbrook, N.Y.-based solution provider Future Tech, said he is excited to have a "business man" running the country.
"Finally we are going to have someone bringing a business acumen to a country that drastically needs it," he said. "If you took Americas P and L (profit and loss statement) and put that into most corporations, we would have been bankrupt a long time ago. We have got to be fiscally responsible and make America everything it can and should be again."
Venero said he is also excited about Trump's plan to reinvigorate the economy by bringing more manufacturing jobs back to the U.S. "I applaud his drive to have more manufacturing done in the U.S.," he said. "Letting other countries do the work that should be done with the blood, sweat and tears of Americans is draining our knowledge base and our value."
Future Tech for its part has been driving more jobs for U.S. military veterans through a 10-year-old subsidiary called InSource America Veteran Series. The subsidiary provides technology services training and employment for veterans and has placed 80 veterans with companies throughout the country. "We're continuing to grow InSource America," he said.