Mitt Romney Lays Out His Small Business Plan

After accepting the Republican Party's nomination for President, Mitt Romney laid down the framework for a plan to restore America's economy. What exactly does his plan entail?

Mitt Romney Lays Out His Small Business Plan
Upon accepting the Republican Party's nomination for President on Thursday, August 30, 2012, Mitt Romney attempted to identify himself as an experienced, humble businessperson and the man to beat come November.

This election remains about jobs and the economy. In his acceptance speech, Romney was given a prime opportunity to reach out to disillusioned and undecided Americans and small business owners. Did Romney make his case?

That remains to be seen.

At roughly 4,100 words, Romney used the term “small business” four times within his speech. He spent amble time humanizing himself in the wake of criticism that his personality is lacking with voters. He focused on the economy and jobs more so than topics such as healthcare and the Middle East, a wise political move. But did Romney focus enough on the economy?

While Romney was relatively vague concerning his big ideas for small businesses, he laid out the framework for a five-point plan. Additionally, he promised to create 12 million jobs, a comment which was met with thunderous applause at the Republican National Convention in Tampa, Florida.

“I wish President Obama had succeeded because I want America to succeed. But his promises gave way to disappointment and division.”

Romney wasn't shy when it came to cutting into President Obama concerning job creation and the economy. He stated that Americans weren't given what they were “promised” in regard to the President's own plans.

“Every small business wanted these to be their best years ever,” Romney said. “When they could hire more, do more for those who had stuck with them through the hard times; open a new store or sponsor that Little League team.”

In fact, criticism of the President was woven throughout Romney's speech, between comments concerning Romney's faith, upbringing and hopes for the future.

“His policies have not helped create jobs, they have depressed them. And this I can tell you about where President Obama would take America: his plan to raise taxes on small business won't add jobs, it will eliminate them.”

While Romney spent plenty of his speech criticizing the current administration's actions, he eventually got to his own five-point plain for America's economy which consists of the following goals:
  1. Make America energy independent in 2020 by taking advantage of oil, coal, gas, nuclear and renewable resources. 
  2. Provide Americans will the skills they need for today's jobs and careers, and to provide choices for parents in regard to the schools their child will attend. 
  3. Make trade work for America by forging new trade agreements, and implement “unmistakable consequences” for nations that “cheat” in trade. 
  4. Assure entrepreneurs and job creators that their investments in America are secure; to cut the deficit and put America on track to a balanced budget. 
  5. To champion American small businesses by reducing taxes, simplifying and modernizing regulations, and repealing and replacing healthcare legislation. 
The final point speaks specifically to American SMBs, and was arguably one of the most notable points of the entire speech. The exact wording of that final point is below:

“And fifth, we will champion small businesses, America's engine of job growth. That means reducing taxes on business, not raising them. It means simplifying and modernizing the regulations that hurt small business the most. And it means that we must rein in the skyrocketing cost of healthcare by repealing and replacing Obamacare.”

Tax reduction, regulation reform and job growth are the talking points consistently offered to small businesses but politicians so often come up short; how can Romney deliver?

American entrepreneur Sam Caucci of Fox Business News pointed out that small business owners want to see more detail in Romney's speech concerning his five-point plan. He hopes that such details will come out during the Presidential debates, in which Obama and Romney go head-to-head. The first Presidential debate is currently scheduled for October 3, 2012, covering domestic policy. Ideally, both candidates will lay down the specifics of their small business plans during this debate.

Caucci stressed further that small business owners are currently in a holding pattern as they continue to wait for more detailed economic plans from the Presidential hopeful. “Small business owners want to know how the economy is going to get going and how we're going to generate more revenue,” Caucci said. Furthermore, the same business owners are also waiting on more details for the government and current administration.

Regulation reform remains a big talking point with small businesses, who, as Caucci put it, “want the ability to be creative.” Caucci also remained curious as to how Romney plans on educating American workers in order to compete in today's economy, touching on Romney's second point in his five-point plan.

If you missed it, you may use the following link to watch Mitt Romney's RNC acceptance speech.

With small businesses comprising roughly 99% of American businesses and 52% of the country's jobs, small business owners are certainly hungry for more when it comes to economics plans of the candidates during this election. Unfortunately, we may have to wait until the first Presidential debate before more specifics come to light.

About the Author

Brent Barnhart

Brent Barnhart is a freelance content writer specializing in topics such as Internet marketing and content marketing for small businesses. His goal is to help business owners find their voices online and improve their content strategies. You can reach Brent or find out more at

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