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Believe it or not, there are lower than 40 days left until the 2024 US elections. From local councils and congressional races to the presidential election, officials at almost every level of presidency will have to grapple with the prospect of change. This will have a clear impact on small businesses. With the increase in election-related promoting, social media posts, and text messages consuming our lives, cutting through the political noise can be a challenge for everyone, and small business owners must find a solution to balance personal political views with what is best for their corporations.
As a small business owner, understanding how policy changes may impact your business is crucial. This requires not only focusing on the most significant issues, but also considering policies that might not be in the political highlight but are still critical to your organization’s success. Because each small business’s needs may look different depending on its sector, region or stage of development, there is no one-size-fits-all approach to determining which policies will have the biggest impact on your business. However, some policy areas could provide greater advantages to the small business community, equivalent to digitalization – which we’ll discuss below.
Shifting the focus in politics to what’s really vital
It’s comprehensible why as a small business owner you may have strong opinions about certain policies, equivalent to tax policy, in hopes of reducing your tax burden. A powerful focus on economic or tax-related policy can result in alignment with one side of the political agenda, which can unintentionally narrow perspectives or overshadow other critical issues which will impact organizational functions. While tax policy is and must be a concern, it is equally vital to focus on policies that simplify and streamline business operations.
For example, policies that simplify regulatory compliance, reduce bureaucratic red tape, and improve the efficiency of business operations must be front and center for small business owners. These measures can make it easier for small businesses to know and meet legal requirements, and eliminate and reduce the complexity of administrative hurdles – which can profit all small business owners – especially those just starting out. While these issues are often less outstanding in political discourse than more pressing issues equivalent to tax reform or health care, they continue to be vital areas of awareness and support at the small business level.
Let’s take digitalization as one other example – and the most significant one, given the rapid advances in cloud services and generative artificial intelligence. While this may occasionally not be as front-of-mind for large corporations, for small businesses, integrating digital solutions and tools can be a game-changer. Small business owners should advocate for policies that create seamless processes to facilitate digitalization in their businesses, equivalent to those supporting digital tax processes. These forms of measures can also help simplify compliance obligations and maximize financial returns, while giving small business owners more time to speculate in other areas of their business. While advocating and considering about broader policy is vital, it is also vital to not overlook these key areas.
Getting involved in political decisions that affect your business
At the small business level, promoting change is essential to having policies that provide support and advantages. Small business owners must play an lively role in advocacy efforts to make sure their needs are heard and addressed by government. While presidential elections are typically the focus of media coverage and discussion, policies that directly impact small business owners most frequently come from inside state and local government departments – and that is where small businesses can have the biggest impact. Contacting candidates who didn’t receive votes, equivalent to candidates for state legislatures or local offices, provides more accessible advocacy opportunities. During these discussions, it is vital to interact with candidates with different political beliefs to be certain that the perspective of small businesses is heard comprehensively.
Small business owners also needs to actively hunt down local debates or gatherings of regional political figures and, if possible, participate in them through Q&A or discussion forums. This can provide insight into candidates’ positions on issues relevant to their business. Creating questions that focus on small business challenges can help raise awareness and highlight key issues. Taking it a step further, small business owners can also write letters to senators and members of Congress, emphasizing the importance of policies that support their businesses and advocating for their inclusion in policy decisions.
Stay up to this point with legislative changes that affect your organization
Access to information is easier than ever because of social media and the 24-hour news cycle. As a result, sifting through the noise, especially when it involves political policy, is becoming increasingly difficult. With a constant flow of reports from various sources and with a number of opinions, it can be overwhelming to navigate and difficult to separate fact from opinion. It can also make it difficult for small business owners to actually understand which side of a political issue best supports their business.
To get a clearer and more complete picture, small business owners should diversify their news sources. This may include combining mainstream media, reputable business news outlets and local media to achieve a comprehensive perspective. This not only helps small business owners filter out misinformation, but also helps them see the greater picture and diverse perspectives on existing and proposed policies. Another solution to obtain one of these information is to attach with trusted influencers and industry experts to acquire reliable insights. Another solution to obtain news is to make use of local chambers of commerce and business associations for the latest policy information and meaningful discussions about the impact of policy on business.
Empowering your business to thrive in times of uncertainty
As election season approaches, business owners could also be wondering how different results may impact their day-to-day operations. To determine the potential impact, it is price revisiting the organization’s overarching business goals and strategies. While one of these due diligence must be done frequently (and not only before an election), it can help provide peace of mind and help business owners see from a broader perspective how all the forms of policies that could possibly be implemented would have a direct impact on their business .
Regardless of the election consequence, a strong business plan is flexible depending on who is in office and helps be certain that your business is each resilient and adaptable in the short and long run. This is an vital principle because a well-prepared company can survive political changes and can help cope with unexpected global events equivalent to a pandemic, global conflict or recession. This is why strong and consistent support and partnerships with local governments are crucial for all parties, providing a clear roadmap and ensuring that the voices of small businesses are heard regardless of how the political winds change.
With the 2024 elections fast approaching, it has never been more vital for small business owners to be lively and informed. While the news cycle and political landscape can often be overwhelming for small business owners, focusing on the policies that basically impact their business can help provide direction. By continuing to support this issue, stay engaged and informed, small business owners can best prepare their businesses for any election season outcomes.