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Believe it or not, there are less than 40 days until the 2024 US election. Government officials at nearly every level, from local and legislative elections to presidential elections, will face the possibility of change. This will have a noticeable impact on small and medium-sized enterprises. With the proliferation of election-related ads, social media posts, and text messages eating up our lives, it can be difficult for everyone to tune out the political noise. Small business owners need to figure out how to balance their personal political beliefs with what’s best for their business.
As a small business owner, it’s important to understand how policy changes can impact your business. In addition to focusing on hot-button issues, we also need to consider policies that are important to business success but may be under the political radar. The needs of every small business are different depending on sector, region and stage of development, so there is no one-size-fits-all approach to determining which policies will have the most impact on your business. However, certain policy areas, such as digitalization, can bring significant benefits to the SME community. I’ll touch on this later.
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Shift policy focus to what really matters
As a small business owner, it’s natural to have strong opinions about certain policies, such as the tax system, in hopes of reducing your tax burden. Focusing on economic and tax-related policies can lead to alignment with one side of the political agenda, which can inadvertently narrow the field of view and affect organizational functioning. It may be overshadowed by other important issues. While tax policy is and should be a concern, it is equally important to focus on policies that simplify and strengthen business operations.
For example, policies that simplify regulatory compliance, reduce bureaucratic red tape, and improve the efficiency of business operations should be a top priority for small business owners. These measures will make it easier for small businesses to understand and meet legal requirements, eliminate and reduce complex administrative hurdles, and benefit all small business owners, especially those just starting out. There is a possibility that Although these issues are often less relevant in political discussions than more pressing issues such as tax reform or health care, they remain essential areas for awareness and advocacy at the small business level. is.
Take digitalization as another example. Given the rapid advances in cloud services and generative AI, this is a prime example. While this may not be the biggest concern for large businesses, for small businesses, the integration of digital solutions and tools can be a game-changer. Small business owners should advocate for policies that create seamless processes to foster digitalization within their businesses, including supporting digital tax processes. These types of measures can help reduce compliance burdens and maximize financial returns, while also giving small business owners more time to invest in other areas of their business. While it is important to advocate and think about larger policies, it is also important not to overlook these important areas.
Be involved in policy decisions that affect the business
At the small business level, it is essential to advocate for change to drive policies that provide support and benefits. Small business owners must take an active role in advocacy to ensure their needs are heard and addressed by government. While presidential elections are typically at the forefront of media coverage and discussion, policies that directly impact small business owners often emanate from state and local government agencies; It is here that can have the strongest influence. Engaging with candidates you voted against, such as those running for state legislature or local government, provides a more accessible avenue for advocacy. When having these discussions, it is important to engage with candidates from all political parties to ensure that small business perspectives are heard comprehensively.
Small business owners should also actively seek out local discussions and gatherings of local politicians and participate through Q&A and discussion forums when possible. This gives you insight into where candidates stand on issues important to your business. Crafting questions that focus on small business challenges can help raise awareness and highlight critical concerns. To take it a step further, small business owners can also write letters to their senators and representatives, highlighting the importance of policies that support their businesses and advocating for the inclusion of small businesses in policy decisions. .
Stay informed about legal developments affecting your business
Thanks to social media and the 24-hour news cycle, information is more accessible than ever. As a result, it has become increasingly difficult to sift through the noise, especially when it comes to political policy. With a constant influx of news from different sources and with different opinions, navigating the news can be overwhelming and it can be difficult to separate fact from opinion. It can also be difficult for small business owners to truly understand which side of a political issue will best support their business.
To get a clearer, more comprehensive perspective, small business owners should try to diversify their news sources. This could involve a combination of mainstream media, reputable business-focused news outlets, and local media to get a comprehensive perspective. This not only helps small business owners filter out misinformation, but also helps them see the big picture and diverse perspectives on existing and proposed policies. Another way to get this type of information is to stay up to date with trusted influencers and industry experts for trusted insights. Another way to source news is to use local chambers of commerce and business associations to get the latest policy information and meaningful discussions about how policy affects business operations.
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Strengthen your business to grow despite uncertainty
As election season approaches, business owners may be wondering how different outcomes could impact their day-to-day operations. To determine the potential impact, it is helpful to review your organization’s overarching business goals and strategy. This type of due diligence should be done regularly (not just before elections), but it provides reassurance and helps management understand how different types of policies can be implemented from a broader perspective. will help you. Once implemented, it can have a direct impact on your business.
Regardless of the outcome of the election, a sound business plan can be flexible to who takes office, helping to ensure business resilience and adaptability in the short and long term. This is an important rule of thumb that, if well-prepared, businesses can weather changes in government and can help weather unexpected world events such as pandemics, global conflicts, and recessions. There is a gender. This will provide a clear plan of action no matter how the political winds change, and maintain strong and consistent advocacy and engagement with local authorities to ensure the voices of small businesses are heard. That’s also why it’s important for all political parties.
With the 2024 election just around the corner, it is more important than ever for small business owners to proactively communicate information. The news cycle and political climate can often be overwhelming for small business owners, but focusing on policies that have a real impact on your business can help provide direction. By remaining supportive, engaged, and informed, small business owners can best prepare their businesses for any outcome this election season.
