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Believe it or not, there are less than 40 days until 2024 US elections. From local councils and congressional races to presidential elections, officials at nearly every level of government will face the prospect of change. This will have a significant impact on small businesses. With an increase in election-related ads, social media posts, and text messages consuming our lives, cutting through the political noise can be challenging for everyone—and small business owners must navigate how to balance personal political beliefs with what is best for their business.
As a small business owner, understanding how changes in policy may affect your business is essential. It requires not only focusing on high-profile issues, but also considering policies that may not be in the political spotlight, while remaining critical to the success of your business. Since the needs of each small business may look different based on sector, region or stage of development, there is no one-size-fits-all approach to determining which policies will most impact your business. However, some policy areas can offer greater benefits to the small business community, such as digitization – which we will touch on below.
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Shifting the focus of your policy to what really matters
It's understandable why, as a small business owner, you might have strong opinions about certain policies, such as tax policyin the hope of reducing the tax burden. A strong focus on economic or tax-related policies may lead to alignment with one side of the political agenda, which may inadvertently narrow perspectives or obscure other critical issues that may affect organizational functions. While tax policy is and should be a concern, it is equally important to focus on policies that simplify and improve business operations.
For example, policies that simplify regulatory compliance, reduce red tape, and improve the efficiency of business operations should be at the top of small business owners' agendas. These measures can make it easier for small businesses to understand and comply with legal requirements and eliminate and reduce the complexity of administrative hurdles – which can benefit all small business owners – especially those just starting out. While these issues are often less prominent in political discourse than more pressing concerns like tax reform or health care, they remain crucial areas for awareness and advocacy at the small business level.
Take digitization as another example – and a prime example given the rapid advances in cloud services and Generative AI. While this may not be a major concern for large businesses – for small businesses, integrating digital solutions and tools can be a game-changer for operations. Small business owners should advocate for policies that create seamless processes to facilitate digitization within their businesses, such as those that support digital tax processes. These types of measures can also help to simplify compliance burdens and maximize financial returns, while also giving small business owners more time to invest in other areas of their business. While advocating and thinking about larger policies is important, it is also essential not to overlook these key areas.
Involvement in policy decisions that affect your business
At the small business level, advocacy for change is essential to driving policies that provide support and benefits. Small business owners must take an active role in advocacy efforts to ensure that their needs are heard and addressed by government. While presidential elections are usually at the forefront of media coverage and discussion, policies that directly affect small business owners more often flow from the state and local branches of government – and this is where small businesses can have the strongest impact. Engagement with down-ballot candidates, such as those running for state legislatures or local office, provides more accessible avenues for advocacy. When having these discussions, it's important to engage with candidates from all different political affiliations to ensure that the small business perspective is heard comprehensively.
Small business owners should also actively seek out local debates or congregations of regional political figures and participate through questions and answers or discussion forums where possible. This can provide insight into where candidates stand on issues that matter to their business. Creating 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 write letters to senators and members of Congress, emphasizing the importance of policies that support their business and advocating for their involvement in policy-making decisions.
Staying informed of legislative developments that affect your business
Information is more accessible than ever, thanks to social media and the 24-hour news cycle. As a result, it has become increasingly challenging to cut through the noise, especially when it comes to political policies. With a constant flood of news from different sources with different opinions, navigating it can be overwhelming and difficult to separate fact from opinion. It can also make it difficult for small business owners to truly understand which side of a political issue would best support their business.
To get a clearer and more comprehensive picture, small business owners should look to diversify their news sources. This can include a mix of mainstream media, reputable business-focused media and local media to gain a comprehensive perspective. Not only does this help small business owners filter disinformationbut it also helps them see the bigger picture and different perspectives on existing and proposed policies. Another way to get this type of information is by updating with trusted influencers and industry experts for reliable knowledge. Tapping local Chambers of Commerce and business associations for the latest policy information and meaningful discussions about how policies may affect business operations is another avenue to source news.
Strengthening your business to thrive during uncertainty
As election season approaches, business owners may be wondering how different results could affect their day-to-day operations. To determine the potential impacts, it is helpful to review the organization's key business goals and strategies. While this type of due diligence should happen on a regular basis (and not just before an election), it can help bring peace of mind and help business owners see from a broader perspective how they can all be put together. different types of policies. in the country would directly affect their business.
Regardless of the outcome of the election, a sound business plan is flexible to the incumbent and helps ensure that the business is both resilient and adaptable in the short and long term. This is an important rule, as a well-prepared business can withstand changes in political office and can help navigate unforeseen global events, such as a pandemic, global conflict or recession. This is also why strong and sustained advocacy and engagement with local governments is essential for all parties, as it provides a clear plan of action and ensures that the voices of small businesses are heard no matter how the political winds change.
With the 2024 election right around the corner, it's never been more important for small business owners to be active and informed. While the news cycle and political landscape can often be overwhelming for small business owners, focusing on the policies that really affect their business can help provide direction. By continuing to advocate and staying engaged and informed, small business owners can best prepare their businesses for any outcome this election season.