As a business owner, bracing yourself for potential setbacks is a matter of survival. It’s necessary and a great business practice that allows you to plan for the future. In the meantime, you’re able to work towards that goal and stay abreast of everything else. Add in politics and you have some new possibilities to consider. You might be wondering what politics has to do with being a business owner. However, the ways in which certain taxes and tariffs waiver directly impacts business profit. No matter your party preference, politics have the power to impact how your business functions. And with steady success and growth being the ideal goal, there are steps that you can take now to ensure they come to fruition. Will the upcoming election shake up your business? Here’s how to get prepared now.
Will The Upcoming Election Shake Up Your Business?
The short answer is mostly likely, but educating yourself on policies is what will empower you to make the right decisions for your business. Regardless of how the tide turns, it’s greatly possible that new laws will be put in place or old laws altered that will impact your business profit. Each party has their own set of unique values that impact the way businesses run. It’s been reported that, traditionally, Republican candidates, in their Party Platform document, aim to “stop Illegal Immigration Republicans will secure the Border, deport Illegal Aliens, and reverse the Democrats’ Open Borders Policies that have driven up the cost of Housing, Education, and Healthcare for American families.” This would not only impact business owner, but any ties made to international suppliers. On the other hand, Democrats have shared that they plan to “reward work, not wealth, and make the tax code fairer for the middle class while making the wealthy and big corporations finally pay their fair shares”. This could mean a drop in taxes paid, so more money in the pockets of small business owners. In both cases, the stock market often fluctuates, impacting B2B relations and international partners/dealings. With differing views on how the country should be run, including but not limited to businesses, elections are likely to shake up your business. Here’s what you can do to prepare.
Here’s How To Get Prepared
Consider the potential changes that could be affiliated with each party. Add onto that all of this happening before the holidays. In either case, should your business depend upon goods transported internationally, the tariffs that we mentioned above could be increased by the United States. The vendor could also increase them to curb the impact of whatever outcomes develop as a result of the election. This is when buying in bulk and even the possibility of seeking external funding come into practice. Although financing can become a burden if not achieved in a way that’s efficient to the business practices, profits, etc.
Creating a savings fund could curb this as well. Plan for the worst and build strategy around those scenarios. Stay connected with stakeholders so they don’t feel blindsided by any changes. And be sure to review your contracts – these are just a few things for you to consider.
Will the Upcoming Election Shake Up Your Business? What Are Your Stances?
Above, we mentioned the potential impacts of a Republican or Democratic candidate winning. And while those are both possibilities, other parties and views make politics. It’s been suggested by business professionals that owners not blatantly align themselves with one party over another as it can impact the business consumer base. Although standing in the middle has the power to do the same on issues that feel integral to the survival/thriving of a customer’s community. And with word of mouth being a significant mode of marketing, depending on the business type, being careful about what’s represented and said within or about the business can make a difference. It’s a risk to launch a business, a risk to run one, and to insert much of yourself into it. Changes within the economy and financial hardship are unavoidable for a business owner. However, preparing is too!
