The Political Art Of Small Business By Keana Bell

There are many factors that should be considered when it pertains to operating a small business. For example, the demand on your services, how often you should restock your inventory, tax preparation and even political influence. Politics play a pivotal role in the prosperity of your small business; however, most small businesses pay very little to no attention to political forces, along with other important factors, and subsequently close within the first five years of business. This year has proven just how important politics are to your small business especially since we are facing a pandemic, economic recession, major presidential election, and quarantine. Being aware of politics not only improves your businesses performance but ensures longevity and prepares small businesses on upcoming changes.

The upcoming election has many on edge for multiple reasons but how exactly will the election effect small businesses? Well here is how. Presidential candidates set the tone for policies that can and will affect your small business. For example, during the course of Trumps presidential rule, many business powers have not received the full extent of assistance due to COVID-19 and that has resulted in the shutting down of establishments, firing or furloughing of employees and causing bankruptcy. To combat these issues, Trump has given about a stimulus check released COVID-19 relief funds to better assist. Biden is proposing to, in addition to the implementations already in place, raise the minimum wage thus benefitting the employee versus the employer although this is not completely business centered it does have its own benefit. Raised wages will produce happier workers which can benefit the company’s customer contact and overall reputation.

Other factors such as freedom of press, trade control, health and safety law, tax policies, governmental stability, data protection law, import restrictions on quality and quantity

of products, lack of political stability, intellectual property law and many others can impact your business. Juts as small businesses should monitor political changes, the government analyzes business organization to push social reform. In other words, politicians analyze small business to effectively pass legislation so why not get tips from these same politicians to keep your business thriving.

There are various ways to keep up with the ever-changing flow of politics including blogs, podcast, the news, articles, magazines, the social media of political figures, etc. Make sure to check them frequently to avoid ignorance in policies that could shift the trajectory of your business. It is also important to note those that would affect you early and come up with a plan to counter act its effect. Be proactive and not reactive because reacting to changes implies that the change has already taken place and adds unnecessary stress on your already busy schedule but by being proactive, you allow room for change, trial and error and eliminate unnecessary stress. The world of business and politics is one that is often avoided but is ultimately better when addressed and adhered to.