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Believe it or not, there are fewer than 40 days until the 2024 U.S. elections. From local councils and congressional races to the presidential election, officials at nearly every level of government will be facing the prospect of change. This will have a marked 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's best for their business.
As a small business owner, understanding how changes in policy could impact your business is crucial. It requires not just focusing on high-profile issues but also considering policies that may not be in the political spotlight while remaining critical for the success of your business. As the needs of every small business may look different based on the sector, region or stage of development, there is no one-size-fits-all approach for determining which policies will impact your business the most. However, certain policy areas could offer greater benefits to the small business community, such as digitalization — which we'll touch on below.
Related: Could the 2024 Election Let Employees Take Your Trade Secrets? Here's What You Need to Know.
Shifting your policy focus to what really matters
It's understandable why, as a small business owner, you may have strong opinions about certain policies, such as tax policy, in hopes of reducing the tax burden. A strong focus on economic or tax-related policy might lead to alignment with one side of the political agenda, which may inadvertently narrow perspectives or overshadow other critical issues that could impact organizational functions. While tax policy is, and should be, of concern, it's just as important to focus on policies that simplify and enhance business operations.
For instance, policies that simplify regulatory compliance, reduce bureaucratic 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 meet 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 relevant in political discourse than more pressing concerns like tax reform or healthcare, they remain essential areas for awareness and advocacy at the small business level.
Take digitalization as another example — and a prime one given the rapid advancements in cloud services and Generative AI. While this may not be as much of a top-of-mind concern for large businesses – for small businesses, the integration of digital solutions and tools can be game-changing for operations. Small business owners should advocate for policies that create seamless processes for facilitating digitalization within their businesses, such as those supporting 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 policy is important, it's also crucial to not overlook these key areas.
Getting involved in policy decisions that impact your business
At the small business level, advocating for change is essential for driving policies that offer support and benefits. Small business owners must take an active role in advocacy efforts to ensure their needs are heard and addressed by the government. While presidential elections are typically at the forefront of media coverage and discussions, the policies that directly impact small business owners more often than not stem from state and local government branches – and this is where small businesses can have the strongest influence. Engaging with down-ballot candidates, such as those running for state legislatures or local offices, offers 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 being heard comprehensively.
Small business owners should also actively seek out local debates or congregations of regional political figures and participate through Q&As or discussion forums, where possible. This can provide insights into where candidates stand on issues that matter to their business. Crafting questions that focus on small business challenges can help to raise awareness and highlight critical concerns. To take it a step further, small business owners can also write letters to senators and members of Congress, stressing the importance of policies that support their business and advocate for their inclusion in policy-making decisions.
Staying informed about legislative developments that impact 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 sift through the noise, especially when it comes to political policies. With a constant flood of news from various sources with diverse opinions, navigating it can be overwhelming and difficult to separate fact from opinion. It also can 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 encompassing view, small business owners should look to diversify their news sources. This could include a mix of mainstream media, reputable business-focused news outlets and local media to gain a comprehensive perspective. Not only does this help small business owners filter through misinformation, but it also helps them see the bigger picture and diverse perspectives on existing and proposed policies. Another way to source this sort of information is by keeping up to date with trusted influencers and industry experts for credible insights. Tapping into local Chambers of Commerce and business associations for the latest policy information and meaningful discussions on how policies can impact business operations is another avenue for news sourcing.
Strengthening your business to thrive during uncertainty
As election season approaches, business owners may be wondering how different outcomes could impact their day-to-day operations. To determine potential impacts, it's helpful to revisit the organization's overarching business goals and strategies. While this kind of due diligence should be happening on a regular basis (and not just ahead of an election), it can help bring peace of mind and help business owners see from a broader perspective how all the various types of policies that could be put in place would impact their business directly.
No matter the outcome of the election, a sound business plan is flexible to who is holding office and helps to ensure the business is both resilient and adaptable in the short and long term. This is an important rule of thumb as a well-prepared business can weather changes in political office and can help to navigate unforeseen global events, such as a pandemic, global conflict or recessions. This is also why strong and consistent advocacy and staying engaged with local governments is crucial across all parties, as it provides a clear action plan and ensures small businesses' voices are heard regardless of how the political winds shift.
With the 2024 elections 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 policies that truly impact their business can help provide direction. By continuing to advocate and stay engaged and informed, small business owners can best prepare their businesses for any outcomes this election season.
