Election years can be turbulent times. Here’s how to prepare for the next 10 months. Story from Square
The 2020 election year is officially in full swing. In the coming months, small business owners will be paying rapt attention to campaign trail promises. In particular, issues like tax reform, minimum wage and health care are likely to be top of mind.
As November inches closer, questions are arising about what a change in administration — or incumbent politicians’ evolving priorities — might mean for the small business landscape. Historically, this economic uncertainty tends to lead to consumersSmall companies can feel the impact of economic limbo sooner than their larger, corporate counterparts. But election years can also be prosperous, so long as small business owners take a few proactive steps.
There are several ways to prepare for whatever November may bring, and strengthen operations and efficiency in the process. Below are a few things to take into account when outlining a game plan for how to survive — and even thrive — during an election year.One of the most prominent concerns in the months leading up to a major political event revolves around business finances. Small businesses are especially invested in political talking points like the status of China-U.S.
For instance, higher supply chain costs due to tariffs may cause concerned small business owners to raise prices of products or services; tax hikes or cuts may impact profit margins. A total of 43% of small businesses to continue to increase their cost of doing business; already, 46% say they’ve lost customers as a result.
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