The politicians we choose create policies that have an immediate and lasting impact on our lives. Those impacts are often especially meaningful for small business owners and entrepreneurs.
The results of an election can directly impact businesses both big and small. Election results can affect marketing trends and set the pulse for the economy for years to come.
As we go into the 2020 election, here are some of the top issues for small business owners. Find out tips to get educated and understand the ways they could impact your business, especially as we attempt to move into the new normal caused by COVID-19.
In this video, Rhett Buttle, Founder and Principal, Public Private Strategies shares insights on how small business owners can amplify their voice in elections and influence change that will support their business long term:
The top issues for business owners during the 2020 election
If you are a business owner or entrepreneur, consider how your federal, state, and local officials plan to approach each one of these issues and how it will impact your business.
In the United States, healthcare is often tied to employment. Many Americans get their insurance through their employers. As a small business owner or entrepreneur, this impacts you in a few ways. You may have to purchase health insurance privately for yourself, and you may have to help your employees access healthcare plans. Consider how proposed healthcare policies will impact your ability to access affordable healthcare for both you and your team.
As an entrepreneur or small business, you likely pay taxes that traditionally employed people do not. Depending on your business structure, you may pay self-employment taxes, payroll taxes, and corporate taxes, among other business-specific taxes. As you approach the 2020 election, look at the tax plans for federal politicians as well as local and state candidates. Consider how proposed changes will impact your business in the short and long term.
#3) Minimum wage and labor
If you have employees, laws that affect wages and labor should also be on your radar. You need to be aware of federal, state, and local changes that could impact how you pay and how much you pay your team. Even if you don’t have full-time employees, this is an issue to keep an eye on as new policies regarding part-time, contract workers are being discussed along with new policies related to full-time employees.
#4) Regulation reform
Depending on the type of your business, regulations may play a big part in how you operate. Consider how each politician approaches the regulations that matter most to your business. COVID-19 showed entrepreneurs how much regulations can impact small businesses, so review plans to consider how proposed changes can impact how you do business.
#5) Trade and tariffs
For small business owners and entrepreneurs who have their sights set outside of the United States, it’s also important to keep an eye on trade and tariff policies. If you import or export products across the border, politics that impact trade and tariff regulations can directly impact your costs and ability to do business.
#6) Economic plans
A recent Paychex survey found that the economy was the most important issue for business owners during the 2020 election. Consider how issues in this list will make economic changes that could impact your business, and also review candidate plans to see how they plan to stimulate the economy and bring back jobs that were directly affected by the COVID-19 pandemic.
Get involved and stay informed during the 2020 election
The 2020 election is quickly approaching. Keep an eye on these issues as you head to the ballot box, and see how you can get more engaged with the 2020 election by reading: How to get involved in local and national elections as a small business owner.
The information contained in this post is provided for informational purposes only, and should not be construed as an endorsement or advice from GoDaddy on any subject matter.
Then, visit OpenWeStand.org for more business lessons and tips to help you thrive in the new normal created by COVID-19.