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. How does politics effect small businesses? 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
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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
