Politics and business often don’t mix. But if you operate a small business, they almost certainly do — to some degree. Say for example that you’re running a business about Capricorn Sun Aquarius Moon with established policies, you’ll be forced to make the changes if the government mandated a new one.
Even the most fragmented industries are impacted by the political climate. Whether it’s taxes, immigration policy, or another issue that has risen to prominence in recent years, there’s no escaping the influence of politics on your company and its financial future.
Although taxes can’t be classified as a political issue, they are very much related to economics — which is inherently political. Taxes are likely to change in the near future, either through one of the two major political parties’ tax plans or through a bipartisan effort to reform the current system.
Depending on the course of action that legislators take, this could have a direct effect on your small business.
Immigration policy is a thorny issue, and it’s one that is likely to be addressed in the future. As a small business owner, you’ll either be directly or indirectly affected by this issue.
If you employ foreign nationals, or if you need to hire someone from another country, you could be impacted. If Congress chooses to adopt a stricter immigration policy, it could limit the amount of foreign nationals allowed to enter the country, and it could also change the way that they are allowed to work and live in the United States.
If a stricter policy is enacted, you may have difficulty finding the right employees, and you also may have to pay more to retain the employees you have.
Employee Rights and Employment Law
Employment law is likely to change, either through federal or state level legislation. If it does, it could impact your small business. If you’re currently struggling with employee retention or have a high turnover rate, you could face more challenges in the future.
If employment laws change, you may have to pay more to retain your current employees and find new ones. Existing employees may also demand higher salaries and more benefits. These are only potential challenges that your small business have to face if changes in employment laws were enacted.