The impact Elections Can Have On Your Business

As business leaders, regardless of your political views, you should make yourself aware of the state, local, and the federal candidates’ ins and outs and how their vision for our country can impact your business. It doesn’t matter what industry you are in; your business can be affected by policy changes in one way or another. Large businesses have a better chance of success regardless of who sits in the oval office next year. However, small businesses will want to make sure that they can move their business forward and prosper even if campaign promises are not met. Small business owners are constantly looking for a way to cut costs without affecting their product, all to make a profit. This can be hard when boutique companies have to worry about policies and politics that they can’t control and how these policies end up affecting your bottom line. Here are a few things that businesses big and small have to concern themselves with during an election year.

State and Local Policies

Whoever wins this presidential election may not have a huge impact on how you run your business, but the outcome of state and local policies might. For example, if your state minimum wage increases, so does your budget. You now have to consider whether your business can afford to increase its wages, which then affects your hiring plans and needs. Other policies could lead to changes in workers’ compensation benefits and healthcare plans offered to employees. A major shift in these laws could either benefit a business owner or put them in the red, completely changing their profit margin for years to come.

Political Talk in the Office

It is the nature of our country to take sides, especially when it comes to politics. People can be very vocal about their views and passionately defend them to anyone who may not see it from the same perspective. Although these types of debates can be had in any social setting, the workplace is not always the best venue for these discussions. Employees can often get distracted, angry, and sometimes mean to each other. This can affect productivity, efficacy, and quality of work. When political views can be controversial, it’s best practice to set some parameters around them in the office.

Encourage Their Participation

Although talk of political views can lead to some sticky situations in the office, if these conversations cannot be curbed, business owners can always put a positive spin on it. Encourage your employees to vote during this year’s election; consider giving them time during work hours to do so. Educate them on the policies that can affect the way you conduct business to make an educated decision when they go to the polls. Remember that your intent is not to sway their choices in any way, so stick to the facts and provide all possible outcomes; what could be advantageous to your company and what could be detrimental. Your support of their voting rights could make your business a better place to work and attract the kind of employees you want.

RichLine Solutions encourages you to be strategic about your companies Crisis Intervention Plan. Connect with us today at info.richlinesolitions@gmail.com and let us know how we can make creating your plan easier. We want the opportunity to help you grow to your next level of greatness!