Election season can be a time of great uncertainty. While the different sides duke it out and you do your best to remain neutral in the workplace, you have to keep running your small business like you would during any other season. Now that the results are in, it is time to explore how new policies could affect operations and your short-term outlook. Here are five ways that a presidential shift can affect your business.
1. General relief that the election is over
While some people around the country may be disappointed by the election results, many agree that they are glad the campaign is finally over. Election seasons are longer than ever these days, and the tone of the coverage this year veered to the negative more often that most people would have liked. As such, now that the election is over, there is bound to be some level of relief among your customers, employees, and partners. These types of shift in mood can impact your sales and day-to-day business interactions.
2. Stock market rallies
If you are a major investor, any fluctuations in the stock market can have a sizable impact on your daily life. Furthermore, it is important to remember that some customers use news surrounding the stock market to impact their purchasing decisions. When a new president is elected, the United States stock market tends to fluctuate in response. As a small business owner, you should seize any opportunity to move your inventory when you see a rise in consumer confidence. After all, it may only take a few new customers to transform the direction of your business.
3. Potential loan opportunities
With shifts in the stock market and unemployment levels, the new president will inherit a complex economy that is operating on many different levels. If you are a small business owner who is hoping to secure financing, these shifts may present you with a good opportunity. After all, you only need one confident investor to take your company to the next level.
4. Willingness to make a deal
No matter how you feel about the current political climate, you need to vow to make the best of the situation that comes with this presidential shift. As long as you follow the trends in your industry and are aware of changing regulations, you can continue with the business-as-normal approach. You may find that some entrepreneurs are now more willing than never to make a deal, as they have some sense of what the next four years will look like. You should consider this an opportunity to partner with other business owners and look for ways that both of your organizations could benefit. Be sure to play any hand that you are dealt.
5. Entrepreneurial spirit in employees
Seeing someone campaign hard and win the presidency against the odds can be inspiring for many American citizens. Even if employees do not feel like they have a realistic shot at the White House, they may be inspired to try out new things and take on more responsibility at work. You should encourage such ambition whenever you see it in the office. When someone on your staff seems willing and capable, delegate more tasks to him or her and see how he or she responds.
A presidential shift can mean different things to different people. As a small business owner, you should make an effort to keep your company on track during the transition period. In many ways, your employees many need you now more than ever. If you see a new opportunity in 2017, do not be afraid to jump on it.
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