lead contributor Sofia Perches
10/25/2022
Business policies are important. It is no surprise to see small business owners worried about where the votes of electoral candidates go towards. Along with that, thoughts of a possible or even current recession are becoming a constant worry, as many start to experience indicators of such already. According to a recent survey done by Goldman Sachs (2022), over 50% of small business owners have recently experienced a lower customer demand.
Hopefully, a circumstance affecting everyone, such as a potential recession, will bring some sense in order for protection for small businesses to be expected and done. However, due to the major elections coming up, as well as other external challenges getting in the way, how can small businesses assure the candidates they vote for will in fact not let them down, regardless of the rough circumstances? How then should a small business lookout for electoral candidates that will in fact support their small businesses?
Looking out for one’s own business doesn’t always have to be filled with trial and error. Associations, such as National Federation of Independent Businesses, allow for businesses to prepare for their efforts pre and post elections. To know that whatever legislators vote is in line with what is important for small businesses is considered as crucial. Such information can be accessible through reports, such as those handed out by the NFIB through memberships. These reports show the actions that show more incentive than words, allowing for small business owners to make informed decisions prior to elections, in order for accountability to be demanded post elections.
Additionally, support for the reauthorization of the Small Business Administration is worth looking out for in candidates. Competition with big companies has become ruthless for small businesses as inflation has a harder economical hit on them. This leaves small businesses at a disadvantage for not being able to offer a price that can compete with the ones offered by the big companies. Not only is price at a competitive disadvantage, but also hiring pay and benefits. The reauthorization of the SBA, which hasn’t been done in 22 years, will allow its focus on lending resources such as money, training, government contracting among others, to be on the front lines of needed attention. Therefore, efforts for the Congress to prioritize the reauthorization of the SBA are crucial to look for, not only in an electoral candidate, but also in ourselves.
References:
Business Wire. (2022, September 13). As the Midterm Election Approaches, Small Business Owners Are Motivated to Vote for Candidates Ready to Tackle Challenges Including Inflation and Tight Labor Market. Business Wire. https://www.businesswire.com/news/home/20220913005569/en/As-the-Midterm-Election-Approaches-Small-Business-Owners-Are-Motivated-to-Vote-for-Candidates-Ready-to-Tackle-Challenges-Including-Inflation-and-Tight-Labor-Market
Goldman Sachs. (2022, September 12). Survey: Small Business Owners Motivated to Vote. Goldman Sachs. https://www.goldmansachs.com/citizenship/10000-small-businesses/US/infographics/september2022/index.html
National Federation of Independent Business. (2022, October 5). How State Voting Records Help Small Business Owners. NFIB. https://www.nfib.com/content/analysis/elections/how-state-voting-records-help-small-business-owners/