No matter the size of their operation, business owners have a unique vantage point regarding the upcoming election. Both the presidential and local races can potentially change entrepreneurs’ practices and standard operating procedures everywhere. Amy Shoenthal writes for Forbes, “Regardless of who wins, it’s critical for small business owners to stay informed on new policies and regulatory shifts, as new legislation could reshape things like employee benefits and compliance requirements. With one month to go, many small business owners are curious about proactive steps they can take to prepare for the looming uncertainty.”

In Shoenthal’s article, “5 Ways Small Business Owners Can Prepare For The Election,” she cites thought-leaders’ expertise in this realm to educate entrepreneurs so they are not scrambling later on. The main takeaways that she presents are:

• Monitor policy changes
  Education and awareness of what legislation could be put in place or removed is a beneficial move for entrepreneurs to make. As Shoenthal explains, “it’s critical for small business owners to stay informed about proposed changes in regulations, taxes, healthcare, and labor laws that could directly impact their operations. Understanding candidates’ platforms will help anticipate shifts and plan for potential changes accordingly.”
• Focus on consumer and employee engagement
  Economic unknowns and threats of political unrest can damper customer spending and forthrightness. Strategizing other avenues, besides commerce, for your base to interact with your brand during a chaotic time is advantageous.
• Plan for different outcomes
  Several political administration facets that could affect entrepreneurs are, “minimum wage hikes, healthcare mandates, [and] trade policies.” Being able to make pivots if need be on any of these policies is crucial for you and your team.
• Remind your employees that they have a say
  Civic engagement and participation in the zeitgeist as a business owner communicates to your community and following that you are an involved and dedicated citizen. Encouraging others to vote is a timely method to remain current during this busy season.
• Be prepared to dip into cash reserves
  Shoenthal describes the significance of this tip as, “Experts recommend postponing major investments until after the election, reviewing current tax strategies, and being prepared to dip into cash reserves in case of significant disruption.”

With an appropriate amount of thought and preparation, women entrepreneurs can be ready for anything!

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Lucy Brooks, DMT.NEWS, DMT BeautySpot,