Copyright keenesentinel
The intersection of politics and business has gotten widespread. This means an active politic with involvement in business operations and success is more evident today than before. There is a significant impact on business with practices such as buying stock in a company to influence it internally, tariffs with long and short shelf lives. The current administration has introduced a series of sweeping policy changes that are reshaping the business landscape in several key ways. Some are positive and some require significant adjustments. Here’s a breakdown of the most significant impacts: Corporate tax rate is lower; enhanced deductions for domestic production; eliminating tax on overtime pay; reciprocal tariffs are stabilizing at 15 percent; deregulation policies designed to encourage innovation; federal spending cuts that affect federal contracts; relaxed antitrust enforcement; and endorsing six-month earnings reports for public companies Many policies, in the long run, favor large public corporations. But what about smaller, privately held companies? In New Hampshire there are more than 130,000 small businesses, making up 98.9 percent of all businesses and 50 percent of the workforce. The number of sole proprietors is nearly 79 percent. Tariffs are a key issue, tending to hurt businesses relying on imports. Raising prices can put them out of business. Pivoting to new products and services can help profits, but take time to realize. Without employees, these businesses rely on the innovation and energy of entrepreneurs. The strain is difficult to sustain. Small business owners may find it advantageous to do the following: Support efforts to lower the corporate tax rate by writing and meeting with state legislators. Cut spending, reduce prices, and apply for SBA loans before they are reduced in benefit. As a New Hampshire small business, I am sure you’ve tried these opportunities. Here are a few more. Offer subscription services to enhance product or service sales. Use crowdfunding as an additional source of income. This generally is good for product or service development. Try offering your basic services or low-end products for free; then, after attracting customers, charge for more advanced or premier products and services. Partner with related or complementary businesses to generate sales and increase customer base. Join associations of small businesses to meet with peers and discuss other ways to prosper in the current climate. Meet with local entrepreneurs to discuss more innovative and creative ways to survive and thrive in the months and years ahead. Create discretionary time on your schedule to read and think. You can do this!
