Small business owners, in case you haven’t heard, today is election day in the United States.
It remains to be seen who will be sworn in as the 45th President of the United States, but if you’re a betting person, the money’s on it being one of two people: Donald Trump or Hillary Clinton. (To be fair, this election cycle being as crazy as it’s been, perhaps someone like Gary Johnson, Jill Stein, or Evan McMullin may still perform well at the polls.)
In any case, the next president is likely to have an impact on your small business. He or she may pass some new laws that affect companies like yours. As you may recall, President Obama recently passed new regulations relating to overtime pay that go into effect Dec. 1. The next president will also play a role in how much or how little your small business can expect to pay in taxes.
Understanding the importance of small businesses to the U.S. economy—according to the Small Business Administration, there are 28 million small businesses in the United States—both major candidates have put together policies they’d ostensibly enact should the American people decide to send them to the White House. (Of course, the president cannot unilaterally enact laws, but he or she should have at least some influence over members of Congress.)
A brief summary of each candidate’s small business proposals:
- Donald Trump calls for “making our business tax rate more competitive to keep jobs in America, create new opportunities and revitalize our economy.” Additionally, his plan “will lower the business tax rate from 35 percent to 15 percent, and eliminate the corporate alternative minimum tax.”
- Hillary Clinton would “allow entrepreneurs to defer student loan payments with no interest while they get their ventures off the ground.” Her plan would also include the creation of “a new standard deduction for small businesses” and “quadruple the start-up tax deduction to significantly lower the cost of starting a business.”
Despite what the candidates say, politicians have been known to change their stances on issues every now and again. While you can cast your one vote, and doing that is incredibly important, the outcome is influenced by a number of other factors outside of your control.
Instead of focusing on what you can’t control—the next president may or may not pass small business legislation—you should instead focus on what you can control: running and improving your company. Rather than worrying about who the next president will be, spend your time thinking about ways you can improve your own business.
For example, if you’re regularly struggling with cash flow problems because your customers aren’t paying their invoices in a timely manner, it may be time to use an invoice financing service like Fundbox, which allows you to advance payments on unpaid bills. Instead of having to pester your customers about whether their checks are in the mail, you can get the money you need to grow your business advanced to you within 24 hours. You then have 12 or 24 weeks to repay the advance, plus a small fee.
You can’t be sure your preferred candidate will be sworn in as the next president of the United States, but you do have control over your cash flow problems if you take a proactive approach to resolve them. To learn more about how Fundbox can help your small business thrive under the 45th president—no matter whom he or she may be—click here.
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