How Your Small Business Fits in Trump’s EconomyJuly 25, 2017 9:29 am
What happens when a consummate businessman becomes the CEO of the biggest business in the world? Well, we are slowly finding out, now that Donald Trump is President of the United States. But what will it look like for the small business owner who’s operating within the biggest business in the country? This article seeks to unpack a few of the lesser-known things that having The Donald as Commander and Chief could mean for small businesses.
Business Promises Aren’t Absolutes
The first thing to note is that, despite powerful rhetoric, promises made by CEOs have to be taken with a grain of salt. Most C-Suite personnel are big-picture operators. That means statements can be overblown to make a point—or inspire employees. In the case with Trump’s promises, some degree of overstatement is to be expected.
A Positive Climate Translates to Business
For the most part, consumers are like lemmings. They go where the masses go, feel what the masses feel, and think what the masses think. This means that when the head of the government is feeling altruistic toward business, the rest of the country feels it too.
This echo effect of socioeconomic positivity will have people willing to invest more freely and purchase more readily, which will make businesses grow more enthusiastically. The role of emotion in making purchases is a relatively well-known idea. And making decisions for business is no exception to this often-researched phenomenon.
Business Growth Will Be Rewarded
Much of Trump’s plan involves eliminating the penalizing approach the previous administration seemed to have toward businesses. By lifting regulations and taxation policies that have made operating a small business difficult in the past few years, small businesses can expect the freedom to strengthen their bottom line.
This kind of opportunity, mixed with the second point of positive thinking, means many businesses are going to get slap-happy with their choices. Making sure not to get carried away with all the good vibes will help insulate any owner from poor—though well intentioned—business decisions.
It’s Still Just a Numbers Game
Despite all the favorable changes for small businesses in the new administration, the proven elements that make for sound business decisions still come into play. Trump may have shocked everyone with his win last November, but the world still operates on the same principles as before—believe it or not.
Positive mojo aside, there are still plenty of factors that dictate small business success that even Trump can’t touch. To coin a phrase: consumer spending, financial lending, and legislation pending all have ultimate say in how Trump’s economy will pan out.
So how does your small business fit into this wild-haired economy? If you can make the most of the positive hype, keep your head straight through crazy times, and remember those things that most affect your bottom line, you might just be entering one of the best seasons of business we’ve seen in a while.
Tags: business owner decision making, small business in new administration, Trump and small business, US president as CEO
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This post was written by SMB Insurance