(AmericanProsperity.com) – Now that the 2020 election year is off and running, entrepreneurs and business owners will be playing close attention to all the promises being made on the campaign trail. Tax reform, health care, and minimum wage are issues that will be closely watched as they impact the bottom line.
Historically, consumers may spend more carefully as the election gets closer. However, in the current economy that may not hold true.
According to SmallBizTrends.com, 75% of small business owners say that their cash flow was either “good” or “very good” in 2019. In addition, 40% of small businesses expect to have at least one unfilled job opening in 2020 as the labor market continues to tighten and more people are working than in the previous decade.
Whatever happens in November, there are plenty of opportunities for growth and things that can be done to help a small business thrive during an election year.
Here are a few simple things you can do to grow your business.
Step 1: Be Proactive
Regardless of what happens with trade, tariffs, tax changes, or political uncertainty, there are things you can do to be proactive and intentionally grow your business.
The key is to develop a business plan that can overcome whatever happens. For example, if you need to raise your prices because of a tariff or tax increases, consider implementing a customer loyalty program that retains customers. By providing an incentive, you can create an opportunity to personalize the customer experience, bring them value, and enhance your relationship with them.
It’s always easier to keep a customer than have to find new ones… and for many businesses, profits come through repeat business.
By asking “how can we deepen existing relationships with our customers,” you can brainstorm with your team to unlock hidden strategies and tactics to reward your current customers.
Offering a reward program has the added benefits of increasing the average order value, referrals, and lifetime value of your customers.
Step 2: Improve Workplace Morale
While healthcare costs or the minimum wage debate may keep you up at night, don’t get caught up on the political drama.
Instead, focus on discovering attractive benefits packages that incentivize employees and boost morale.
In addition, concentrate on team-building exercises and extra training opportunities for your employees. You can also offer awards and recognition for high-performing employees.
The more you do to help your employees, the more they will do to help your business.
Step 3: Go Big…
Many business owners like to play it safe for fear of failure. However, in business, there is always a risk of failing. The question is, are the risks smart ones?
Think of it like this — even when things feel safe, the odds are still not with you.
Bigger risks come with bigger rewards.
If you’ve been responsible financially, then you can be bold strategically.
Step 4: Don’t Over-Focus on Weaknesses
Everyone, and every business, has weaknesses. Feeling the need to address them immediately is not always the right thing to do.
If your weaknesses are not preventing your business from growing, the best use of your money and time is to focus on things that do.
It’s all a matter of learning how to prioritize what’s important during an election year. If you know your business will slow down in the fall leading up to the election, then take the time to focus on improving weaknesses when you know it’s going to be slower.
Until then, focus on growth, revenue, and profits so that you can breathe easier in October and November. Then, you can really focus on improving the weak areas in your business without the stress of worrying about revenues, profits, and cash flow.
~Here’s to Your Prosperity!
Copyright 2020, AmericanProsperity.com
