Small Business Owners Need to Prepare for Election Uncertainty

As the U.S. braces for the upcoming presidential election, small business owners harbor a unique set of concerns around how the outcome might impact their day to day operations. From legislation that could affect taxes, healthcare costs and regulation, the political climate will have a domino effect on consumer behavior, financial markets and more.

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. Experts suggest five key principles to prepare for the election’s outcome:

It’s widely known that election years can bring market volatility. That’s why 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.

Jen Stark, who serves as a strategic advisor to Don’t Ban Equality, advises small business owners to pay attention to local laws that might impact employee health benefit concerns, especially around reproductive care.

"Small businesses in states that have passed abortion bans and restrictions are left with the burden of shouldering the costs and chaos facing workers and communities,” she says. “Those workers have to travel out of state, resulting in more time off and greater healthcare costs out of pocket even if their employer has a benefits program to support them."

Shifts in economic regulations are another area small business owners should pay close attention to.

“Political uncertainty in the months leading up to the presidential election can affect confidence and decision-making for........

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