Preparing for the 2024 presidential election: What business owners need to know

This November, we will have the incredible opportunity to cast our vote for the presidential candidate of our choice. When you think about it, running the country has some stark similarities to running a business. You need to ensure you have the right policies and procedures in place to keep moving forward, offer benefits that help the masses, and of course, keep everything safeguarded (lucky for business owners, we’ve got you covered there!) Of course, there are so many more components to being the Commander in Chief, but you get the idea.

As the 2024 presidential election approaches, small business owners across the country are paying close attention to the policies and platforms of the candidates. While Hiscox has no preference and does not support any political candidate, we have put together some of the key considerations for small business owners to keep in mind, as well as some fun tips to help avoid election burnout.

Top election considerations for business owners

📌 Small business owners need to stay informed about the key issues that could impact their operations and growth. Here are the top concerns to keep an eye on:

1. Economic policies
   Tax rates, deductions, and regulatory burdens are critical factors for your business and can significantly impact your bottom line. Take the time to review each candidate's approach to corporate taxes and how they intend to support the small business community through fiscal policy.
    
2. Access to capital 
   Funding is a necessity for business owners. Access to capital is a big factor for growth and sustainability. Consider how each candidate plans to facilitate access to loans, grants, and other financial resources for small businesses.
    
3. Regulations
   It’s no secret – regulatory compliance can be both costly and time-consuming. Look at the candidates' stances on business regulations and how they propose to streamline or modify existing rules to ease the burden felt by small businesses. Regulations regarding climate and environmental factors are of particular interest this election cycle – there is great opportunity to launch sustainable business initiatives.
   
   📢 Related: The most successful small businesses ideas
    
4. Labor and minimum wage
   If you have staff, you want to pay close attention to changes in labor laws and minimum wage requirements as this can directly affect your payroll and staffing decisions. Analyze the candidates' positions on these issues to understand potential future costs and any possible operational changes needed to sustain your business.
    
5. Diversity, Equity, and Inclusion (DEI)
   As DEI becomes a deeper part of the business conversation, business owners are actively fostering inclusive workplace cultures. As a small business owner, listen to the candidates and their plans for government policies and how they play a role in DEI efforts, this includes policies on fair hiring practices, wage equity, and support for minority-owned businesses.
    
6. Healthcare
   Another important consideration for businesses that operate with staff is healthcare. Become aware of the candidates' healthcare proposals, especially regarding the Affordable Care Act (ACA) and potential changes that could impact employer-provided insurance. Healthcare is a major benefit sought-after by job seekers and employees. If you suddenly can no longer afford to offer this benefit, it can have significant impacts on your business.

The importance of independent research

In an age where information is abundant but often unreliable, it's of utmost importance to perform independent research when evaluating presidential candidates. Here are a few tips for ensuring you get the most accurate and comprehensive understanding of what each candidate looks to accomplish if elected:

1. Diversify your sources: Don’t rely solely on social media or a single news outlet. Instead, read a variety of sources including official candidate platforms, reputable news websites, and non-partisan analysis from think tanks and academic institutions.
    
2. Check original statements: Whenever possible, read the candidates' speeches, policy proposals, and official statements directly from their campaign websites. This can provide clearer insights into their positions without the potential bias of third-party interpretation.
    
3. Use fact-checking websites: Several sources, such as FactCheck.org, PolitiFact, and Snopes, can help verify the accuracy of candidates' and campaigns' claims. 
    
4. Attend local events: If you have the opportunity, attend town halls, debates, and other events where candidates discuss their policies. This firsthand experience can provide a deeper understanding of their plans and priorities.
    
5. Engage in discussions: Participate in community forums, business associations, and other groups where small business owners discuss and analyze the implications of various policies. These discussions can offer diverse perspectives and insights. Do your best to enter these discussions with an open mind. If you disagree with others, aim to disagree respectfully.

Avoiding election burnout

With the constant flow of election news and updates, it’s easy to feel overwhelmed and burnt out. Here are some strategies to help manage election-related stress:

1. Step away from the news and engage in activities that relax and rejuvenate you. Whether it’s spending time with family, engaging in a hobby, exercising, or listening to some great music – like our specially curated election playlist, Ballot Box Business Beats, taking breaks can help clear your mind.
    
2. Taking time to care for yourself is essential, especially during this election season. Self-care helps prevent burnout, thoughts of depression, and more. Be mindful of your needs and take care of your mind, body, and soul. Make self-care a daily habit.
    
3. Set boundaries and limit the amount of time you spend consuming election news. Set aside specific times of the day to catch up on the latest updates and avoid checking news sources outside of these periods.
    
4. Focus on getting the essential information you need to make an informed decision. Avoid getting bogged down by every piece of news or commentary. If ever there was a definition for ‘too much information’ this election cycle is it.
    
5. Keep your focus on your business. Remember, your top priority (after family) should be running and growing your business. While staying informed is important, your business needs your attention and energy.

Making an informed decision

As a small business owner, it is essential to assess how each candidate's policies align with your specific business needs and goals. Consider the potential impact on your financials, operational efficiency, and long-term growth. Stay informed and engaged in the political process to ensure that your voice is heard and that the policies enacted will support your business's success.

📌 Also, keep in mind that yes, of course, the presidential election has implications for your business; however, educate yourself on local elections happening in your region. Sometimes, the local elections can impact your business even more. 

💡✍️ At the end of the day, we are a representative democracy that affords us the right and freedom to vote. This is a privilege that so many don’t take advantage of. This November, regardless of who you choose to support, make your voice heard and cast your vote. And come January, whoever is sworn in as the 47th President of the United States of America, we will continue as a nation. In the incredible words of Mahatma Gandhi, “Be the change that you wish to see in the world.” Be kind, be civil, be respectful, and keep moving ahead.