Regardless of who wins the presidency this November, when they take office, they’ll have a ton of competing agendas on their plate. One of those agendas is the state of small businesses in America. While small businesses (defined as under 500 employees) make up most of the employment within the U.S., there are a lot of nuances that need to be considered when addressing issues that face those businesses.
For one, “under 500 employees” is a bit drastic and covers far too wide a range of organizations. It’s not that the number is too big to be qualified as a small business, but that there’s a big difference between 500 employees and 10. Tax structures and other laws related to small businesses could stand to be a little more intricate, offering multiple tiers or brackets in order to offer specific incentives depending on company size. Starting a business is hard enough as it is, and small ones have different needs, as well as different abilities, than established companies.
There are plenty of resources out there for small firms, but the economy changes constantly, and there seems to be some concern among small businesses that federal and state governments aren’t going to keep up with that, and neither can small companies. Everyone needs to be well informed in order to survive changes, especially in an era of rapid technological development.
Small business seems to have fallen by the wayside in the current political sphere, with candidates focused on sweeping social reform instead. When the dust settles and a new president is sworn in, Democrats and Republicans alike are going to have to focus on the needs of the economy. But in order to improve the economy, politicians will have to focus on the needs of small, local businesses first. Without any incentives to start a new business, the U.S. will become an oligopoly.