Historically Presidential re-election years have seen employment trends that occur over the 24 months leading up to the election influence voting outcomes. Plainly put, it’s easier for a president to get re-elected when the numbers of Americans who are laid off decreases.
Small Business Owners and the 2012 Presidential Election
A lot of private sector job growth is created by small business owners. In fact, the Small Business Administration reports that nearly half of “all private employees” work for small businesses. In late 2011 holiday sales and signs of economic growth, however slight, helped to increase optimism amongst small business owners.
Question is whether the employment trends and optimism are enough to make small business owners decide to stay with a president who came into office when the bottom appeared to be falling out of the stock market and the housing and job markets but under whose leadership the country has begun to experience growth. Or if small business owners prefer to let a new man (as the women have bowed out of the presidential race . . . we’ll get there one day, and hopefully one day soon) try his hand at market and job growth at a time when global markets, especially European markets, continue to be shaky.
Time will tell.
Small Business Owners Focus Areas Before and After 2012 Presidential Election
What you don’t have to wait on is a list of items that are important to you as a small business owner. No one can compile that list for you as events impacting your business are different than they are for other business owners. As we get closer to the election, consider the key items that are most important to you as a small business owner, items like lower taxes and fewer payroll forms to complete and submit to local revenue departments. Then study the candidates, how they have voted on policies and laws in the past, etc.
Following is a beginning list of changes small businesses might benefit from receiving over the next four years:
- Easier access to capital (improved credit conditions)
- Reduced employee health insurance premiums
- Lower taxes for solopreneurs, specifically lower Medicare and Social Security Administration taxes
- Increased funding for local training programs that prepare Americans (who can’t afford the cost of college tuition) for job readiness
- More equitable federal regulation guidelines so small business owners aren’t made to spend nearly 36 percent more per employee than large firms to meet federal regulations requirements
- Continued mentoring programs that target women and other under-represented American small business owners to encourage a greater percentage of these small businesses to break through the $1 million annual revenues ceiling
- Full investigation into what caused the 2007 mortgage and banking crisis so as a country we know how to prevent similar events from happening in the future
- National Self-Employment Initiative as outlined by the National Association for the Self-Employed (NASE). Namely a simplified tax code, financing for small businesses thru local banks/lender, state small business training programs, etc.
Of course, some items small businesses want are outside presidential influence (e.g. increased product sales, deeper employee engagement and commitment). That said, what additional policy changes would you like to see over the next four years, changes that directly impact small businesses? We love it when you leave constructive and thoughtful comments at Write Money Inc.