Strategy for the Future

by Kimberly S. Manrow 

As I sit and listen to the politicians and their party leaders of the last two weeks, I am finding myself more concerned about the future of my own business than ever before. This is shaping up to be an election like no other in my business life; leaving me feeling like I need two plans for the future. Business is about seizing opportunity, capitalizing on the right risks and be willing to change with the tide.  The real question is which tide will be coming? They could not be more different on the most important business issues that will reshape the small business climate.

We as small business owners will need to pay close attention to events over the next 3 months and consider having a strategy to deal with the fallout depending on which candidate actually wins. One of the worse places in business to be is unprepared for the winds of change.

I expect few changes for 2016 that will strongly affect many of us, our leaders are too caught up in power struggles to be bothered with tax stuff right now. But there is a long list of employment issues, regulation changes and inflationary concerns coming that will affect every business in this country. 

Most small business owners are often too busy to think much about the future, we spend most of our time just trying to keep up and stop to smell the roses once in a while. I challenge you to think about how $15.00 minimum wage will affect you directly, but more so the burdensome inflation that will come out of it. What are you going to do for all employees’ compensation levels when that happens? How are you going to deal with the new salaried employee rules already law coming December 1? These are just the beginning of new regulation… but what if the floodgates open and you are not ready for it? How long will it take you to take action?  History does repeat itself, which means the ones most poised to seize the day will reap the most benefit.

Most of the clients we have talked with all stated they will have to raise prices to stay in business depending on who wins this fall.  How much are you going to have to raise prices to survive? The planning process can be very enlightening consider exposing yourself and your business to some reflection and critical analysis – think about how well you might sleep being a bit ahead of the curve.