Some people just can’t stand politics. They’re fed up with hearing about it and they decide that they’re just going to ignore it. As long as it doesn’t affect their day to day lives, why bother getting obsessed with it? 

That mentality is fine for some people, but if you are a business owner, you don’t have the luxury of ignoring politics. So many small business owners underestimate the impact that political developments can have on their company, which means that they are unprepared for difficult situations. Keeping up to date on current affairs can help you protect your business and plan ahead for difficult periods, so even if you don’t normally engage with it, you need to start paying attention. Here’s why all business owners need to stay up to date with politics. 

Customs Issues 

Political relations between countries have a big impact on customs issues, which affects any business that ships internationally. Brexit is the most recent example of this and many businesses in the UK are now struggling to get to grips with the new regulations. Any country can be affected by new customs laws and poor relations between countries can bring trade to a halt entirely. A customs brokerage firm can help you navigate tricky customs issues but it’s important that you are up to date with any political developments involving countries that you do business in. If tensions are rising, you can expect some disruptions and knowing ahead of time helps you prepare. 

Taxes 

In any election, taxes are always one of the biggest issues under discussion. It’s important that you know the taxation position of the various political parties because it has a direct impact on you and your business. If a new government is planning to increase business taxes, you need to start making adjustments to your accounts to accommodate for that. Remember that you have to pay federal and state taxes, so you need to pay attention to politics at a local and national level. 

Employment Regulations 

There are so many regulations around employment and as a business owner, it’s up to you to stay abreast of it all. There are different minimum wage laws in different states, and they are subject to change. Laws about healthcare provision and pensions may also change too. Rules around hiring new employees are always evolving too, and your duties in terms of managing discrimination, for example, will change. 

Some political groups are lobbying for more stringent employment regulations that increase your responsibilities while others are in favor of relaxing the regulations. Any changes either way will cause a lot of disruption to your business, and you may incur a lot of added costs too. As long as you are up to date with any planned changes, you can start preparing your business. 

Even if you didn’t like to engage with politics before you started a business, you need to start paying attention now. The decisions that are made at a national and local level have a direct impact on your business and they can put a lot of pressure on you. It’s important that you are up to date with the latest developments so you can prepare yourself.