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5 ways the Trump Administration can positively affect small business #smallbusiness

President Elect Donald Trump has promised to make America great again.  As the future President fills his Cabinet, With the growth of self employment and 28 small businesses existing in the US to date, the next Small Business Administrator has the ability to grow or limit organizations making up the backbone of America. Carol Roth of Entrepreneur gives 5 suggestions on how to not only make America, but also the small business industry great again.  

  1. Appoint someone who understands small business and its ecosystem:  "Around 22 million small businesses in the US have no employees" while approximately “6 million do have employees.”  Understanding how policy will affect these organizations and how it can help grow the fraction of venture backed firms is important to the success of all small businesses.
  2. Regulation expert with an understanding of small business consequences: Understanding regulation and its possible affect on various types of small businesses is extremely important.  According to Roth “Tax reform will need to be structured to account for those who use corporate legal structures like C-corps, as well as the majority of entrepreneurs who use pass-through entities like single-member LLCs. It should also take into account definitions, like that of a 1099 employee (especially given the growth in freelancing) and whether a franchisee of a major corporation should be considered a small business (my take: it should).”  
  3. Embrace Technology:  Innovative technology has always been a weakness of the government.  Creating one simple portal that connects all small business options in one area will go a long way in helping organizations looking for information.
  4. Collaborate:  Small businesses and government departments have a history of not collaborating.  If the small business departments are to run smoothly and effectively, collaboration and compromise must be achieved in order to help promote and grow multiple departments and multiple businesses.
  5. Progress over Politics:  Easier said then done, but valuing progressing small businesses over political gains is important to help American organizations grow.  According to Roth, the “National Small Business Week is more about administrative self-congratulating and less about providing resources to those who need it.”  Changing this mindset and making it effective for business owners is necessary to help our economy grow.

Entrepreneur

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