When Life Throws You Lemons: The Trump Administration and Small Businesses
Now that the reality has began to settle in our minds of the surprised victory of President-elect Trump, it's now time to prepare for his quickly approaching administration to take office and the massive changes we can expect.
What Can My Small Business Expect From The Trump Administration
As the saying goes, when life throws you lemons, you make lemonade. That cliché in a nutshell is how small businesses will have to look at our business at least for the next four years. With that said, let's shed a bit of positive light on this situation.
Sage, a market leader for integrated accounting, payroll, and payment systems, conducted a survey from more than 500 small to medium size business leaders and discovered business confidence is high in the U.S.—62% feel confident about their businesses’ prospects over the next six months, compared to a global average of 52%. In fact, only 38% believe the results of the U.S. election will have a negative impact on their business, while 51% believe a Trump administration will have a positive impact.
It is so important to the survival of our small businesses that we consider these types of statistics, even if we feel, it's completely, "wishful thinking", because as Trump himself said on an episode of his reality show The Apprentice, you must have high energy, to succeed in your business. It is necessary for us to feel positive, and continue to have a healthy outlook when it comes to running our businesses. The high energy is the force we exude that fuels our businesses to succeed. No matter what administration is in office we must continue to make lemonade.
Hopeful Effects of Linda McMahan for Women Small Business Owners
In a statement by Jane Campbell, President of Women Impacting Public Policy (WIPP), women small business owners are one of the fastest growing segments of the American economy. In the Black Enterprise article by Carolyn M Brown, "Trump’s Head of SBA Pick Impacts Minority And Women Entrepreneurs", Ms. Cambell along with WIPP express that they are hopeful that McMahon will work to ensure women entrepreneurs have everything they need to thrive and grow.
The article goes on to say, “As a former small business owner, who grew her business to a publicly traded organization, we hope Mrs. McMahon continues the strong work of former administrators Maria Contreras-Sweet and Karen Mills, in recognizing women business owners’ economic power,” added Campbell. “In particular, we encourage her to focus on their capital and government contracting needs.”
In a statement, Trump said, “Linda has a tremendous background and is widely recognized as one of the country’s top female executives advising businesses around the globe.” He added that his administration is “going to bring back our jobs and roll back the burdensome regulations that are hurting our middle class workers and small businesses.”
As a co-owner of Women’s Leadership LIVE, an organization for women professionals and entrepreneurs, we can be hopeful that Ms. McMahon can relate first-hand to issues surrounding women and minorities with their American small businesses. We are hopeful that she will look at her appointment with great seriousness, remembering her humble beginning as a receptionist, welfare recipient, and meatball sandwich maker, along with all the struggles she and her husband endured to become the owners of a multinational corporation.
So, as we prepare for the Trump Administration to take office in less than 45 days, we do have glimpses of possibilities to consider which could give a level of hope that maybe, just maybe, it's going to be alright.