The time a new president enters the White House is always a nervous one for business owners. The economic landscape could be drastically changed in just a short time. It’s impossible to know exactly what will happen, but these are the most likely changes your small business will undergo over the next four years?
- Business Healthcare Costs Will Drop
The Affordable Care Act (ACA) made it mandatory for small businesses to offer health coverage. This was expensive and everything from medical insurance to Cigna dental insurance had to be covered. For example, if your healthcare plan offered dental insurance you would need to pay for everything from basic dental checks to crowns and bridges. If your dental insurers had high deductibles this will likely cost you a lot of money. But it’s almost certain that this is going to be repealed. You’ll no longer need to provide mandatory health coverage to your employees.
- More Funding
Getting funding for your small business has always been tough. Low interest rates are projected to last for the foreseeable future, so the chances are you’ll still be able to obtain funding from banks. Throw in the growing number of online investing platforms and you have more options for funding than ever before. Successful small businesses will find it easier than ever to expand because the money will be there.
- Fewer Conventional Employees
The days of an office and employees sitting in a cubicle are coming to an end. Technology enables most employees to work from remote locations. This makes it more pleasurable for your workforce and less demanding on your budget. In the next four years, you will downsize and more of your employees will work from home. It’s not inconceivable to assume that your business could be made entirely of remote workers.
- The Empire of One
Did you know that 70% of companies in America don’t have payroll? It’s a trend that’s constantly going to increase, especially if the wider economy hits turbulent times under President Trump. This will encourage more people to start businesses without employees.
This doesn’t mean they won’t outsource, but they won’t have any employers at all. And this won’t impact your performance purely because the outsourcing revolution is here.
- Dealing with Employee Welfare
If you do have a team, you need to be prepared to address employee welfare more than ever before. The millennial generation has taken over and they won’t carry out menial work with a nod and a smile. They want to feel as if they have a purpose. And they want to be valued for the work they do. More of your time will need to be dedicated to the conditions of your employees and whether you’re giving them a sense of fulfillment. If you don’t do this, the better talent will go elsewhere.
Last Word – Await the Change
These five changes should make you aware of some of the big alterations that are likely to hit small companies over the next four years. Prepare for them now by making alterations to your plans today.
Do you think all these changes will come to pass?