No matter whom you voted for in the recent presidential election or where you stand on the divisive issues plaguing the country today, you are likely well aware that change is afoot. If you are a small business owner, you’re probably extremely worried or, conversely, very hopeful about how these changes will affect your business. Although the administration is still getting its feet wet, it’s wasting no time putting its agenda into place. If you’re a small business owner, here are some things to keep in mind moving ahead into this president’s term.

Regulations

In the course of the past few weeks, President Trump has reaffirmed his commitment to reduce the regulations that affect both large and small businesses today. This appears to be positive news to business owners who find government regulations to be highly restrictive. The president has proposed to eliminate two regulations, according to Forbes, for every one that’s enacted. While this has a positive ring to it, business owners are still concerned about how this promise will play out. What regulations will be scrapped, in other words? Moreover, business owners worry about the arbitrary nature of this promise and what it will ultimately boil down to. For now, there’s uncertainty regarding these regulations, but it’s almost certain that the president will try to axe as many as he can.

Lower the Business Tax Rate

During his campaign, Trump asserted that he would lower the business tax rate. This appeared to be something all businesses could get behind, but if you’re a small business owner, you might not be quite so quick to wave your pom poms in cheer. According to USA Today, the majority of small business owners “operate as “pass through” entities – sole proprietors, partnerships, “S” corporations, LLCs – which are not allowed to retain profits within the business. With this detail, it’s likely that only “C” corporations – generally larger corporations – will benefit.” In addition, small businesses will need to closely examine the tax loopholes that the president wants to shore up. Deductions that many small businesses count on could be lost with a more simplified tax code. Now, that hasn’t come to pass, but it’s something the small business owner should keep an eye on going forward.

Health Care

President Trump and Congress are committed to doing away with the Affordable Care Act (ACA). It is still largely unclear what will – if anything – be put in its place. Naturally, many small business owners are concerned about this uncertainty. For instance, female business owners have found it hard to pay for insurance that included maternity coverage. Some experts fear that solo proprietors of businesses will find insurance premiums go through the roof, especially if they are in a high-risk category or have a pre-existing condition.

Minimum Wage

The federal minimum wage change slated for implementation this past fall (2016) is still held up by an injunction issued by a federal judge in Texas.  It is unclear what will happen next with the federal minimum wage.  However, many state and local agencies have already taken steps to increase minimum wage on a local and state level.  Of course businesses are required to pay the largest of the local, state and federal standards.

Travel Ban

The President’s temporary travel ban which targets seven predominantly Muslim nations has been put on hold by the three judge panel of the 9^th Circuit Court of Appeals.  One interesting point, the Court concluded the executive order could be applied to existing permanent residents as currently written.  This could have obvious ramifications to the labor force. It will be interesting whether the White House elects to take this issue to the U.S. Supreme Court, rewrite the order or take a different path entirely.

As you can tell, there is still considerable uncertainty. The biggest impact on small businesses now is how these prospective changes are cause for concern among small business owners. There’s no doubt that the political climate is stressed, but one thing is certain—Trump has always had a soft spot for business. Whether that soft spot will encompass small business owners remains to be seen.

If you would like to discuss your specific circumstances, please give us a call. We’d be glad to speak with you.

Research shows that 90% of what we communicate to others is non-verbal.  60% is our body language.  Tone of voice makes up another 30%.  Speaking loudly does not mean you will be heard. In fact, speaking loudly often makes it harder for people to understand what it is you are saying. Aggressive speech and harsh tones may also elicit a variety of unintended emotions from people, especially from those at which the message is directed–feelings of anxiety and suspicion to fear and resentment. When intense emotions come into play, that manager is no longer able to do what is expected of them–and that is to manage a company with a calm, powerful sense of self-confidence, compassion and business acumen.

Training the Ego To Speak Without Shouting

Some managers are under the impression that they need to speak above others to be heard or to emphasize their presence when entering a room or conducting a meeting. Managers possessing the necessary skills, experience and intelligence to have been put in a position of leadership should not lack faith in their ability to be heard above the noise of conflict without shouting.

Understanding how and why the ego behaves the way it does can help managers learn to lead without shouting. Sigmund Freud conceived the concept of the ego when he formulated his psychoanalytic theory of human development almost a century ago. Although Freud considered the ego to be a sort of rational mediator between our childish, selfish impulses (the “id”) and our overly rigid, ritualistic “superego”, the notion of the ego today involves how much self-esteem, self-pride and self-admiration a person has. As with everything in the world, too much of something is usually not a good thing–especially a manager’s ego.

Check Your Baggage at the Door

To be an effective and trusted company leader, you often have to check your ego at the door and realize that excellent leadership draws its strength from other people, not from the leader themself. Although one may think they can lead by being “bigger than life”, the truth is you cannot be a good leader without respecting the egos and needs of other people. Empathy plays a huge role in being an effective manager, although the ego often resists being demoted from first place to last in line.

“Passionate Leaders aren’t Loud–They’re Deep”

This great quote by Erika Anderson writing for Forbes reiterates the validity of leading quietly but passionately while refusing to let that pesky ego insist on shouting at everyone in a vain attempt to come across as a “strong ” manager. The best way to earn the respect and loyalty of another is to make them feel meaningful. The search for meaning in life is one of our many innate drives that compels us to seek out relationships with others.

Whether that relationship is a business, social or intimate relationship doesn’t matter. What matters is that peers and subordinates feel a deep satisfaction in realizing that someone else sincerely respects their abilities, their talents and their thoughts. This is what Anderson means when she describes passionate leaders as deep–not loud.