As of the date of this post, we have witnessed one presidential debate and the only planned vice presidential debate of the 2020 election. The purpose of this post is not to discuss what was said during the debates but rather what was not said during the debates.
Both sides of the aisle agree that entrepreneurs are the key drivers of the US economy. When the macro-economic environment is right, history shows that the greatest job growth and prosperity for the middle class and working class is directly linked to how successful the small and medium business community is performing.
All entrepreneurs are generally independent-minded people who started their businesses because they wanted to impact the world in a positive way and forge a new path for future generations. They don’t expect handouts; but, due to these unprecedented times, government intervention is definitely necessary to ensure that post-pandemic economic recovery is as smooth as possible.
Any successful post-pandemic strategy needs to include government plans that assist and promote the SMB community to first get back on its feet and then create jobs and add value to our communities. While there are programs currently in place — PPP, EIDL Programs, etc. — there has been no discussion, from either candidate, of how these programs, or any new programs, will be deployed to help small businesses.
The programs that are currently in place from the Treasury and SBA have been helpful; but their impact has been stalled due to the impending election. All US citizens need to know what both candidates plan to do for the SMB community once the election has been decided. By not specifically stating what stimulus packages are planned for these owners, it is hard for people to know if their businesses have a viable long-term path to recovery. And when owners aren’t sure which strategy that they should employ, they are unable to make critical hiring and infrastructure investment decisions for their business.
Action Steps for Entrepreneurs
All entrepreneurs and business owners need to forcibly request specific guidance from both presidential candidates and local elected officials. You can reach out to your local chamber of commerce or SBA community group to locate avenues to voice your concern over the lack of support and clear direction for the SMB community.
It’s not only the time to vote, but it’s also the time to be vocal. Get the information that you need in these challenging times.
Take-away: AcceleratingCFO is asking all business owners and entrepreneurs to step up their activity and seek guidance from their politicians. It is important to remind our officials that the SMB community, through job creation and GDP generation, will help America heal.
Co-founders & Managing Partners