Small business, despite being the backbone of our economy, is under attack. It’s under attack through excess regulation.
It’s under attack by minimum wage threats, it’s under attack by health care, it’s under attack by big business and it’s under attack by consumers.
It’s hard to comprehend the attacks small businesses face when in reality they represent 99% of employer firms, employ over half of all private sector employees and account for 40% of U.S. private sector payrolls. Small businesses and entrepreneurs have long been the backbone of the American economy contributing an estimated 46% of GDP.
Regardless, Washington DC and many state legislatures (e.g. California), continue to promote policies that favor big business over entrepreneurship. In addition, small business is often totally ignored and we end up with policies that have no benefit to, and frequently harm, the real needs of America’s backbone.
So what is a small business owner to do to fend off these attacks? It’s my contention that there’s little to be done to fend off these attacks and instead small business owners should focus on protecting profits.
Let’s face it if, as a business owner, you had infinite revenue would the tax rate and costs from increased regulation really matter? The minimum wage could be $100/hour if you had enough gross profit to cover it! If you delivered unbeatable value and customer satisfaction compared to big business would you really be under consumer price pressure? The answer to these questions is “No.”
So instead of complaining, running scared or riding the cash flow roller coaster (80% of small businesses ride that roller coaster and it is responsible for the vast majority of business failures) let’s dream about a different solution.
What if your business had all the leads it could possibly handle which generated more revenue than you ever imagined? And what if all that caused your business to be so profitable you no longer worried about the threats and attacks because it still made more money? Would that create a more valuable business that was more enjoyable to run and own?
Well that is exactly what successful business owners have done. Many have even turned, or sold, their small business into a medium or, in some cases, big business. Either way their immediate threats have been neutralized and their ultimate retirement or exit strategy has been solidified. So for those owners it is no longer a dream, it became a realistic solution.
What does it take to turn this dream into reality – is it only for unique businesses, is it only for sophisticated owners with special knowledge, or is it only for already super-successful enterprises? Again, the answer is “No” on all counts. Research shows that it can be accomplished by the owner of any business who sets out with the end in mind while equipped with determination, proven strategies and an informed support system.
So rather than spending this and future years feeling threatened or overwhelmed by external forces, protect against attack and fight back by focusing on the things you can control.
If you would like to learn more about these threats and solutions contact the author directly by sending an email to: graham@Grahamsthe1ForBusiness.com