I have written on this topic several times over the last 12 years: Inauguration Week. More specifically, what happens to the business world after Inauguration Day. When Bush 43 took over in 2001, there was hand wringing. Before Obama took over in 2009, there was hand wringing. And now, with Trump’s takeover days away, the sound of hands (w)ringing, toll yet again.
The problem? That new President-elect. “He / his policies / his party’s policies will ruin my business.” . Doesn’t matter which President-elect, even though it’s hard to imagine that the last three or four president-elects could be more different from one another. Even so, I hear the same refrain I’ve heard every four to eight years.
“I can’t start a business with so-and-so / whichever party coming into power.”
“My business is in trouble with so-and-so / whichever party coming into power.”
Sure, there is some impact
I don’t mean to say there won’t be some impact. This time around, like every time, there is likely to be some impact on the energy business, on taxes, on healthcare, etc. Thing is, they’re impacted seemingly all the time by legislation from both parties, by world events (war, finance, technology changes, OPEC) and more. Is the price of gas / diesel different than it was before Obama? Before Bush 43? Sure. And it will be pretty much every week for years until some point way off in the future when technology matures past the use of those fuels.
However, when it comes to most businesses, the impact is usually trivial and the concern overblown. How you serve your customers and how effectively you sell and market to them has a much bigger impact in most cases than anything some randomly chosen President can do.
Sure, there is a lot of change in Washington. There will be, as always, a lot of pieces moving around on the chess board, and there will be plenty of drama in the news. As there always is.
Little, if any, of this has anything to do with the success of your coffee shop, sandwich store, plumbing business, clothing store, software consultancy, etc.
Don’t let it distract you.
Step away from the drama
There is plenty to look at in the news that can make you take your eye off the ball. Don’t let it win. There is plenty to distract and worry your employees and contractors. YOU have to maintain momentum and leadership. not the TV news. It’s your job to make sure your team doesn’t get distracted and lose confidence over whatever’s going on in the news.
Use all the change as a reason to refocus and stay focused. Use it to rally your team. Remind them that no President has ever had a dramatic effect on your business. Be sure they know that you believe that the group of people working there now will not be the one to allow this (or any) President to be the first to negatively impact your business.
I know this might seem silly to some, but the thought processes are out there. People are always worried about their future when these kinds of changes occur. It’s easy and the news doesn’t help.
You have a plan for the year, right?
I’m sure you have a plan for the year. We’re already halfway through January. Remind your team of where you are toward your January and 1st quarter targets. Given the lack of likely impact by the changes in DC, it’s an opportunity to show them what early trends look like.
Your team and your market has had over two months since the election to settle down. If your business is down since that time, I hope you know why. It might be normal for this time of year. If it isn’t, determine the cause and share it with your team. The last thing they need is to let the belief that four or eight years of that is inevitable.
For the same reason, if your business is up over the last two months, be sure to explain why. Your team needs to know why and how their work is affecting results and not that something completely out of their control (like political change) is driving your business’s performance.
Keep them up to date on the plan, its progress and course corrections you’re making. Keep your eye (and theirs) on the ball.
Want to learn more about Mark or ask him to write about a strategic, operations or marketing problem? See Mark’s site, contact him on Twitter, or email him at [email protected].
Stay Connected with the Daily Roundup.
Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox.