The world we live in continually puts small businesses and corporations under so much pressure. As a serial entrepreneur, this is why it is extremely important to be in the ‘know’.
For the first time, I was totally surprised by the number of bills the General Assembly in the State of Delaware presented over the past two weeks that either adversely or positively affect small businesses.
Both Mike Quaranta, the President of the Delaware State Chamber of Commerce and Ed Capodanno, the President of Associated Builders & Contractors, Delaware chapter, did not hesitate to connect with me and bring me up to speed. I wanted to know first-hand, how can we, the Minority Owned businesses in the private sector help?
And after I carefully reviewed the bills, I also saw areas of concern, and did not hesitate to chime in and assist in advocacy. At TABS, our vision – is to address the ever-growing challenge that new or existing entrepreneurs face because of not having or knowing how to prepare, acquire, and implement the tools needed in order to sustain or grow a successful business.
For 15 years TABS has become the voice for the voiceless across multiple cities.
So, you may ask, Tanya, how does government policy affect small businesses and corporations?
You must understand that the government creates the rules and frameworks in which businesses are capable to contend against each other. From time to time, the government will modify these systems and frameworks forcing businesses to transform the method they operate. Business is thus eagerly affected by government policy.
Some legislation proposed does not make good business sense. However, some do! Just like anything else, the key to developing any legislation, must include individuals from the business community at the ideation phase of any bill. When and if this is done upfront, it minimizes conflict by the time it arrives at the General Assembly. However, if it does not happen, conflict arises.
Why is understanding legislation important?
Understanding legislation allows entrepreneurs to learn what legislatives affects their specific industry – simply put, it matters! Especially, when you are focused on building a healthy and sustainable business. The truth is many of us don’t pay attention to legislation, until after it is passed. The days of starting businesses without conducting your due diligence and having the necessary legal and regulatory requirements are over!
If you are a small business owner, it’s important to understand legislation. You must become actively engaged.
Since I oversee a few companies -attention to detail is critical and could be costly if imposed.
I urge new entrepreneurs to start now!
I had to stop, think, and raise my hand…
“What can I do as we move forward?”
I joined the legislative committee of the Associated Builders & Contractors. Ed took me on my first field trip to the Delaware Legislative Hall. Mike and his policy staff member, Tyler did not hesitate to point where the bills were housed, answer all of my questions and share with me how to notify members of the House and oppose a bill. And it did not end there, I was given an opportunity to speak and oppose the bill with assembly members.
Out of the blue, a business colleague, Fabrique Dubecq from Comcast Business invited me as a guest to the New Castle County Chamber of Commerce’s policy breakfast where Delaware’s Governor – Governor John Carney was the keynote speaker.
Relationship-building with the RIGHT affiliates – affects how far you go in your business.
So, ask yourself, what can you do to understand legislation?
I made up my mind that I want to continue to sit at the table, despite my lack of experience with legislation.
It doesn’t matter what your socio-economic background is/was, it’s time to put in the work to grow your business with the proper regulatory controls in place. In your business plan, there should be a section that captures the legal environment (e.g., special regulations covering your industry or profession).
If you know what these are, then when legislation is presented, you will know how to respond accordingly.
As most of you know, I don’t even like politics. It’s normal to not have these skills due to various factors. I’m straight up saying that these skills can be learned. I recall, when we experienced the real estate crisis, and the government-imposed regulations that were costly on corporations (e.g., the financial institutions). It was at that moment; I pursued my master’s in business administration with a concentration in homeland security. I wanted to make sure I understood back then how the government affects the private sector when government regulatory changes cross over into the private sector. This is where politics matter! Click here and review this article from the Delaware State Chamber of Commerce. https://www.dscc.com/legislativejournal/this-week-in-dover7708220