Restoring confidence in the economy is a tall order for any White House administration. However, smart entrepreneurs with savvy business plans that take advantage of political “change” are actually the ones best equipped to help restore economic optimism – whatever their political leanings might be.
Here are some ways in which small business can act now to ensure they are in the best possible position when President-elect Obama’s proposed economic stimulus package is implemented.
Align your Business with Sectors Expected to Receive a Cash Injection
It is widely expected that Obama’s planned economic measures will provide a cash injection to budget-constrained state and local governments, with a priority on schools, police, transportation and health care. Odds also are good that infrastructure funding will be part of the package.
This funding measure will represent an immediate opportunity for small businesses – particularly in the area of construction, engineering, and IT. And, in the long term, community-based small businesses should start to feel the impact as new jobs stimulate consumer spending.
If you want to be on the cusp of this growth opportunity, consider whether government contracting is right for your business. If you can identify a need for your products and services within this sector, now is the time to start uncovering opportunities, marketing your brand, and building an understanding of the process of doing business with the government.
Check out my earlier blog post for tips and guidance on doing business with state and local government and finding the right opportunities for your business.
The Small Business Administration (SBA) also offers a wealth of information on getting ahead in local government contracting.
Take Advantage of Small Business Help from the Government
The Small Business Administration (SBA) has put together a one-stop-shop Web portal – Helping Main Street – that has a whole host of funding, training, and mentoring resources to help small businesses navigate the credit crunch and prepare for recovery. Read more about it in my blog post – Uncle Sam can help you find Opportunity in Today’s Economy.
The SBA should be your first resource for authoritative help, with an array of loan programs that are already in place.