The federal government’s shutdown is hurting many industries for a number of reasons, but many experts have noted that the impact could be felt among small businesses in particular because they may not have the financial cushion necessary to absorb resultant losses. However, it’s important for owners to keep in mind that their interests are being considered on Capitol Hill during this trying time.
Small business owners may feel like they have little power in this shoving match between federal lawmakers, but the fact of the matter is that there are a number of organizations that are making sure Congress knows full well the impact that the shutdown is having on independent companies, according to a report from the Washington Post. Of course, there are a number of things owners can do to make sure that they’re able to weather the storm, but they’re certainly not alone in worrying about the issue.
“If the thing that could kill your business is X or Y or Z, I’m pretty sure there’s an organization out there fighting X or Y or Z, and there might be big players on your side that you can draft behind,” Paul Margie, a partner at Wiltshire and Grannis in Washington who previously worked on the Hill and at the Federal Communications Commission, told entrepreneurs at a recent industry event, according to the newspaper. “It”s a lot less expensive for you, and you have someone else watching the whole frontier while you just come in and do a little bit.”
However, even beyond the progress (or lack thereof) in Washington, owners can do more on a local level to secure their companies, and that includes working with other entrepreneurs in their areas, or even customers and clients, to make sure their interests are being heard, the report said. Doing so as a means of being heard may seem far-fetched but every little bit might help.
Owners can also make sure they’re a little more insulated from potential financial problems that come as a result of the shutdown by finding lower-cost small business insurance. Getting more affordable premiums for all kinds of coverage, including general liability insurance, could save independent companies thousands of dollars per year and therefore be a considerable boon to their bottom lines, especially if the federal shutdown lasts much longer than it already has.