A presidential election, and public decision on who will be allowed to hold the reins of power, can have profound implications for the entire world … including business. Presidential direction and policies can affect the economy, regulation, monetary policy, international trade, innovation, and many other aspects of commerce.
This is one of two posts about how executives, managers, and owners can prepare themselves for business after the U.S. presidential election. Many have cast the election as a referendum on the economy, assuming that whoever gains power will be in position to either rescue or mire business conditions. However, while it is a popular position, no matter who you think would be better for the economy, from a managerial viewpoint, betting on everything suddenly being just fine whether Obama or Romney gets the nod is a mistake.
With all the power a president can wield, you might think that blaming or praising them for the strength of the economy is reasonable. And yet, presidents have limitations on what they can do. For example, President Obama was not the cause of short-term gasoline prices, which are more the function of global demand patterns. Energy policy, like much of what a president does, is long-term in nature. Change the tax code like both candidates say they want to? This could take years, if even that soon, to pass.
Similarly, any changes in regulation of business can take long periods of time to put into place, even with the cooperation of Congress. Government spending patterns in 2013 are set in 2012. Furthermore, there are outside conditions to consider in a global economy. The fiscal disasters of the EU are not over and they will continue to affect businesses everywhere.
China has seen significant slowing of its world-moving economy. You simply cannot assume that, somehow, things will be magically better in the next year or two no matter who is elected. That means being ready to intelligently control spending, increase efficiency, and use data to make prudent decisions. In a modern world, business owners, managers and executives need greater knowledge and experience to make better decisions.
A contemporary program like the MBA online offering from American Sentinel University, can provide the tools you need to navigate difficult times. Foundational courses such as managerial economics, business simulations, organizational behavior, finance, and strategic management, provide the necessary theory and practice to create and manage strategy and efficiently run operations.
In addition, American Sentinel’s contemporary MBA program has a strong expertise in applying geographic information systems (GIS) to complex big data analysis. By using location as a way to bring together otherwise disparate data, GIS can help uncover relationships, trends, implications, and insights that can help businesspeople identify and address weaknesses before they cause too much damage to the company.
The emphasis on using data and analytic principles to improve forecasting, risk management, and operations offers the additional tools necessary for a fast-changing and often dangerous world. The combination of a traditional foundation and advanced data analysis techniques is what can allow a business to survive, no matter who is elected president.