There are many external factors that can affect your business. It is common for managers and owners to assess each of these factors closely. The aim is always to make better decisions for the firm’s progress. Some common factors are political, economic, social, and technological.
The political factors affecting business are often given a lot of importance. Several aspects of government policy can affect business. All firms must follow the law. Managers must find how upcoming legislations can affect their activities. Politics can add a risk factor and lead to major loss. You should understand that the political factors have the power to change results.
Increase or decrease in tax could be an example of a political element. Your government might increase taxes for some companies and lower it for others. The decision will have a direct effect on your business. So, you must always stay up-to-date with such political factors. Government interventions like shifts in interest rate can have an effect on the demand patterns of a business.
The Dallas Area Chamber of Commerce provides business advocacy by:
- Public Policy Committee.
- Advocacy Breakfast.
- Legislative Call to Action.
- Political Corner.
- Keeping apprised of legislative bills that affect our Chamber Members and advocating on our Chamber Members behalf.