The Regulatory Strategy for Small Business

It is common knowledge that small business drives job growth and in hopes to generate more jobs, President Obama is ordering government agencies to consider reducing burdens on small businesses. In fact, the president urges a “government-wide review” of business regulations as stated in a Wall Street Journal Op-Ed article. This review of business regulations aims to help small business owners and this is a welcome reprieve as the industry is given a much-needed break by the government.

small business regulatory system

Striking the right balance is important in business as in life. For so long, small business owners have been stifled by different regulations apart from other risks in operating a business, such as the most recent financial woes that businesses continually find themselves in. Red tape is prevalent in every state and in every country and this hurts the overall economy.

Change is inevitable and the rules and regulations that have worked for the past millennia may not be practical considering the changes in the economy over time. One of humanity’s greatest traits is the capacity to adapt. It is not surprising, in fact it is a need, for a review on what strictures business owners face and if it should still be the same in today’s generation.

To quote from the President’s article, “Small firms drive growth and create most new jobs in this country. We need to make sure nothing stands in their way.” Now, this is what small business owners have been waiting a long time for.

After all, business owners are not asking for a hand out, we’re asking for a hand up. A little help to alleviate the seemingly tight hand which holds the business person’s throat. It is about time that the industry which is responsible for job creations amidst mass lay-offs from big corporations be given a little leeway.

This regulatory strategy is of course met with appreciation but also with a hint of skepticism. After all, practically everybody is wary of political posturing. Everyone wants to know whether this strategy is really directed at helping business owners or whether this has a hidden agenda other than strengthening government ties with small businesses.

Nevertheless, this strategy increases our hope that this move will make a difference and small businesses would be given what it is due. Only time can tell whether this latest strategy would be for the betterment of an ailing industry.

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