As a business owner in Montgomery County, Maryland, you're busy. You've got employees to manage, customers to serve, and products to develop. It might feel like economic policy is something distant, the kind of thing that only gets debated in Washington D.C. But the truth is that the decisions made by our county's elected officials have a significant impact on your business.
So, what exactly is local economic policy?
Put simply, local economic policy refers to the rules, regulations, and initiatives put in place by local government to influence the county's economy. This encompasses a broad range of issues, such as:
- Taxes: Property taxes, income taxes, and sales taxes for businesses and individuals.
- Zoning and Development: Regulations about where and how businesses can operate, and what types of buildings can be constructed.
- Infrastructure: The condition of roads, bridges, public transportation systems, and utilities.
- Workforce Development: Programs to train workers and match businesses with employees who have the skills they need.
- Business Incentives: Tax breaks or other offers to attract new businesses or help existing businesses expand.
- Licensing & Inspections: Regulations on obtaining necessary business licenses and the frequency and thoroughness of inspections can impact operating costs and compliance hurdles for your business.
Why should you care about these decisions?
They can have a direct impact on your bottom line. Consider some examples:
- Road Development: Good roads help you and your employees get where you need to go. They allow customers easy access to your business and make suppliers' deliveries smoother. Poorly maintained roads do the exact opposite, creating obstacles.
- Future Building Sites: Zoning rules and development plans influence whether there will be room for your business to grow. They also affect the ease of hiring employees, as workers won't want to commute long distances through difficult traffic.
- MoCo Property Tax Changes: A property tax hike can significantly increase your costs, cutting into your profits. Tax policy also affects employee costs—if their taxes rise, they'll need higher wages to maintain the same quality of life.
- Business Incentives: If a competitor is offered special deals for relocation, it puts you at a disadvantage. On the flip side, you might benefit from county programs designed to support and strengthen existing businesses.
How to Stay Engaged
It's easy to feel overwhelmed or like your voice doesn't matter. But by staying informed and getting involved, you can help shape the policies that affect your business. Here's how:
- Attend County Council Meetings: Council meetings are open to the public and the schedule is available online.
- Contact Your Elected Officials: Share your views. Let them know how proposed policies will impact your business.
- Join Business Groups: Your local chamber of commerce or other business associations can keep you informed and advocate on your behalf.
The Bottom Line
Local economic policy isn't always the most exciting topic, but it's vital to the success of your business. Paying attention, and making your voice heard ensures that Montgomery County, Maryland remains a great place to own and operate your business.
Resources in the County that Can help
It is important to stay on top of these issues, but in order to do so, you need to know where to go. Here are some organizations that have their finger on the pulse of issues vital to small businesses in Montgomery County, including economic policy changes and development. We encourage you to check out their website for more information and join their mailing list to get regular updates sent directly to your inbox.