The long, arduous 2016 US election has finally come to an end with Republican Donald Trump emerging victorious against Democrat candidate Hilary Clinton.
This, after Donald Trump won in battlegrounds Florida, North Carolina, and Ohio.
Today many investors globally woke up to the shocking news of Trump´s win that raised panic and fear in the market that the global political order will be severely disrupted.
The global markets have plummeted with the Dow set to open at 800 points low as an initial response to the results.
The results has also pounded currencies across Asia.
Trump´s planned economic policies
Figuring out Trump´s exact economic policies is a difficult and complicated task. However, during the course of his campaigns, he has mentioned what he intends to do once he takes control of the oval office.
- Tighten Immigration Policies
It is perhaps Trump’s anti-immigration stance that gave him the win. He has promised the American people that he will deport illegal immigrants and lock the doors for those who come to look for jobs and opportunities.
Trump believes that decades of pro-immigration policies have destroyed America’s middle class. He thinks that foreign workers holds down salaries, keeps unemployment high, and makes it “difficult” for the average working American. This is why he intends to impose strict immigration rules.
- Correct Unfair Trading Practices
It is true that there exists a lot of unfair trading practices today. An example that Trump always mentions is how China pirates American technologies and patents as well as China´s production of counterfeited goods.
Trump´s stance is to impose punitive tariff on imported Chinese goods or impose tariffs as high as 35% on imported goods.
- Reward companies´ Investment in America
“Make America Great Again” is Trump’s winning slogan. In line with this, Trump believes in pro-business policies that reward companies that “Invest in America, return to America, stay and thrive in America, and create in America”
Is your Business ready for a Trump Presidency?
Soon after Hilary Clinton has conceded via a phone call to the new President of the United States – Donald Trump, it is time for businesses to start making plans.
President Trump has reiterated in several campaigns across America that he will modify or cancel any business, or trade agreement that hinders American business development, or is shown to create an unfair trading relationship with a foreign entity.
If Trump´s economic policies are policies that may have significant effects to your business or the way you operate business today – are your back-up plans ready?
Nothing is set in stone, of course, but at this day and age following the volatility brought about by Brexit not so long ago, businesses cannot take chances anymore.
It is worth mentioning that Donald Trump is a businessman more than a politician. He understands the plight of businesses more than any politician ever would.
Nonetheless, it is in these times that CFOs or Financial Controllers together with the CEOs play a crucial role. They must now draft a plan for potentially affected line of business to ensure it stays afloat in preparation for a feared market turmoil whether it happens or not.
The role of finance
At this moment the unstable dollar deters future investments abroad or at home. It is during these times that the role of finance departments cannot be overemphasized.
Finance departments under the leadership of their CFO must ensure that they have a clear and streamlined finance process to ensure they have a realistic picture of their organization’s current financial health.
What many people consider as mere tedious and irrelevant exercise – budgeting and forecasting – is now crucial (considering all other factors of market volatility combined) to ensuring businesses can weather through market uncertainty.
Businesses should have clear insights as to how certain strategy changes will affect their cash flow, their balance sheet, or their allocation of resources.
Performance Canvas by DSPanel, is a Microsoft Excel-based Corporate Performance Management tool that can aid finance departments of mid-sized to large organizations towards streamlined budgeting and forecasting process.
But before we forget, Congratulations to America’s 45th President – Mr. Donald Trump and we wish unity and greater collaboration for America.
(This article is based purely on the writer’s point of view and is a business oriented article more than a political one)
DSPanel offers cutting edge technology platform for business analytics, planning, and visualization. DSPanel designs, builds, and operates with the end users in mind. Performance Canvas was created by DSPanel to answer the unarticulated needs of the market not addressed by previous available solutions. With Performance Canvas, information is transformed into valuable business insights for the business executives to utilize in their decision-making process. DSPanel currently has over 2500 organizations deploying their solutions.