The economic upheavals of the past few years have left many New Jersey small business owners struggling and worried about the future of their business. As a small business owner, you must try to find a balance between keeping your business afloat, while not sacrificing quality.
Both the big picture and the small details matter
There are many things you can do to increase your business’s chance of surviving through challenging economic times. It is important to keep an eye on the big picture, while also paying attention to certain details.
Before making any changes, perform a big picture review of your business. Revisiting your business model may help you spot things that need to be changed, or processes that have become inefficient.
At the same time, look at seemingly small things that could potentially have a large impact on your business. Is your parking lot large enough? Do you offer water to customers in your waiting room? Making small changes such as adding some extra parking spaces, or putting water or coffee out for customers, can have a positive effect on your business revenue.
Review employee roles and responsibilities
Although you may value and appreciate all your employees, the reality is that performing an inventory of staff may be necessary. Some positions may no longer be necessary.
If you have open positions, do not automatically assume you must pay a lower wage or hire less-skilled employees for your business to survive. Paying a higher wage for an employee with more experience or highly desirable skills can pay off in the long run.
Keep cash on hand
Many business leaders recommend having a readily available supply of cash. Opening a line of credit with a bank can help if you suddenly experience cash flow problems.
One of the most important things to realize is that your business is unique. Some of these strategies may work for you, and some may not. No one knows your business better than you, and there may be other ideas that work for you. Discussing your situation with an experienced business attorney can help.