Navigating 2022: A Challenging Environment

The past two years of uncertainty created many challenges for business owners. Hampered by a lack of workers and declining profits, many small businesses were forced to close, some permanently. As businesses strive to return to normal, owners are still facing hurdles that may be difficult to overcome.

Supply Chain Shortages

Many businesses continue to suffer from delays in receiving products and materials. When it is possible to obtain needed goods, the cost to purchase them may be higher, forcing the business owner to raise prices to meet production targets. Even so, products that are in high demand by your customers may still be impossible to get.

Staffing Issues

Workers haven’t returned to the workforce as quickly as expected, leaving business owners scrambling to find help. Shortened business hours or fewer days when the business is open may be the result. Some business owners have learned that offering incentives, such as higher pay, flexible scheduling, and a good benefits package, helps them attract new employees. Employees who enjoy an equitable work-life balance are also more likely to remain with the company.

A Decline in Foot Traffic

With fewer people in stores, businesses have had to get creative. Curbside pick-up, take-out and home delivery have become so popular that customers are reluctant to give up their convenience. Continuing to offer your customers these options, or implementing them if you didn’t offer them before, may help your business remain competitive.

No Online Presence

Take advantage of the internet to get your business noticed. Developing a website can make your business known to more potential customers. Offering online purchasing or coupons is another way to increase sales volume. Creating a user-friendly website may require professional help, but the potential increase in sales can be worth the expense.

Inflation Woes

After several years of low inflation, rising costs for products, materials, labor, gas, etc. are putting a dent in profits. Reevaluate how you run your business and cut unnecessary expenses to help you compete with others in your space.