Working with many SMBs, the newspaper headline “Advice for small companies: Take stock, take risks” caught my attention. This article by Joyce Rosenberg, small business editor at The Associated Press, encourages small business owners to step back from their day-to-day operations to evaluate how they are running their companies. According to Rosenberg, crisis mode has passed and business owners need to be sure their companies are poised to take advantage of growth opportunities expected on the horizon.
A recent National Small Business survey taken in June and July indicates that small business owner confidence is up 38% from six months ago. The Wells Fargo/Gallup Small Business Index July survey shows that confidence has risen 9 points from the start of 2013. Indications are positive and business owners need to be ready to respond to customer and market demands that are to come. One issue that small businesses are facing is the uncertainty surrounding the Affordable Care Act. Businesses don’t have a clear picture of what it will ultimately end up costing to provide health care coverage for their employees. Paul Sarvadi, adviser to small business owners and CEO of Insperity, a Houston-based human resources provider advises not letting this uncertainty limit or stall future plans.
Rosenberg cites three major steps that small business owners should be taking right now as they prepare for a strong year end and continued growth in 2014.
- Look Ahead –Step back and take a hard and realistic look at where improvements are needed. Reducing costs, increasing customer satisfaction and differentiating yourself from your competitors are all areas that need to be explored. Don’t be afraid to be critical in analyzing your business and don’t be locked in to how things have been done in the past.
- Take Risks – Business is risky and doing nothing can be the riskiest behavior of all. Be prepared to respond to opportunities. Consumer spending and the economy can rebound quickly and you’ve got to be ready to jump in to take advantage.
- Be Good to Employees – The backbone of your organization – retaining good employees needs to be a priority. Determine what rewards would be appreciated by your staff and implement incentive programs that will have the best return.
The growth trends cited in this article are consistent with those we observe for multichannel etailers transacting business through our order management and eCommerce solutions. Running an SMB retail business is as much of an art as it is a science. Connecting back office retail operations with the eCommerce store is essential to bridge the gap between the orders coming in through your online store, the fulfillment of orders and inventory visibility on the back end.
To access Joyce Rosenberg’s full article, click here: http://bigstory.ap.org/article/advice-small-companies-take-stock-take-risks.