A key skill for any business owner.

 

Adaptability is a key skill for any business owner, as it involves navigating demanding conditions, inherent risks, and periods of uncertainty. 

While each business is unique, these three challenges are commonly faced:

Cash flow management

Managing cash flow can be a persistent challenge for small businesses due to delayed customer payments, rising operational costs, and inefficient accounts receivable processes (oh my!).

To smooth out cash flow, business owners can focus on essential daily functions, such as sending same-day payments to vendors and processing next-day payroll for employees. Plus, you can examine your invoice turnaround time and explore ways to streamline your collections process.

Staffing and planning for the future

Looking at the short term, talent shortages are a concern across many industries. In fact, an October 2024 survey by ManpowerGroup revealed that 74% of employers reported a shortage of skilled talent. As a business owner, you can’t control the labor market. However, you can influence what you’re offering potential talent. Do you offer retirement or healthcare benefits? Can you afford them? Reevaluate these benefits to make necessary adjustments for yourself and your employees.

Rising healthcare costs are another emerging challenge for small businesses. A funding strategy could help save money while maintaining coverage quality. Explore healthcare options and consider cost-saving adjustments if you already offer healthcare.

Looking at the long term, succession planning poses difficulties for many small businesses. Remember to protect your legacy. Early strategic planning helps ensure a smooth transition and helps retain your business value. 

Revenue growth

Ah, revenue. The subject on every small business owner’s mind. Financial pressures in other areas often increase the urgency to grow revenue quickly and sustainably.

Growth strategies such as customer acquisition, retention, and marketing all start with insights. That’s why GMG created the this tool, a business intelligence platform offering simple, actionable analytics to help businesses reach customers more effectively, operate efficiently, and make informed strategic decisions.

Onward and upward

Operating in today’s business landscape takes resilience and, ideally, great collaborators. At GMG, you’ll find supportive experts, digital tools, and innovative solutions to help you and your business thrive.