The current tight labor market has a major impact on small businesses. A tight labor market (i.e., where there is a shortage of available workers and the demand is high) is especially concerning to owners and managers. This can lead to increased wages and competition for the best employees, making it difficult for small businesses…

For small businesses that choose to use the services of a local marketing firm, selecting the right firm is an essential goal achievement. Marketing firms offer services to help small businesses reach target audiences and increase their visibility. In today’s competitive landscape, small businesses must ensure their marketing efforts are effective and cost-efficient. With so…

Small businesses have a never-ending dilemma of how to compete against larger companies that target their same customers. This situation will not change, so small businesses must develop strategies to compete, remain profitable, and grow. While larger businesses may have more resources and greater brand recognition, small businesses need to differentiate themselves and outmaneuver their…

Quick answer: definitely yes. Employee turnover is an important measurement for small businesses to track and understand. It is the rate at which employees voluntarily leave or are terminated and replaced in a business. This metric can help employers identify problems within their company and take steps to improve employee retention. High employee turnover rates…

Calculated risk-taking is a strategy that small businesses use to identify and pursue opportunities that can bring in higher profits while minimizing the potential for losses or failure. It involves testing different solutions (assessing the risks) associated with a particular decision, weighing those risks against the potential rewards, and then making an informed decision based…

Scaling up a small business is a challenging but rewarding process. The expression is used frequently, but what does it mean? Scaling up involves taking a business from its current state and expanding it to reach new heights. It is an important concept involving: ·       Understanding the needs of the market ·       Careful strategic planning…

What is the problem? (Mission) How do we behave as a company? (Values and Behaviors) What do we want to accomplish? (Organizational Priorities) What does the future look like? (Vision) How do we measure it? (Organizational Results) Where do we compete? (External Analysis) What does our organization look like? (Internal Analysis) How do we win?…

From restricted cash flow to poor employee morale, small businesses and SMEs can experience various issues or problems that ultimately affect net profit. The ramifications, such as a loss in productivity and sales, can be immediate. At the same time, other situations can smolder over a long period before igniting a firestorm, ultimately ruining a…

A small business turnaround is a process of reviving a struggling business. It involves creating a plan to identify and address the root causes of the business’s decline and then executing a plan to return the business to profitability. A successful small business turnaround requires an understanding of the underlying issues and an effective strategy…

Underserved markets are those segments of the population (business or individual consumers) that existing businesses have not adequately served. These markets can be identified by looking at areas lacking competition or where existing businesses do not offer the products or services that customers need. By understanding and targeting these underserved markets, businesses can expand their…

Good leadership is incredibly important for any business, regardless of size. Whether an individual is an owner, executive, director, manager, or supervisor, business success is a by-product of good leadership. Business leadership inspires employees to achieve common goals. Successful leaders do not demand but motivate employees to pursue paths of action that align with the…

Financial statements…every business produces them…or should. In most small businesses or SMEs, they are most likely prepared monthly or quarterly and certainly should be prepared more often than only annually. Of course, the more frequently financial statements are prepared, the better. During the current financial crisis caused by the global pandemic, financial statements can help…