Small businesses hoping to weather an uncertain economy should play to their strengths
U.S. business owners looking to insulate themselves against the combined forces of inflation, supply chain backlogs and the rising cost of talent may be tempted to explore new products or customer bases. However, a recent installment of the Expert Insights podcast from BizFilings – a leader in online incorporation services for small businesses and part of Wolters Kluwer CT Corporation – suggests that small businesses would be better served by doubling down on the clients and goods that built the foundation for their success.
Melinda Emerson, a small business expert and author of “Become Your Own Boss in 12 Months and Fix Your Business,” explains to Expert Insights that businesses need to avoid taking on new expenses – such as leasing additional warehouse space to house expanded product lines or investing in a marketing blitz to attract new customers. Instead, she recommends that small business owners focus on what’s already working, upping their supply of best-selling products and coordinating with manufacturers well in advance to ensure that shelves remain full during peak sales periods like back-to-school season or the holidays.
“High inflation has forced small business owners to refine their operations and revaluate every dollar they spend,” Emerson says. “Now may not be the right time to take on the additional costs associated with expanding into something new.”
BizFilings provides small business owners with a full suite of services to incorporate, form an LLC, Benefit Corporation and other business structures. The company has assisted hundreds of thousands of businesses with their incorporation needs.