Many small business owners are feeling the pain associated with the current economy. The top two pain points per the owners that I have talked with is Hiring and Retaining good workers and the impact of an erratic Supply Chain. Both issues are creating significant distress in operating a business day to day. As business owners are increasing the pay scale to keep team members, paying hiring bonuses for new hires and the cost of offering other benefits such as healthcare is significantly impacting Contribution Margin and Net Income for the business. More importantly the impact to Cashflow is what has the business owners most concerned.
So, what does a business owner do to offset these incremental costs to the business. The answer is not easy, and you are not able to Google an answer for this situation.
This is the time for businesses to reinvent themselves and radically focus on elimination of waste to offset the increases that are not likely to decrease over time. This is the NEW NORMAL!
A suggestion may be to work with your Network to determine if there is a trusted resource that can assist with the process of elimination of waste. Credible Continuous Improvement experts are available and can assist you with reinventing your business. Some experts will agree to share the gain that the business experiences creating a net positive impact to business Cash Flow.