In this episode
Kelly and Brian discuss the four biggest hurdles standing in the way of success for NJ business owners: COVID, Inflation, Supply Chain, and Labor issues. They tackle each obstacle and provide concrete, actionable steps for business owners to take in 2022.
Key Takeaways from Kelly and Brian:
- The biggest fear for small business owners in 2022 is the unknown. Whether it’s inflation, supply chain, COVID, or Labor issues, the NJSBDC counselors tell their clients, “Plan for the worst and hope for the best.”
- Business owners should worry less about the “cost” of capital, with rising interest rates, and worry more about having “access” to capital.
- In 2022, business owners should proactively look at all financing options including grants, loans, lines of credit from traditional financing institutions to fintech companies and peer-to-peer lenders. There have never been more financial options for NJ small businesses than there are today.
- When was the last time your business connected with the NJ Small Business Development Centers? What about NJBAC? NJEDA? The SBA? Like the financial options we mentioned, there are so many “free” opportunities to connect with professionals who can help small business owners navigate uncharted waters. It would be a shame if a company made a bad decision and had the resources available to them to avoid it.
- When you think about your employees, try to picture what your team looks like a year from now. Are they remote? Do they come into the office a few days/week or full-time? What new benefits have you introduced in 2022? The more proactive you are in taking care of your employees, the better your success will be in retaining them.