In this Episode:
Kelly and Brian discuss the state of the small business market at the end of Q1, 2023 and what business owners need to do NOW to not only survive but thrive in the current economy.
Highlights from Kelly and Brian:
- Inflation and the rising cost of products are affecting businesses, as they need to adjust their pricing strategies and cope with shrinking profit margins.
- Entrepreneurship is an attractive option for many people who have been laid off, leading to a surge in new business applications and small business creation.
- The Federal Reserve’s interest rate policies may have unintended consequences on small businesses, as raising interest rates could affect employment and access to capital for entrepreneurs.
- People should find a hobby they love and try to make a living from it while keeping their day job. This allows them to build their side hustle without risking their financial stability.
- The number of women in the workforce rolled back to 1980s levels due to the pandemic, as many women had to choose between their career and their family.
- The growing immigrant population in the US presents opportunities for importing products and services, connecting with diverse markets, and meeting the demand for new products.
- A good leader encourages their team to bring potential solutions to problems, not just complaints. This fosters a proactive, problem-solving mindset among employees.
- While some business owners may naturally possess certain qualities, others can become effective leaders by being open-minded and learning from their experiences and their team members.
- Business owners should encourage employees to learn various roles within the company, which can not only help them discover their passions but also ensure the business can continue functioning even if a key employee is unexpectedly unavailable.
Twitter: Brian Moran
Twitter: Small Business Edge
LinkedIn: Kelly Brozyna
LinkedIn: Brian Moran
LinkedIn: Small Business Edge
Website: NJSBDCWebsite: Small Business Edge