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Listing all posts with label Profits. Show all posts.


  1. Business Hurdles 2023

    2022 has been a challenge for many businesses and 2023 looks like more of the same. Three areas require special attention for the next year.

    1>  Staffing
    The Great Resignation is ending, and Quiet Quitting was probably more overblown than reality (nine to fivers and clock watchers have always been part of the work environment). However, finding quality employees and managing payroll costs will still be challenging in 2023.  Having a business plan and budget is a key part of understanding and controlling costs.
    Also, be aware of any new employee laws and regulations that start in 2023. Consulting with an HR expert or Employment Law Attorney is important to avoid labor or employment actions.

    2>  Inventory
    Supply chain issues mostly ending for now, but still fragile. The result has been that many companies have gone from empty shelves to overflowing warehouses. Walking the line between liquidating current inventory and avoiding more empty shelves will be key to profitability in 2023. Knowing your sell and replenishment cycles is one of the KPIs you need to focus on. And you need to be in regular contact with your suppliers to their cycles too.

    3>  Technology
    Cybersecurity is still a major concern. There was less publicity this year than the last several years, but hackers and scammers are still going full speed. The IT area is one where having an outside vendor, even if you have internal staff, can keep your company defended against these threats. An outside vendor brings in the knowledge that comes from seeing multiple varied situations every week, and as good as your IT staff is, it is hard to duplicate that knowledge when dealing with day-to-day issues.
     
    Business owners need to keep your eyes up. This can be hard when you are trying to grow and manage daily operations; but being buried inside your business risks being blindsided by changing conditions. Using outside resources for some administrative operations and to access detailed reporting on your business can help relieve this crunch. Outside resources = outside views. Outside support in Finance, Legal, Human Resources, IT, and Marketing will avoid surprises and/or missteps, with the additional benefits that those connections can lead to other connections and new opportunities.

    https://echelonbizdev.com/members/randy-miller/
    https://www.linkedin.com/in/randysmiller/
    #Business #Planning #2023
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