It is a worrying and stressful time for small business owners in the US right now. Inflation and the rising cost of living are causing harm to small businesses in a few ways, with many already worrying about how they will survive the year. It is hard to predict what is going to happen economically in the months to come, but it is hoped that the situation will start to improve later in the year. So, what can small business owners be doing now to weather the storm and manage during this challenging period? Here are a few ideas that will hopefully be useful for small business owners in 2023.
1. Maintain Communication With Stakeholders
Communication needs to be a priority during turbulent periods. There can be a tendency for businesses to start to hold their cards close to their chest during this time, but this can cause a great deal of stress and anxiety for all stakeholders. Instead, you need to be open about the situation and pull together to work through and difficulties that you are having. This should include having discussions with your suppliers to see how they are faring and what you can do to help.
2. Secure Your Supply Chain
Following this, the supply chain is a serious cause for concern right now, with many businesses struggling when a supplier goes belly up or is struggling to get goods to the company. This is why you need to secure your supply chain by ensuring that you always have enough supplies for your operation. You should also have a backup plan in place to minimize disruption if your primary supplier does not come through.
3. Keep Costs Down
With inflation so high, businesses will want to lower their costs in 2023. This is smart and should alleviate the concerns of inflation, but you also want to avoid making cuts that could harm the business. These are cuts that would impact the quality of the product/service that you provide, cost the company more in the long run, or costs that would make work harder for your team. Therefore, you need to carefully consider each cut and ensure that it will be beneficial for the business and your bottom line.
4. Use Service Mesh Layer
Businesses using applications should also make sure that they use a service mesh layer. What is service mesh? This is a mechanism that allows developers to manage service-to-service communication in a dedicated infrastructure layer. This can enable different parts of the same application to communicate across a network and controls the delivery of service requests. Service mesh features can include service discovery, encryption, and load balancing and can improve the reliability and security of your applications.
Many business owners are concerned right now with inflation causing so many challenges. While it is certainly a tough period, you should find that the above advice helps you to endure the storm and hopefully come out the other side.