The 2 Most Important Things Business Owners Need to Know

Most business owners like you are feeling uncertain about the future. Good News. There are 2 things you can do right now.

If you are like most business owners, you are less certain about 2024 than you have been about any previous year you can remember. The good news is you are not alone! By taking action in two critical areas, you can get in front of the challenges you are already facing or potential problems that might come up.

1. Communicate.

When times get tough, open and transparent communication is critical. People want to know what’s going on with the business. Your transparency can be reassuring. Tell your employees and contractors about the challenges you’re facing. If insurance costs, declining demand, or higher energy costs, are hurting sales, it’s ok to tell the people you most rely on. They can handle the truth and may feel more invested in helping you find solutions. You can also inform customers about staffing shortages, service delays, supply chain issues, or rising prices. There’s a good chance they’re experiencing the same thing, and they’ll appreciate knowing why things have changed. Speaking with your lending partners about your business challenges is also an important step to take. If you have a solid relationship with your lender, there’s a good chance they’ll have some ideas that could help you and your business. By keeping your team, your customers, and your lending partners informed, they can beter help you protect the business you’ve worked so hard to build.

2. Put an action plan in place.

As Benjamin Franklin once said, “If you fail to plan, you plan to fail.” Even when times are good and sales are increasing, you still need to plan. Things like marketing, staffing, and investing in equipment to win new customers requires a sound strategy and plan. But it’s even more important to have a clear action plan when things are not going so well. Knowing what actions you will take, despite how hard the decisions might be, will give you peace of mind and more confidence going forward. If you anticipate needing to downsize your team or delay equipment upgrades due to shrinking customer orders or declining cash flow, the right plan can help you be beter positioned to act quickly and with less emotion when adversity strikes.

You are not alone. 2024 might be a tough year for thousands of businesses owners. But if you communicate what is happening and put an action plan in place, you’ll be beter positioned to make those difficult, yet vital decisions that can change the course of the business you’ve worked so hard to build. And you may discover that your business is in a great place once things get beter.

Contact American Bank Equipment Finance today to learn how we can help your business!