It’s time for your small business mid-year review

The first half of 2022 has certainly presented challenges for small businesses, from rising inflation driving up costs to high gasoline prices and falling consumer spending, affecting many industries.

No matter what industry your small business is in, now is a good time to assess the first half of the year to create a guide for the next six months and into 2023.

Here are some areas to focus on to generate revenue and maintain cash flow.

Adjust and protect your cash flow

If your business is struggling with cash flow, now is the time to make sure you have the capital your small business needs. From an operational perspective, are you wasting too much time (and money) on accounting instead of selling? Sign up for online and mobile banking for your business to access income and expense reports, and keep tabs on suspicious activity on your accounts as fraud is on the rise. Also consider outsourcing payroll and setting up ACH payments with vendors, which can free up time to manage the revenue-generating side of your business.

Consider your financing options

Even with higher interest rates than in previous years, you have great loan options that can help your business maintain the cash flow and operating capital it needs to thrive. Remember, return on investment (ROI) should be your primary driver of borrowing, not rate.

Talk to your banker to see what options are available and best suited for your business, from small business loans and lines of credit to US Small Business Administration (SBA) loans that can help inject cash into your business when you need it.

Strengthen your online and social media presence

Online shopping and selling continues to grow worldwide, including for local small businesses. Make sure your customers can easily find what they need when they visit your website, make checkout as easy as possible, and make sure your security certificates and other security measures are up to date. Plus, use your social media profiles to join local groups, offer coupons and deals, run contests, and find other fun ways to engage current and potential customers.

Expand your payment options for customers

Whether customers buy your products and services online or in person, be sure to offer multiple payment options. Flexibility in how consumers can interact and transact with your business helps cultivate loyal customers, so expand your payment options beyond traditional cash and credit card machines, including point terminals taps that also accept mobile payments connected to your customers’ bank and credit. card accounts.

Review your supplier costs

Now is a good time to assess how rising supplier costs might affect your small business in the long run. In the short term, inflation is likely to have an impact, but knowing how your suppliers’ costs will impact you in the long term is key. Have candid conversations with them about their expectations and yours, and if necessary, shop around for better terms.

Adjust your own price

Whether you sell products or services, the cost of doing business has likely increased for you this year. Consider how this affects your bottom line and consider making any necessary price adjustments to ensure your business can provide the level of quality and service your customers expect without draining their wallets.

As a small business owner, you know the importance of constantly adapting to change. In today’s business environment, rely on these tips, what you’ve learned over the past two years, and your finance and accounting partners to keep your business on the path to success.

Jeremy Shackleford is senior vice president, director of small business sales for WSFS Bank. He joined WSFS in 2018 after nearly 20 years working in banking and financial services, and was most recently senior vice president, regional manager of WSFS’ Greater Philadelphia market, where he oversaw 15 retail offices. He also served 10 years as a member of the United States Air Force (AFSOC).

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