The Small Business Challenges of a Growing Economy

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According to most indicators the United States economy is growing at a pace not seen in years. Economic expansion is a positive circumstance and will support business success. However it can present challenges not experienced in a slower growth phase. Employees and other resources can become scarcer as there is more competition for them. Increased demand for services places more stress on businesses to perform. Along with the opportunities for increased business brought about by economic growth there is also the chance for a decline in service quality. By focusing on the critical areas affected by an expanding economy a small business can reap the rewards of sales growth and greater profits.

  1. Hiring and Keeping Employees – Whether the economy is up or down – hiring and retaining quality employees is always a challenge. During times of slow economic activity the challenge where employees are concerned is to attract and keep talent with limited resources. During times of positive economic growth a different set of challenges are presented … Read More >>
  2. Meeting Customer Demand – In times of economic expansion such as the United States is experiencing at the time of this writing demand for small business services will grow as well. As the economy grows more and more people enter the workforce resulting in more commuter traffic and overall economic activity … Read More >>
  3. Customer Service – A growing economy presents a number of challenges for a small business. Hiring and retaining quality employees becomes more difficult while at the same time demand for services is likely to increase … Read More >>
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