In This Episode – Rieva and Brian introduce a new format to the R&B Show. Each month they will tackle four pressing issues faced by business owners in 30 minutes or less.
This month they discuss Finances, The Record Number of New Business Startups, Supply Chain Woes, and The Future of Remote Work. Take a listen and share your feedback with Rieva and Brian
Key Takeaways from Rieva and Brian:
- Finances: Make sure you have enough cash; have a lifeline. Develop a relationship with your banker and get a line of credit. If something happens, you have access to money. With a line of credit, you don’t pay interest on it until you borrow the money.
- New Business Startups: For many years, business owners started when they were in their forties and fifties mainly because they waited until they had gathered some experience and saved money. Today, people are smarter about entrepreneurship and technology.
- Supply Chain: Look to diversify your supply chain; find manufacturers and sources in other countries. You should also have at least two domestic manufacturers/suppliers. If you are a retailer, look at partnership opportunities. If stocking shelves is difficult, look to lease out space in your store or some of your capacity to other companies who have complementary products or services.
- Remote Work: There are three work options today: Full remote, hybrid, and full on-site. As the business owner, decide what is best for your company based on your needs. Separately, don’t let your company’s culture suffer under new conditions. Loyal, dedicated employees who believe in your vision will continue to work hard for you and the company. Find creative ways to bring remote workers together–maybe an in-person company picnic or an outing to a baseball game or the beach.