Rieva and Brian introduce a new segment of their podcast called “What Keeps You Up at Night.” In this episode, they tackle labor Issues, The upcoming holiday season, and managing finances in uncertain times. Lots of great advice!
- Labor Shortage – Find technology to automate parts of your businesses and become more productive and efficient. Also, focus on retaining your existing workers as much as you do trying to find new talent.
- Upcoming Holidays –Buy holiday inventory early and holding it for a few months rather than run the risk of not getting it for the holiday season. Keep TWO eyes on the Delta variant and how it might affect holiday shopping (in-store vs. online) and how it might affect consumer demand.
- Finances – Make sure your financials are up to date. Work with a bookkeeper or Accountant to avoid any surprises. Start putting money into an emergency fund if you don’t have one set up. Look at alternative suppliers for your variable costs. Stay on top of your receivables! Don’t let a net 30 become net 60 or 90.