Small businesses need to hire, but how?
Small businesses have been hit hard by the economy. Not only has there been record inflation, interest rate increases, and talk of a recession, businesses are having a hard time finding people to help them operate efficiently.
How can our small business customers navigate the labor shortages, along with all the headwinds they are facing? Our lending partners have some strategies that may help.
Raise wages and offer flexible schedules
You may not want to hear it, but one way to stay competitive in this labor market is by increasing wages. Offering competitive pay, overtime pay, and benefits, may help your small business set itself apart in a tight labor market.
Along with higher wages, small businesses can also get creative, hiring on a part-time or temporary basis to piece together the staffing puzzle for the time being, while offering the flexibility many workers want.
Outsource what you can
Many small businesses don’t consider outsourcing as something that is available to them. But in reality, nowadays it can be a helpful option. Hiring a virtual assistant or bookkeeper can be cost effective and efficient. The one potential drawback is having to manage these employees in a more hands-on way.
Look for financing to keep ahead of the competition
Given the issues our customers are facing, from inflation to labor shortages, now might be a good time to secure financing for working capital to pay those wage increases or otherwise invest in their businesses. With extra capital, small businesses can be better positioned to staff, grow, and strengthen, readying for when the economy improves.
Our lending partners can help you get your small business customers through this difficult period.
If you need more information or would like to discuss this topic further, please feel free to contact your us or email us at funding@nextgenbizlending.com so that we can be a resource for you.
