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Adaptability is a key skill for any business owner, as it involves navigating demanding conditions, inherent risks, and periods of uncertainty. In collaboration with Chase for Business®, we crafted a plan to help business owners remain adaptable, agile, and prepared to weather any storm.
While each business is unique, these three challenges are commonly faced:
Cash flow management
Managing cash flow can be a persistent challenge for small businesses due to delayed customer payments, rising operational costs, and inefficient accounts receivable processes (oh my!).
To smooth out cash flow, business owners can focus on essential daily functions, such as sending same-day payments to vendors and processing next-day payroll for employees. Plus, you can examine your invoice turnaround time and explore ways to streamline your collections process.
Chase is one of the only banks offering same-day deposits for Chase Business Complete Banking® customers, recognizing the incredible value of quick access to funds. This service, along with embedded payment processing and digital invoicing, aims to expedite payments for businesses.
Moreover, Chase Ink® Business credit cards can help optimize cash flow and maintain cash reserves. The Ink portfolio offers cash back or rewards on eligible spending.
Staffing and planning for the future
Looking at the short term, talent shortages are a concern across many industries. In fact, an October 2024 survey by ManpowerGroup revealed that 74% of employers reported a shortage of skilled talent. As a business owner, you can’t control the labor market. However, you can influence what you’re offering potential talent. Do you offer retirement or healthcare benefits? Can you afford them? Reevaluate these benefits to make necessary adjustments for yourself and your employees.
Rising healthcare costs are another emerging challenge for small businesses. A funding strategy could help save money while maintaining coverage quality. Explore healthcare options and consider cost-saving adjustments if you already offer healthcare.
When it comes to retirement benefits, lean on financial resources for support. Chase for Business can introduce you to the Everyday 401(k) by J.P. Morgan,* a simple and affordable way to set up a plan with ready-made or customized options.
Looking at the long term, succession planning poses difficulties for many small businesses. Remember to protect your legacy. Early strategic planning helps ensure a smooth transition and helps retain your business value. A Chase for Business banker can arm you with tailored strategies for business owners from J.P. Morgan so you can build the financial strategy that matches your needs.
Revenue growth
Ah, revenue. The subject on every small business owner’s mind. Financial pressures in other areas often increase the urgency to grow revenue quickly and sustainably.
Growth strategies such as customer acquisition, retention, and marketing all start with insights. That’s why Chase created the Customer Insights** tool, a business intelligence platform offering simple, actionable analytics to help businesses reach customers more effectively, operate efficiently, and make informed strategic decisions.
As a Chase for Business banking customer, you have access to aggregated, anonymized industry insights—including average customer profiles, top purchasing ZIP codes, and peak shopping times—at no additional cost. Plus, you can unlock your own business insights when you process card payments through Chase.
Terica Gatewood, co-owner of Play It Again Sports in Topeka, Kansas, noted the analytics made a significant impact on her marketing strategy.
“Before Customer Insights, I would just target my social media campaigns for 35 miles around my store,” Gatewood said. “Having ZIP codes of frequent customers, I can focus my marketing and make my budget go further. It also helps me validate the effectiveness of my campaign and benchmark against my marketing agency reports.”
Want more inspiration, advice, or motivation? Explore Chase’s Knowledge Center or listen to The Unshakeables podcast for insights on all things small business.
Onward and upward
Operating in today’s business landscape takes resilience and, ideally, great collaborators. At Chase for Business, you’ll find supportive experts, digital tools, and innovative solutions to help you and your business thrive.
Team up with Chase for Business and earn up to $750 with qualifying activities when you open an account.