According to a recent survey conducted by TD Bank, 35 percent of small businesses claim they are understaffed; however, only 21 percent of respondents are planning to hire within the next few months.
Small businesses are hesitant to bring in new employees because of the unsteadiness of the American economy. Another obstacle that small business owners are facing is declining sales, with 29 percent of respondents saying that is their biggest challenge.
“Identifying creative ways to boost sales revenue while keeping an eye on expense growth and cash flow is a good strategy to follow for managing a business in this current economy,” said Fred Graziano, head of regional commercial banking for government banking and small business for TD Bank. “That’s why it’s important to lead a strong and innovative team of employees that positively contribute to a business’ goals and objectives.”
Focusing on sales during tough economic times can be challenging for many small businesses, which is why they should protect themselves with small business insurance policies that can help them with any lawsuits they may encounter.
