Home Business Discover How Small Business Owners in Southwest Florida can Achieve Success in 2024 – Get in Touch Today!

Discover How Small Business Owners in Southwest Florida can Achieve Success in 2024 – Get in Touch Today!

Discover How Small Business Owners in Southwest Florida can Achieve Success in 2024 – Get in Touch Today!

As the brand new 12 months begins, it’s a superb time for Florida’s business owners to reflect on the state of their business and the aspects that matter most to their success. That is particularly true in Southwest Florida, poised for growth this 12 months following year-over-year labor force increases of nearly 16,000 last October alone, in keeping with FloridaCommerce.

FloridaCommerce also reports Fort Myers, particularly, saw essentially the most significant skilled and business services job increases of any metro within the state during that very same period.


While the strong job market demonstrates our businesses are healthy, the labor costs that include job creation, like salaries and worker advantages, are also often an organization’s most vital expenses. For Southwest Florida’s small businesses, which have a notably higher employment rate than the state average, capitalizing on this growth will, due to this fact, require their leaders to be keenly versed in cost structures, focused on core competencies, and to grasp the market. These fundamental skill sets might help offset recent and recurring expenses and equate to successful bottom lines, no matter your specific industry or economic conditions.

Given this, listed here are just a few steps Southwest Florida’s small business leaders can take to begin 2024 strong.

Updating Your Business Plan

Recurrently reviewing and adapting your online business plan is critical to make sure you’re operating realistically and nimbly. When updating a marketing strategy, there are just a few best practices to consider.

¦ Compare last 12 months’s business performance to prior years by checking sales results and marketing tactics to identify trends. This may make it easier to determine the very best strategies in 2024.

Keep your budget in mind and ensure you’re updating salaries, projections, fixed costs, or money you’ve used to grow your online business over the past 12 months.

¦ Source feedback from others when updating your online business plan. Speak along with your employees, customers and fellow business owners to grasp what’s working well and what must be modified to perform higher this 12 months.

¦ Evaluate your customer support offerings. At the tip of the day, you would like to be sure that you’re keeping the client joyful, so take a look at your strategies, equivalent to loyalty programs, to make sure you’re creating repeat customers.

Evaluate Your Working Capital

One resource that nearly all business owners will need is capital — be it from efficiencies and value reductions or your bank or the SBA. In Southwest Florida, Bank of America small business lending is up 12 months over 12 months, with $129 million prolonged locally in 2023, reflecting confidence and growth amongst Southwest Florida small businesses.

Despite demand, many entrepreneurs need assistance accessing capital. Traditional bank loans may feel like essentially the most substantial capital source, nevertheless it’s essential to contemplate that they won’t fit your online business best. That is where business grants that don’t should be repaid might help bolster your small business funds. Also, Community Development Financial Institutions (CDFIs) might be helpful sources of capital for underserved entrepreneurs. In Southwest Florida, the Florida SBDC Network at Florida Gulf Coast University assists many small businesses with access to capital. If you happen to’re in search of somewhere to begin, ask your banker or visit Bank of America’s Access to Capital Directory, which offers a wide range of free and low-cost capital resources to contemplate.

Recruiting and Retaining Talent

It’s essential to judge your hiring or retention processes, as nearly half of small business owners are impacted by labor shortages, in keeping with Bank of America’s 2023 Women & Minority Business Owner Highlight, often resulting in entrepreneurs working more hours and raising wages. While many Southwest Florida businesses are successfully recruiting additional talent, local economic staples equivalent to hospitality and tourism businesses have historically high turnover rates and may face more challenges when revenues dip during warmer months.

Whether sourcing candidates, setting a transparent worker growth timeline, or creating an internship program, local businesses can explore various ways to bring candidates to the interview table. As talent acquisition grows increasingly competitive, our bankers have also been working with more firms to supply advantages packages as additional ways to recruit and retain top talent.

The brand new 12 months can be an awesome time to acknowledge your current team and set a positive tone for the 12 months ahead. Take time in the brand new 12 months to set S.M.A.R.T. expectations and goals to your team – meaning goals which can be specific, measurable, achievable, relevant, and time-bound. If you happen to haven’t already, it’s also essential to acknowledge your team’s great work within the prior 12 months, which may function a motivating factor for growth in 2024.

Because the nation’s top small business lender that has served Southwest Florida for greater than 130 years, Bank of America is proud to supply these steps to assist put your online business on the trail to a solid and prosperous 2024. ¦

— Kyle Jeffcoat is a Bank of America Southwest Florida small business banking manager.


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