As the economy and marketplace changes, the concerns of a business change with it. National and global governments, the economy and healthcare systems all contribute to anxieties for business owners today. These are among the top concerns of today’s business owners:
1) Uncertainty. Research shows economic conditions and government changes cause anxiety for consumers, investors and business owners alike. Economic ambiguity triggered by a recession and a slow recovery led to a fragile economic mindset–likewise, ongoing budget crisis, broad sweeping policy changes and health reform leave many business owners feeling uneasy about future stability.
2) Health care insurance. New government regulations are a top concern for business owners. With an ever-changing healthcare system, businesses devote time or hire experts to help them understand and navigate the new laws.
3.) Skilled worker shortage. As manufacturing makes a comeback, today’s worker does not have the high-tech skills many new manufacturing jobs require. Many positions at factories require workers to have some level of technological knowledge. As a result, community colleges across the country offer courses to help train workers, but this takes time and the demand continues to rise.
4) Succession planning. Baby Boomers make up approximately two-thirds of the country’s 6 million privately held companies. This means over the next 10-15 years, close to 4 million business owners will approach retirement age. Many owners are busy running the day-to-day operations and lack a formal succession plan—a very tangible effort that can have a great impact on their success today and in to the future.
At Busey, we promise to partner with you to help you manage your growing business. Let a financial expert help manage the financial obstacles you face—stop in to one of our many convenient locations or call 1.800.67 | Busey to get started today.