The Yellow Caution Flag is Out
Written by CMG News Contributor, Doug Carleton
In NASCAR racing, a yellow caution flag comes out when an accident or debris on the track makes driving conditions dangerous. Right now, the Delta variant is beginning to bring out the yellow flag here and there in the economy. The pandemic is now emerging again as one of Americans’ top concerns is beginning to spook consumers. One sure sign of this is that according to the Commerce Department, Americans actually cut spending at retailers in July. Airlines that saw a surge in travel are beginning to see signs of canceled reservations, and many resorts are seeing the same thing. Supply chain disruptions have been more severe and lasted longer than many experts had expected, and the sudden surge of the variant worldwide could delay the clearing of the supply chains.
All of this strongly points to one very, very important lesson, which is that if there was ever a time to micromanage your business down to the smallest detail, this is it. Things may be fine and well-managed in your business right now, but what about your customers? Are they still spending or likely to slow down their spending out of caution? What about any suppliers that you might have? Could a slowdown cause any problems in your supply chain if any of them get behind because of employees being out or they’re not getting materials that they need to produce the products they make that you buy to sell? Can you get enough employees?
If a hard look at your business with a fresh set of eyes could help, consider SCORE. SCORE is one of the Resource Partners of SBA, and it consists primarily of retired business people who advise and mentor small businesses at no cost. SCORE mentors will work with a business owner for as long as they need it – never at any cost. I have worked with one client for six years. They also sometimes work in teams. I have twice been on a team of four people working with one client. So if you think it could benefit your business or there are things that you think could improve your business, if you had some expert advice, you could avail yourself of a SCORE mentor with 30 or 40 years of business experience to help you keep your business healthy and growing, particularly in these difficult times. SCORE exists to help you. Use them.