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1021223-00006-00
David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Client Relations Manager
Jennifer A. McCabe
Client Relations Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
July/August 2022
Navigating 2022: A Challenging Environment
The past two years of uncertainty created many challenges for business owners. Hampered by a lack of workers and declining profits, many small businesses were forced to close, some permanently. As businesses strive to return to normal, owners are still facing hurdles that may be difficult to overcome.
Supply Chain Shortages
Many businesses continue to suffer from delays in receiving products and materials. When it is possible to obtain needed goods, the cost to purchase them may be higher, forcing the business owner to raise prices to meet production targets. Even so, products that are in high demand by your customers may still be impossible to get.Staffing Issues
Workers haven’t returned to the workforce as quickly as expected, leaving business owners scrambling to find help. Shortened business hours or fewer days when the business is open may be the result. Some business owners have learned that offering incentives, such as higher pay, flexible scheduling, and a good benefits package, helps them attract new employees. Employees who enjoy an equitable work-life balance are also more likely to remain with the company.A Decline in Foot Traffic
With fewer people in stores, businesses have had to get creative. Curbside pick-up, take-out and home delivery have become so popular that customers are reluctant to give up their convenience. Continuing to offer your customers these options, or implementing them if you didn’t offer them before, may help your business remain competitive.
No Online Presence
Take advantage of the internet to get your business noticed. Developing a website can make your business known to more potential customers. Offering online purchasing or coupons is another way to increase sales volume. Creating a user-friendly website may require professional help, but the potential increase in sales can be worth the expense.Inflation Woes
After several years of low inflation, rising costs for products, materials, labor, gas, etc. are putting a dent in profits. Reevaluate how you run your business and cut unnecessary expenses to help you compete with others in your space.1058815-00001-00
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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
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