Debt Ceiling Poses Threat for Retail Owners
Don’t panic, we have tips to help you survive the current debt ceiling situation. With the holiday season approaching, make sure your small business is prepared for potential issues.
Running a small business is not an easy task. In fact it takes a lot of hard work, time and dedication to bring your vision of owning a business to life. When you’re the owner of a retail business you have to be even more dedicated. A retail owner can find themselves completely submerged in their business to make sure it is running at full speed at all times. The busiest time of the year for many retail businesses is around the corner! However, with the government shutdown and the date to raise the debt ceiling rapidly approaching, there are major concerns for business owners.
The holiday season makes up for 20 percent of retail owners’ holiday sales, and with consumer confidence down this season is not looking bright. During the holiday season retail businesses often times need to hire additional personnel in order to handle the increase in sales and longer business hours. Since the shutdown began, hiring across the country is at a standstill.
With the need to fill their stores with holiday inventory, many small business owners have additional concerns. Shipments coming in with merchandise for retailers are not guaranteed to arrive. Trucks and ships are running at a limited capacity, if at all. The biggest concern retailers have is the shortage of consumers spending due to the fear and lack of confidence in our government.
If business is slow, consider cutting back on hours and employees until there is a clearer idea of what’s to come. This can help cut back on some operating costs while sales are down. If congress can come to an agreement by the 17th, consumer spending may rebound in time for the official Holiday season kick off in November!