Small Business Survival in Charlotte: Insights and Strategies for Overcoming the Odds
Introduction
Small businesses constitute the backbone of cities across the United States, and Charlotte, NC, is no exception. However, despite the pivotal role of these enterprises in job creation, innovation, and economic growth, they face significant challenges in staying afloat. According to a recent analysis by LoanTree, one in five businesses fails within the first year. Inflation, rising costs, and economic uncertainty present significant obstacles that require creative and strategic solutions.
In this article, we explore the insights and strategies emerging from a recent survey by Truist Small Business in Charlotte to help businesses navigate these turbulent waters successfully. We cover a range of topics, including employee retention and talent management, investment in skills development, work-life balance, and entrepreneurship trends. Additionally, we provide a unique perspective on the topic, drawing from real-life examples and practical advice from experienced entrepreneurs and industry experts.
Retaining Employees and Managing Talent
One of the most significant challenges faced by small businesses in Charlotte and beyond is retaining employees and managing talent. The competition for skilled workers is fierce, and small businesses often struggle to match the salaries and benefits offered by larger corporations. Additionally, the pandemic has forced many small businesses to cut back on staff or reduce hours, leading to significant stress and burnout among remaining employees.
According to a recent survey by Truist Small Business, nearly 70% of surveyed owners have increased wages, time off, or offered remote work in the past year to retain employees. However, it takes more than financial incentives to retain top talent. Businesses must also reimagine their business models to adapt to changing circumstances while also ensuring work-life balance and engagement.
For example, Truist business owner Heath Campbell suggested creating employee recognition programs, flexible childcare, and personality profiles to help employees thrive. By identifying traits and characteristics that make employees successful and aligning tasks and responsibilities accordingly, businesses can ensure that employees feel valued and supported. Additionally, investments in skills development, such as training, education, and mentoring, can help employees grow professionally and stay motivated.
Investing in Skills Development and Training
Another critical aspect of small business survival in Charlotte is investing in skills development and training. Small businesses increasingly recognize the importance of upskilling their workforce to stay ahead of emerging trends, technologies, and customer needs. Skilled workers can drive innovation, customer satisfaction, and profitability, leading to long-term success and growth.
According to the Truist survey, one of the major investments for Charlotte-area businesses was in employee training and skills development. The survey showed that businesses invest in a range of training programs, including leadership development, language training, technical skills training, and soft skills training. Some businesses have even partnered with local colleges and universities to offer customized training programs and internship opportunities to their employees.
One example of successful skills development investment is Southern Grace Distilleries, a small business that produces handcrafted spirits in North Carolina. The owner, Leanne Powell, recognized the importance of investing in her employees’ skills to drive business growth. She invested in a leadership development program for managers, technical skills training for distillers, and marketing and sales training for the sales team. As a result, her staff is highly motivated, productive, and able to adapt to changing industry demands.
Ensuring Work-Life Balance and Wellness
Work-life balance and wellness have gained increasing importance in recent years, especially in the wake of the pandemic. Small businesses in Charlotte and beyond must prioritize the well-being of their employees, as it directly impacts productivity, engagement, and retention. Additionally, promoting work-life balance and wellness can enhance the company’s reputation, attract top talent, and boost customer satisfaction.
According to the Truist survey, several strategies businesses in Charlotte use to promote work-life balance and wellness include flexible schedules, remote work options, generous paid time off, wellness programs, and mental health support. Some small businesses have even invested in creating a supportive and inclusive workplace culture that values diversity, equity, and inclusion.
One example of a business that prioritizes work-life balance and wellness is Elements Massage, a franchise of therapeutic massage studios in Charlotte. The company offers flexible schedules, paid time off, health insurance, and a range of wellness programs, such as meditation, yoga, and massage sessions for employees. According to franchise owner Mike Schmidt, these benefits lead to lower staff turnover rates, higher levels of employee satisfaction, and improved customer service.
Entrepreneurship Trends and Opportunities
Despite the challenges and uncertainties faced by small businesses in Charlotte, there is still optimism and a strong desire for entrepreneurship. The Truist survey showed that more workers are moving from the corporate world to start their own small businesses, driven by a desire to follow their purpose and create something meaningful.
The pandemic has also created new entrepreneurship trends and opportunities, such as e-commerce, remote work, and digital marketing. Small businesses that adapt to these trends, embrace innovation, and pivot their business models accordingly can thrive and grow in the years to come.
One example of a business that successfully adapted to emerging trends is Good Earth Essentials, a small business that produces eco-friendly and sustainable cleaning products in Charlotte. The owner, Julie Joyce, recognized the growing demand for eco-friendly products and shifted her business model accordingly. She invested in research and development, collaborated with local suppliers and distributors, and created an online store to reach more customers. As a result, her business has grown significantly, and she has expanded her product line to include personal care products and eco-friendly gift items.
Summary
Small businesses in Charlotte face significant challenges in staying afloat, including rising costs, inflation, and economic uncertainty. However, there are several strategies and insights emerging from a recent Truist survey that can help businesses navigate these challenges successfully. Businesses should prioritize retaining employees and managing talent by offering financial incentives, investing in skills development and training, and promoting work-life balance and wellness. Additionally, businesses that adapt to emerging trends, embrace innovation, and pivot their business models can thrive and grow in the years to come. Charlotte’s entrepreneurial spirit and desire to follow a purpose provide a glimmer of optimism in challenging times.
Contact Kayland Hagwood at khagwood@wcnc.com and follow her on Facebook, Twitter, and Instagram.
WCNC Charlotte’s Where the Money Is is all about leveling the game in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn’t want our viewers to be taken advantage of, so we’re here to help. Look at past stories where we ask the question “Where’s the money?” in the YouTube playlist below and subscribe to receive updates when new videos are uploaded.
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CHARLOTTE, NC — Small businesses are the backbone of cities across the country, but when it comes to staying afloat, attracting customers is only half the battle.
according to a LoanTree analysis, about one in five businesses fail in the first year.
Scott Stearsman, head of small business banking at truistHe said inflation, rising costs and the economy are partly to blame.
“So they have to reimagine their own business models at the same time they’re running the business … to retain those employees and talent,” Stearsman said. “They have also had to raise their prices.”
Truist shared the results of his recent surveywhich describes some of the challenges and efforts of companies to survive.
It shows that nearly 70% of surveyed owners have increased wages, time off, or offered remote work in the past year.
One of the major investments for Charlotte-area businesses was in employee training and skills development.
heath campbellwho runs the Greater Charlotte Metrolina region of Truist, said creating employee recognition programs, flexible child care and even personality profiles, where possible, can also help.
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“Who is your best employee?” Campbell asked. “Let’s do a personality profile to see what traits and characteristics make you successful at this company.”
Despite the current challenges, there is some optimism. More than half of those surveyed said they believe conditions have improved compared to last year.
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The desire to start a business also remains strong, according to Stearsman.
“In fact, we’re seeing more workers move into the corporate world and start their own small businesses,” Stearsman said. “It is the desire to follow its purpose.”
To view additional survey findings, including findings on work-life balance, Click here.
Contact Kayland Hagwood at khagwood@wcnc.com and follow her on Facebook, Twitter and instagram.
WCNC Charlotte’s Where the Money Is is all about leveling the game in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn’t want our viewers to be taken advantage of, so we’re here to help. Look at past stories where we ask the question “Where’s the money?” in the YouTube playlist below and subscribe to receive updates when new videos are uploaded. https://www.youtube.com/playlist?list=PL8oZAT4zituBYt9T1WMu0ud49zvqukwoC
https://www.wcnc.com/amp/article/money/business/small-business/truist-2023-small-business-survey/275-4594f1e0-5a88-4956-a9c0-a1a81aa0bdd2
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