Small businesses hoping to weather an uncertain economy should play to their strengths

U.S. business owners looking to insulate themselves against the combined forces of inflation, supply chain backlogs and the rising cost of talent may be tempted to explore new products or customer bases. However, a recent installment of the Expert Insights podcast from BizFilings – a leader in online incorporation services for small businesses and part of Wolters Kluwer CT Corporation – suggests that small businesses would be better served by doubling down on the clients and goods that built the foundation for their success.

Melinda Emerson, a small business expert and author of “Become Your Own Boss in 12 Months and Fix Your Business,” explains to Expert Insights that businesses need to avoid taking on new expenses – such as leasing additional warehouse space to house expanded product lines or investing in a marketing blitz to attract new customers. Instead, she recommends that small business owners focus on what’s already working, upping their supply of best-selling products and coordinating with manufacturers well in advance to ensure that shelves remain full during peak sales periods like back-to-school season or the holidays.

“High inflation has forced small business owners to refine their operations and revaluate every dollar they spend,” Emerson says. “Now may not be the right time to take on the additional costs associated with expanding into something new.”

BizFilings provides small business owners with a full suite of services to incorporate, form an LLC, Benefit Corporation and other business structures. The company has assisted hundreds of thousands of businesses with their incorporation needs.

For nearly 130 years, Wolters Kluwer CT Corporation has been the leading provider of registered agent services, incorporation services, and legal entity compliance. It is part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division and has a global reach into over 150 countries. More than 75 percent of Fortune 500 companies, 95 percent of AmLaw 100 law firms, and 350,000 small businesses trust CT Corporation to handle their compliance needs. The other legal services business of Wolters Kluwer GRC is Wolters Kluwer ELM Solutions. The division’s banking and regulatory compliance businesses are Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk & Regulatory Reporting.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

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