Research done prior to the pandemic showed that 70 percent of small businesses that received mentoring survived more than five years, doubling the survival rate of non-mentored businesses. The uncertainty of the post-pandemic business landscape in Las Vegas is likely to increase the need for solid guidance and mentorship to get small businesses on a path toward recovery. Here are three important steps Las Vegas business owners can take to get the advice they need to keep moving forward.
KNOW YOUR PAIN POINTS
Most, if not all, Las Vegas small business owners have never lived through a pandemic before, so finding the pain points that need to be addressed now can be challenging. It’s important to take the time to identify the specific areas that need help now to stabilize the business and determine a clear path forward. Are you having trouble filling vacant positions? Are you having issues with your supply chain? Clearly understanding the issues at hand is crucial to knowing what’s needed and where to potentially go for advice.
IDENTIFY YOUR PRIORITIES
Identifying the issues is a key first step, but it’s also important to understand in what order they need to be tackled. If supply chain issues mean necessary products aren’t available in Las Vegas, it may be necessary to tackle that before considering the effectiveness of a marketing campaign. By prioritizing your issues appropriately, the guidance you receive can be that much more effective.
FIND THE RIGHT HELP
Many small business owners have an inner circle they connect with for support, but finding specialized guidance in Las Vegas can be tough. Use your knowledge of the issues to identify potential experts that can help solve these specific problems. Issues with hiring can benefit from a recruiter or human resources consultant’s perspective, while a vendor or another business owner in a related field can provide insight on circumventing supply chain issues. Also, check out the SBA and tap networks of business owners and partners in Las Vegas to find organizations and professionals best suited to help you fix your problems.
More tips to help small businesses thrive can be found online at smallbusinessresources.wf.com.
Joe Trimble is the Wells Fargo small business leader in Las Vegas.