The internet has podcasts, online forums, and social media groups that help business owners learn from each other’s mistakes. Getting actual information about real-life situations is a practical way for new and experienced operators to avoid pitfalls that derail their business. Small- to medium-sized stores can struggle for a variety of reasons. Some problems are due to organizational operational issues, while others are directly tied to the economy. It’s understandable when owners become overwhelmed by day-to-day responsibilities and lose sight of long-term goals. However, owners must prioritize activities that increase cash flow and stimulate business growth.

The last few months have been a rollercoaster for small businesses and the country. Triple-digit tariffs on imports have complicated planning due to the uncertainty of their direct and indirect impacts on the supply chain. Surveys indicate that anxiety is high among business owners, and many of them are unaware of how to pivot if there is a slowdown in economic activity.

Additionally, the 20 percent small business tax deduction is set to expire at the end of 2025. The tax reduction has helped owners retain more profits, and much of the tax savings have been reinvested into their businesses. Owners hope the cuts become permanent to help them combat higher costs related to rising inflation. That’s plenty to think about when your task list is complete. The results of the U.S. Bank Small Business Perspective highlight issues that are troubling small retailers.

· Competition (73 percent)

· Economic environment (71 percent)

· Inflation and the increased cost of materials/supplies (65 percent)

· Supply chain disruption (47 percent)

· Obtaining enough funding to support their business (42 percent)

Business leaders must find a path forward, even when dealing with complex variables beyond their control, or the organization will eventually lose money. Staying on mission and recommitting to the company’s vision and strategic goals makes adapting to market changes and economic downturns easier. While things may not always go as planned, success is more likely when everyone works towards the same goals.

“Small business owners continue to show resilience and optimism despite feeling impact from ongoing stressors such as the economy, changing labor market dynamics, higher prices and wages, and other macroeconomic factors,” said Dhruti Patel, chief product officer for business banking at U.S. Bank.

Prepare Now to Avoid Problems Later

Every store owner should evaluate their business and identify areas that need improvement or retooling based on current market conditions. If the company is not in a strong financial position, begin cost-cutting measures and identify potential sources for funding.

While large companies have become cautious about making costly expenditures towards software and equipment due to tariffs, the dollars small businesses spend on technology have remained consistent. Small and mid-size companies have made acquiring new technology a priority. According to a 2025 Bank of America survey, 90 percent of small businesses will expand their digital operations in the next five years for the following reasons: While there remains a lack of clarity regarding the application of AI, a significant number of retailers are open to exploring how it can benefit their store.

· Expanding digital capabilities to accept more forms of digital payments

· Improve efficiency in operations and bookkeeping

· Improving employee workflow and productivity

Update Your Management Skills It never hurts to learn something new. If you have trouble with delegation, consider enrolling in an online course to enhance your skills in effectively assigning tasks to others. Become a lifelong learner and go online to gain insights from financial experts, economists, bankers, and other business leaders.

Even if your business is operating with limited resources, there are steps you can take to position your organization to deal with unexpected situations effectively. The sooner you get started, the better your chance of seeing the results you want to accomplish.