84°F
weather icon Mostly Clear

Adapting to change: Two considerations for Southern Nevada Hispanic business owners

While The COVID-19 pandemic has created many difficulties for small business owners in Southern Nevada, the Wells Fargo/Gallup Small Business Index survey in June revealed that 76% Hispanic business owners view the future as brighter than one might think even despite these difficulties. Sixty-three percent said their financial situation over that same time frame would be somewhat or very good, and 74% said that would apply 12 months from now. Yet recent estimates have said that almost 100,000 small businesses have closed since the pandemic began. In addition, the index indicates that a number of challenges are affecting diverse-owned businesses disproportionately.

What does this tell us? That in both good and challenging times it is necessary to adapt to changing environments. A situation can seem optimistic right before a shift makes it less so, or vice-versa. In such an environment it is important to maintain control of the things you can as a business owner, including several important considerations.

Projecting cash flow

Cash flow projections are an essential part of planning regardless of the circumstances surrounding a business. If the pandemic has shown anything, it’s that the environment a business operates in can be unpredictable. For that reason, businesses may want to think about creating multiple projections to account for different factors.

Creating projections for multiple time frames (three, six and 12 months for example) and for potential challenges down the road means a business can be more prepared to withstand that unpredictability.

Staffing appropriately

The June survey found that 37% of Hispanic owners expect the number of jobs at their firms to climb over the next 12 months, one of the highest among the various segments of diverse owners surveyed.

But as time has gone on it may be a different story for many business owners. This is another area where preparation will be key to success.

Keeping an eye on operational needs is critical, whether a businesses is reopening and looking to bring workers back or having to downsize their staffing. Things to think about operationally include costs associated with production or vendors and needs of physical space in the modified business. Business planning around these shifts should take these factors into account.

Unfortunately, optimism about the future doesn’t change the challenges of the present, but these challenges also don’t necessarily need to negate that optimism. Being able to adapt your business to the current environment while also looking ahead is key to not only weathering current storms, but coming out of them stronger.

For more information on how to navigate the current environment as a small business owner, visit our Small Business Resource Center at https://smallbusinessresources.wf.com/

Angelica Pulido-Hull is a district manager and small business proponent for Wells Fargo in Southern Nevada.

THE LATEST
Tonopah to be home to experimental hypersonic testing facility

Ambitious. It’s an apt word to describe Michael Grace’s vision for the future of his company, Longshot Space Technology Corporation, which, if all goes to plan, will build what he calls the world’s largest potato gun.

Pahrump man arrested for elder abuse

A Pahrump man wanted by the Nye County Sheriff’s Office on suspicion of elder abuse was arrested while attempting to purchase multiple vehicles at a Las Vegas car dealership, according to authorities.

Nye sheriff explains why you shouldn’t flee from the law

A man suspected of driving a stolen vehicle out of Las Vegas led Nye County Sheriff’s Office deputies on a high-speed pursuit into Pahrump on Monday morning, April 15.

Amargosa veterans honored with their own Quilts of Valor ceremony

The Nye County Valor Quilters are on a mission — to cover local veterans in the comfort of healing Quilts of Valor to honor the service and sacrifices they’ve made in the name of freedom – and now, these talented artists have started to expand their reach outside of the Pahrump Valley.

Vehicle in garage destroyed by fire

No serious injuries were reported after fire gutted a vehicle inside the garage of a home along the 2400 block of Zuni Avenue on Wednesday, April 10.

Need a good laugh? Join in a night of hilarious scholarship fundraising

Promising a “laugh-your-ass-off” night of hilarity and musical diversion, Sanders Family Winery is all set to host the Kiwanis Club of the Pahrump Valley Scholarship Fundraiser and its sure to be an amusing time for all involved.

$6.2M allocated to 10 projects

Nye County has earmarked about $6.2 million of its $12 million in Local Assistance and Tribal Consistency Fund (LATCF) grant dollars for a total of 10 projects throughout the county.

GALLERY: Winners of the Pins & Needles Quilt Show

The Bob Ruud Community Center was transformed into a world of color and design during the 19th Annual Pins and Needles Quilt Show, a yearly event that offers a stage to fabric artists of all kinds while giving the community to chance to admire their array of masterpieces.

Nye County loans itself $5.78 million to shore up reserves

In an effort to shore up the financial reserves used to cover cash flow issues in the county general fund, Nye County is loaning itself $5.78 million.