Wolters Kluwer BizFilings Podcast Examines the Challenges Facing Small Businesses in 2022

Rhea-AI Summary

In a recent podcast by BizFilings, Mike Enright discussed challenges faced by small businesses, including inflation, a competitive labor market, and rising consumer expectations. He emphasized the need for businesses to reevaluate employee engagement and customer service strategies. Companies are encouraged to adopt flexible working arrangements and digital services to retain talent and enhance customer loyalty. Wolters Kluwer, a leader in compliance services, supports over 350,000 small businesses worldwide, highlighting its essential role in fostering resilience in a dynamic business landscape.

Positive

• Wolters Kluwer supports over 350,000 small businesses, demonstrating strong market trust.
• Encourages businesses to adopt flexible work options to retain employees, addressing labor market challenges.

Negative

• Small businesses are grappling with inflation and supply chain issues, impacting profitability.
• Rising consumer expectations and a shift towards digital services may necessitate costly adaptations.

Small businesses may need to reevaluate their approach to employee and customer engagement

NEW YORK--(BUSINESS WIRE)-- Inflation isn’t the only challenge facing today’s small businesses, which are also being forced to confront the realities of a highly competitive labor market, elevated consumer expectations, and the rapid shift towards digital services. But according to 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, there are key steps that small businesses can begin taking now to future-proof their organizations against an increasingly dynamic business landscape.

Mike Enright, Operations Manager at BizFilings, notes that many small businesses are attempting to mitigate the impact of inflation and supply chain bottlenecks by advancing purchasing schedules or diversifying their vendor portfolios. However, addressing the constraints of a volatile labor market or facilitating the types of seamless digital transactions that customers grew accustomed to during the pandemic may require a more internalized focus.

Enright urges small businesses to consider how they might leverage incentives such as flexible work hours, remote working or learning and development opportunities to help retain their existing workforce and attract new employees. Sustaining customer loyalty, on the other hand, might push companies to double-down on digital service options such as online ordering or contactless payment.

“Small businesses should continue to reevaluate their existing employee and customer engagement strategies,” Enright says. “Don't assume that what was once attractive two or three years ago is still going to be attractive today.”

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 – a global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005134/en/

Media Contacts for Wolters Kluwer GRC

(including Wolters Kluwer CT Corporation, Wolters Kluwer ELM Solutions, Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk & Regulatory Reporting)

Paul Lyon

Senior Director, Global Corporate Communications: Global Marketing, Communications & Planning

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

Frank Ready

Senior Specialist, Corporate Communications, Legal Services

Governance, Risk & Compliance Division

Wolters Kluwer

Office 717-205-3647

Frank.Ready@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What challenges are small businesses facing in 2023 related to WTKWY?

Small businesses are facing challenges such as inflation, a competitive labor market, and increased consumer expectations.

How can small businesses engage employees better according to WTKWY?

Small businesses should consider flexible work hours, remote working, and development opportunities to improve employee engagement.

What role does Wolters Kluwer play for small businesses?

Wolters Kluwer provides essential compliance services to over 350,000 small businesses, helping them navigate regulatory challenges.

What strategies should small businesses adopt to retain customers?

Businesses should enhance digital service offerings, such as online ordering and contactless payments, to retain customer loyalty.