We work with Ocean City’s business owners in all stages of business, from start-up to growth to transfer. What we’ve learned first and foremost is that regardless of the company, there are a few things that each business should have in place to help ensure they have the best shot at longevity and growth, profit and security in our unique seasonal economy.
Consider the following as you look at your business holistically and plan for its future:
Have a thoughtful, well-written business plan and stick to it
Rather than getting caught up in daily operations of your business, set clear, realistic goals and objectives. Concentrate on strategies that address the long-term plans of your business and how you plan to retire.
Create or join a business advisory council
“The Chamber is a great resource for both new and long-standing OC businesses,” says Chamber President Carol Heenan. “In our seasonal economy, it’s important to know the best ways to maximize profitability. Our members benefit from business-to-business networking and public exposure opportunities. To be a successful business in Ocean City, it really helps to be part of the Chamber.”
The Ocean City Regional Chamber of Commerce is an established organization that helps over 500 member businesses generate business, maintain visibility, create contacts, and grow.
“Every business needs a network in order to survive,” says Tom Heist of Heist Insurance Agency. “Building relationships within the community allows you to learn what is out there, what others are offering and if it would benefit you to do the same or different. The interaction is invaluable.”
Pull together a ‘board of directors’ made up of business owners in similarly-sized companies – who are facing similar issues — along with your CPA, attorney and your financial professional. Owners can use this council as a sounding board and to realize opportunities within their businesses that they may not have been able to see themselves.
Know your core customers
“In today’s marketplace, it’s crucial to know your clients and their particular needs and preferences,” says Heist. “For instance, some clients like to communicate and transact electronically while others prefer face-to-face meetings or phone calls. It’s important to know how they want to to do business and to tailor your practices accordingly.
Understand your customers. Segment them and know where profitable business comes from. Make the extra effort to know how you can keep and grow your base of recurring customers.
Define and communicate your unique value in the market
What do you do that no one else is doing? How is your service better than other services? Why should customers see you instead of your competition? Take a look at the competition; some may have changed their approach or exited the business. Develop a unique message that articulates your unique value proposition.
Hire better and offer good benefits
“Retention on the boardwalk is always a challenge,” says Moiso. “Returning staff means less training time and more loyalty. So we offer incentives like increased pay for each summer that an employee returns.”
Voluntary benefits are those that you, as owner, offer to employees at a typically lower cost than they could obtain themselves. Often, voluntary benefits can be offered to employees at no cost to the business.
“Hiring employees for our boardwalk store is a completely different undertaking than hiring for our Somers Point location,” says Brenda Moiso, owner of The Pretzel Factory. “Ideally, we like to hire local kids who may be starting their first job and incent them to stay on through their college years.”
Hire strong talent and offer voluntary benefits as a way to help retain and attract quality employees.
Develop an exit strategy and succession plan
Are you approaching retirement and intending to sell your business for retirement income? An experienced financial professional can help you put a succession plan in place.
Find a financial professional with experience in serving small businesses Provided by Mark Reimet and Jodie Booth, financial representatives with Ocean City Financial Group, a MassMutual Agency; courtesy of Massachusetts Mutual Life Insurance Company (MassMutual). Local sales agencies are not subsidiaries of MassMutual or its affiliated companies. CRN201609-186175
