Sponsored by JPMorganChase
The small business landscape is ever-changing, and Birmingham is no exception. Over the past year, businesses have faced economic challenges such as inflation and rising costs. However, according to JPMorganChase’s 2025 Business Leaders Outlook Survey, 60 percent of small business leaders are optimistic about the local economy. This, combined with Birmingham’s unique market dynamics, creates both opportunities and challenges for local business owners. Drawing from Chase’s work with entrepreneurs across industries, here are three tips to help your business thrive.
Reconnecting With Your Purpose
In recent conversations with entrepreneurs across industries, Chase has found that businesses with a clear sense of purpose navigate challenges effectively but also build stronger customer loyalty. Your purpose should help guide key financial decisions whether you’re sourcing new raw materials, spending funds or investing.
For Alabama business owners, reassessing your purpose should be more than just an annual exercise – it should be viewed as a strategic necessity. Whether you’re a startup or a legacy business, revisiting your mission statement and recalibrating your offerings can reveal opportunities for growth and innovation. With 53 percent of businesses planning to launch new products or services in 2025, it’s essential to ensure these align with your core purpose.
Mastering Your Numbers
Oftentimes, business owners focus on driving sales or increasing clientele, but they often forget that receivable practices, invoicing on time and tracking payments can significantly impact your bottom line. Understanding your 2024 financial performance will help provide financial clarity and lay the groundwork for sustainable growth.
Chase recommends that Birmingham business owners focus on key metrics, such as profit and loss statements, cash flow and specific key performance indicators. As two thirds (67 percent) of midsized businesses anticipate higher profits this year, financial planning is especially crucial. Chase encourages businesses to start by tracking inflows and outflows. Tools like Chase’s Cash Flow Calculator can help you visualize your financial health and identify areas of improvement.
Surrounding Yourself With Experts
Running a business in Alabama requires a multidisciplinary approach. Bookkeepers, accountants, and legal advisors are not just consultants but critical partners in your growth. Each of these professionals bring a unique perspective to areas of your operations, from financial clarity to legal compliance.
Programs like Chase for Business Coaching for Impact provides entrepreneurs with access to expert guidance, helping you streamline operations, strategize your growth and navigate complex challenges such as inflation or labor shortages. According to the survey, 43% of midsize businesses plan to engage in strategic partnerships in 2025. Building a support network of trusted experts ensures you’re not leaving any stone unturned, help to set you up for long-term success.
By reconnecting with your purpose, understanding your numbers, and building a strong professional network, you’ll be well-positioned to navigate challenges and embrace opportunity. Success in Birmingham’s dynamic business environment requires both a strong foundation and the agility to adapt. Chase for Business is committed to helping you achieve both.
Visit www.chase.com/coachingforimpact for more information and resources for personalized guidance on your business journey.
