Courtesy / Bank of America
Todd Peacock, Bank of America
March 4, 2025
How Maine small business owners can maintain momentum in 2025
By Todd Peacock, Bank of America
Now that we are well into the first quarter of 2025, Maine entrepreneurs have had time to assess trends and adjust strategies for the year ahead.
With an evolving economic landscape, it’s more important than ever for business owners to establish a plan while staying flexible. Here are five strategies Maine business leaders can implement to ensure a strong year ahead.
Conduct a SWOT analysis
Regularly reviewing your business’ strengths, weaknesses, opportunities and threats (SWOT) is important no matter what time of year, but especially as you refine your strategy at the start of the year. Identifying what works well, what needs improvement, and any possible external challenges allows you to adjust your business plan to capitalize on strengths and address pain points.
If customer retention is a challenge, consider adjusting your budget to allocate funds to marketing and customer investment strategies. If inflation is a concern, adjusting pricing might be necessary. You wouldn’t be alone, as 57% of business owners say they are raising prices to adapt to inflation, according to Bank of America’s "2024 Women & Minority Business Owner Spotlight."
Consider expansion strategies
After conducting your SWOT analysis and updating your business plan accordingly, you may be looking to expand. Our report found that 63% of business owners are planning to do that in the year ahead. In Maine, economic growth continues to outpace the national average, with the state’s GDP growing at an annualized rate of 3.6% in the third quarter of 2024, compared to 3.1% nationwide, according to the most recent Maine Economic Indicators report.
When considering expansion, focus on what best serves your business. Should you grow your online presence or open a new storefront? Narrowing down and investing in the strategies that will best serve your business will help you see the biggest return on investment, rather than stretching yourself — and your budget — too thin.
Attract and retain talent
A business is only as strong as its workforce. Evaluating hiring processes and retention strategies is essential. Bank of America’s recent report found that many business owners are investing in educational resources for employees, such as on-site training programs to further career growth. With Maine’s tight labor market, forging stronger relationships with employees will not only help increase retention but also offer you more support to avoid working longer hours.
Supplement with technology
Business owners often juggle multiple roles, but leveraging technology can improve efficiency. In fact, 71% of small business owners said they digitally optimized their business over the past 12 months, according to the 2024 Business Owner Spotlight.
Technology can address key challenges. AI and automation tools can source and screen potential candidates, project management tools can strengthen team collaboration, and customer relationship management systems can provide insights to improve engagement. Small businesses must embrace and invest in the right technology to optimize operations and stay competitive.
Source the capital you need
To make this happen, you need the proper capital. However, many entrepreneurs face challenges accessing the funds they need. It’s important to explore all options to determine the best choice(s) for your business.
Traditional bank loans are useful and are likely the default option, but there are many other resources, like business grants, that don’t require repayment.
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