South Jersey BIZ - Issue #5 (May 2024)

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SJBiz_Dept_Rising Costs_0524_Dept 5 / 7 / 24 12 : 13 PM Page 2 do both : We do about 65 % corporate , and that keeps us busy seven days a week be - cause business travelers have to travel every day . Then the retail kicks in on Friday , Saturday and Sunday , and at this time of year , we have the proms and the weddings starting to kick in . ” Adapting is the name of the game , and Flanagan is taking a similar approach . While some of his traditionally strong customers are struggling , like food trucks or construction , he is actively seeking to expand into those indus - tries that are managing to still thrive . “ Our big push right now is anybody who has multiple commercial vehicles , and we’re also looking to do more with school districts , because there’s a huge opportunity there . We’re only working with a handful of schools and they’re keeping us busy , ” he says . “ Any - thing in health care is really booming . Cooper , Virtua , they’re all building new offices and they’re always buying new vehicles . One of our biggest customers in health care is Virtua . “ Business doesn’t suck , it’s just harder . The sale is harder because of the cost of every - thing , and sometimes people will shop around . ” There are plenty of resources to tap into as well , such as Schweikert’s organization . “ NJBIA has taken an aggressive approach on several fronts to combat rising costs , ” he says . “ It pro - vides members with the resources needed to lower the cost of doing business while provid - ing the tools needed to help them stay in - formed and compliant and to minimize fees in the ever - changing world of conducting busi - ness in The Garden State . ” One of those tools , he explains , helps busi - ness owners with their “ No . 1 concern ” — the increasing cost of providing health care bene - fits . Through a partnership with Association Member Trust , NJBIA has developed a self - funded health benefit program in which mem - bers can receive the same pricing that large employers receive for access to the Horizon Blue Cross Blue Shield network . There is also a similar self - funded 401 ( k ) and profit - sharing solution for businesses with 25 or more em - ployees . NJBIA offers discounted payroll services through a partnership with Primepoint HR & Payroll , and an online support center to stay compliant with changing laws in the human re - sources space . “ In addition to the member benefits , NJBIA produces several communications out - lets for members , ” Schweikert says . “ Our award - winning monthly magazine , New Jersey Business , and our daily e - news service , New Jersey Business Today , keep members in - formed and show how other businesses oper - ate in these challenging times . Our weekly tel - evision program , Minding Your Business , is SouthJerseyBiz.net | VOLUME 14 ISSUE 5 | SOUTH JERSEY BIZ | 11

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SJBiz_Dept_Rising Costs_0524_Dept 5 / 7 / 24 12 : 13 PM Page 3 aired each weekend on News 12 + and high - lights successful businesses and the many legislative actions that impact businesses across the state . We will also be introducing our new podcast , Planet New Jersey , where we speak with business owners about their successes . We can help members through these and other outlets , including our Mem - ber Market , to help communicate the prod - ucts and services members offer . ” OceanFirst Bank also believes in educa - tion and collaboration as effective tools in meeting economic challenges . “ We realize there isn’t one solution that fits for everyone ; however as a resource for thousands of businesses , we are able to de - velop options based on our consultative ex - perience through economic cycles over the last 122 - plus years , ” says James Andreacci , senior vice president , commercial banking , Southern New Jersey . “ We encourage business leaders to communicate with their trusted resources , which can include their banker , accountant , insurance provider and attorney , ” he contin - ues . “ When a team is working together , it is easier to be prepared for the challenges or react to unexpected situations quickly and thoughtfully . At OceanFirst , we host events including economic seminars and routinely provide access to experts in technology , cy - bersecurity and payment processing as ad - ditional assistance for our business clients . ” Carlisle explains that different strategies work for different business owners , which is why some are choosing a conservative ap - proach and waiting to see how things shake out , while others see it as a prime time to ex - pand or even pursue investment opportuni - ties . He mentions available office space — with many companies shifting to remote work — as a possibility for repurposed use . Inflation has slowed , he adds , but has not stopped , and folks continue to anxiously look for the Federal Reserve to potentially cut interest rates . Then there’s that upcom - ing presidential race that could also have a major impact . “ Hopefully the election sorts some things out , ” Carlisle says . “ What that looks like for individuals is up to them , but busi - ness is still out there and I wouldn’t be overly afraid — the world always makes adjust - ments . You just have to make sure you look at your finances on a daily basis and you have to look at the long - term horizon . Know the expenses that are coming and have an idea of where your priorities lie , and go from there . The folks who are going to get in trouble are the ones who don’t take that approach and just put everything on credit cards . That’s the part that is going to be a lit - tle frightening , seeing credit card usage go w up and those interest rates spike with it . ” 12 | SOUTH JERSEY BIZ | VOLUME 14 ISSUE 5 | SouthJerseyBiz.net

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