Many business owners are familiar with the term “triage” in the medical setting, but do you know how the process of a business triage could help your company perform better?
The word “triage” is derived from the French word “trier,” which means to separate or select. When hospitals triage patients, they rank and treat them in order of the severity of their conditions. In the business setting, a business triage involves the allocation of resources in the most effective way possible.
Triage is especially useful for small and growing businesses that have finite resources, particularly when it comes to both money and manpower. Triage also helps ensure that business decisions are guided by critical thinking rather than emotion. When small business owners are overwhelmed, it can be easy to make a knee-jerk decision rather than a logical one.
By way of example, consider a small business that suddenly discovers that sales have plummeted over the past several months. In order to cover expenses, the owners clearly must take steps to increase profits. But where to start? The easiest choice may be to secure a loan and worry about how to pay it back later. But that solution ignores the big picture and fails to address the underlying problem. In the medical setting, the decision would be akin to giving a patient heart medication, without determining what may be causing the symptoms.
The better solution is to triage the problem. Analyze all the aspects of the sales process to determine the potential issues that could be contributing to the sudden drop and then rank the potential solutions in terms of feasibility, cost, effect and time requirements. Often, there is a short-term fix that can be implemented while the business focuses on large-scale projects. For instance, if poor online sales are part of the problem, decreasing high shipping costs for the customer may boost sales while the company works to improve the overall online shopping experience.
The concept of business triage is also effective when a start-up or other small company receives a sudden influx of cash. It forces businesses owners to analyze the big picture and critically consider where resources can do the most good in terms of hiring more employees, launching a marketing campaign, working to develop a new product, etc. Of course, in order to make the most effective use of the triage process, you also need to collect data on key aspects of the company. Just like in the medical setting, it is much easier to make a logical and well-reasoned decision once you have all of the facts.
What Every Real Estate Investor Should Know Before Buying a Rental Property
Before buying a New Jersey rental property, an investor should verify realistic operating numbers, the property’s legal and regulatory status, lead-based paint and flood compliance, the existing leases and tenant protections, and the right ownership structure. A rental property is more than a piece of real estate; it is an operating business subject to legal, […]
Can You Change an Irrevocable Trust in New Jersey?
In New Jersey, an irrevocable trust can sometimes be modified even though its name suggests otherwise, and one of the primary tools for doing so is a process called decanting. Whether decanting is available depends on the specific terms of the trust and the discretion given to the trustee. Key takeaways: New Jersey has no […]
How Intellectual Property Valuation Will Impact Business Transactions
Intellectual property valuation determines the monetary value of a business’s IP assets, and it drives outcomes in licensing deals, joint ventures, mergers and acquisitions, financing, and ownership disputes. The most valuable assets of a business are often the things that cannot be seen or touched: a proprietary process, a copyrighted work, brand recognition, or the […]
Data Center, Dark Fiber, and Lit Services Agreements in New Jersey: Key Terms and Legal Pitfalls
For New Jersey data center owners and operators, a service agreement may look routine when it is signed. The network is functioning, the vendor is meeting its installation schedule, and the parties have agreed on pricing and performance specifications. The provisions that seem most important at that stage are often the technical ones. That changes […]
Fort Monmouth Redevelopment and the Transformation of Monmouth County Real Estate
The Fort Monmouth redevelopment has entered its execution phase, and it is repositioning the broader Monmouth County real estate market. When Netflix and the Fort Monmouth Economic Revitalization Authority closed on the 292-acre Mega Parcel in December 2025, the transaction did more than hand over a deed. It marked the moment Fort Monmouth stopped being […]
Local Zoning and Land Use Rules Every New Jersey Rental Property Owner Should Understand
Owning a residential rental property in New Jersey involves more than finding tenants and collecting rent. Property owners must comply with a combination of state laws, municipal ordinances, building and housing codes, and zoning and land use regulations. These requirements can affect everything from the number of dwelling units permitted at a property to whether […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
