Scarinci Hollenbeck, LLC, LLCScarinci Hollenbeck, LLC, LLC

Firm Insights

What Is Business Triage? And can it benefit your fledgling business?

Author: Dan Brecher

Date: January 18, 2016

Key Contacts

Back

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?

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.

No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Scarinci Hollenbeck, LLC, LLC

Related Posts

See all
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide post image

How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide

Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]

Author: Christopher D. Warren

Link to post with title - "How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide"
Gross Lease vs. Net Lease: Understanding the Key Differences post image

Gross Lease vs. Net Lease: Understanding the Key Differences

Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]

Author: Robert L. Baker, Jr.

Link to post with title - "Gross Lease vs. Net Lease: Understanding the Key Differences"
What to Do If You Are Impacted by a Retailer Bankruptcy Part 2 post image

What to Do If You Are Impacted by a Retailer Bankruptcy Part 2

Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]

Author: Brian D. Spector

Link to post with title - "What to Do If You Are Impacted by a Retailer Bankruptcy Part 2"
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business post image

The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business

Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]

Author: Dan Brecher

Link to post with title - "The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business"
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1 post image

Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1

The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]

Author: Brian D. Spector

Link to post with title - "Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1"

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!

* The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!

Please select a category(s) below: