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.
Does Your Homeowners Insurance Provide Adequate Coverage?
Your home is likely your greatest asset, which is why it is so important to adequately protect it. Homeowners insurance protects you from the financial costs of unforeseen losses, such as theft, fire, and natural disasters, by helping you rebuild and replace possessions that were lost While the definition of “adequate” coverage depends upon a […]
Understanding the Importance of a Non-Contingent Offer
Making a non-contingent offer can dramatically increase your chances of securing a real estate transaction, particularly in competitive markets like New York City. However, buyers should understand that waiving contingencies, including those related to financing, or appraisals, also comes with significant risks. Determining your best strategy requires careful analysis of the property, the market, and […]
Fred D. Zemel Appointed Chair of Strategic Planning at Scarinci & Hollenbeck, LLC
Business Transactional Attorney Zemel to Spearhead Strategic Initiatives for Continued Growth and Innovation Little Falls, NJ – February 21, 2025 – Scarinci & Hollenbeck, LLC is pleased to announce that Partner Fred D. Zemel has been named Chair of the firm’s Strategic Planning Committee. In this role, Mr. Zemel will lead the committee in identifying, […]
Novation Agreement Process: Step-by-Step Guide for Businesses
Big changes sometimes occur during the life cycle of a contract. Cancelling a contract outright can be bad for your reputation and your bottom line. Businesses need to know how to best address a change in circumstances, while also protecting their legal rights. One option is to transfer the “benefits and the burdens” of a […]
What Is a Trade Secret? Key Elements and Legal Protections Explained
What is a trade secret and why you you protect them? Technology has made trade secret theft even easier and more prevalent. In fact, businesses lose billions of dollars every year due to trade secret theft committed by employees, competitors, and even foreign governments. But what is a trade secret? And how do you protect […]
What Is Title Insurance? Safeguarding Against Title Defects
If you are considering the purchase of a property, you may wonder — what is title insurance, do I need it, and why do I need it? Even seasoned property owners may question if the added expense and extra paperwork is really necessary, especially considering that people and entities insured by title insurance make fewer […]
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.
What Is Business Triage? And can it benefit your fledgling business?
Author: Dan Brecher
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.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
