Three challenges you will face as a small business owner

From making ends meet when you’ve just opened your doors, to trying to make long-term plans for your future, each and every day is a challenge if you are a small business owner. Making sure that your bank accounts aren’t in the red, while trying to prove to yourself, and your nearest and dearest, that you’ve made the right decision can be incredibly tough.

That said, is it really worth losing sleep if some factors are beyond your control? Shifting political climates and exchange rates aside, when it comes to small business there are certain elements of business management that you should keep tabs on – to help you prepare for each and every eventuality.

Nowadays, there are certainly factors such as healthcare and taxes which will impact you as a US-based small business owner. The good news is, however, that the day to day challenges you may face are easier to handle. Read on to find out more about some of these challenges, and how to deal with them.

You aren’t generating enough leads

You’ve implemented a new marketing plan and think you are up to date when it comes to using social media effectively – but you still aren’t attracting enough new customers to see any sort of tangible growth. Reaching a plateau can be demoralizing, but don’t let it spoil your momentum. First and foremost, take a step back and consider what you have achieved. While you might spend hours comparing yourself to your competitors, this is a useless waste of time and energy. Is your website telling the right story? Are you spending enough time helping your customers? Rather than spreading yourself too thinly over several areas, go straight back to basics: the customer is king.

You struggle to keep tabs on your finances

Managing your cashflow manually could soon be a thing of the past. So if you struggle with keeping your bank balance in a healthy condition, then now could be the time to explore financial software. Time is money so why waste it? Keeping an eye on your payroll can be a time-consuming task at the end of each month. Why not consider Paystub Creator to help you make payroll management a painless task? Whether you want to pay for an app or program to help keep your capital in order, or perhaps you need advice on reducing your overheads or taking out a loan – do your research to see what’s out there.

Quality versus growth

Set your priorities for the next few months. Do you want to improve the quality of your goods or services on offer? Or perhaps you are looking to open a new branch or store? Decide which suits your business needs for the present time – and consider what can be done to achieve the other in the future. A simple way to put this in perspective is to consider whether your customers will keep coming back if you can’t offer the same, or better, service at various locations. If you don’t feel that you can deliver, then get back to the drawing board.

Author: Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles by others on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to editor.webposts@gmail.com