Ask anyone who runs a small business, and they’ll invariably tell you the same thing. It’s rewarding; it’s challenging, and boy oh boy, is it tough. You’re often playing against players much bigger than you are, and that’s not to mention all the other small businesses that are competing for business, too. Fortunately, at least the majority of the problems are shared with the vast majority of other small businesses, and, as such, there are solutions. Below, we take a look at five of the problems you’re likely to run in to, and how you can prevent them from derailing your company.
All the Eggs in One Basket
There is such a thing as business going too well. If you have one customer that’s providing the bulk of your business, then you don’t really have a business: you’re a de facto employee of that company. If they decide to stop giving you an income, then you’ll be in real danger of facing the kind of problems that many companies don’t bounce back from. The key is to diversify your customers. Don’t have all of your eggs in one basket. If one customer accounts for 50% of your revenue, then that’s far too much. Look for others!
The costs of running a business are extensive, and sometimes it can feel like you just don’t have enough cash on demand to pay all of your bills. However, very often you have more money than you think you have: it’s just it’s tied up in unpaid invoices. If you have customers who are taking their time paying what they owe you, then look at a company like factoringcompany.net. They’ll buy your invoices from you, so you’re able to use the cash for your business, rather than waiting around for it.
Racing Toward Oblivion
You didn’t get into the small business game because you wanted an easy life. You did it because you wanted a challenge. However, if you’re working twelve hours a day, week in, week out, then it’ll only be a matter of time before you’re too exhausted to carry on. Though it might seem unnatural, it’s essential – for your business – that you take regular breaks away from work. In doing so, you’ll be refreshing your mind and body, and will be able to return to work with renewed enthusiasm.
Finding Fresh Talent
Of course, if you’re going to take a break, then you’ll hope that you have employees who can pick up the slack. But they’re sometimes harder to find that you’d like. If your current search isn’t bearing fruit, then have another look at your job description; the better candidates go for positions that showcase how they can benefit from working at the company, not the jobs that demand a long list of essential attributes.
Finally, remember that you don’t know everything! But collectively, we do. If there’s a gap in your knowledge, then read up on the best small business books. You’re sure to learn something valuable.
*This is a contributed post