The 3 Biggest Challenges for Small Business Owners

As the owner of a small business operation, you constantly find yourself wearing many hats and attempting to be the expert in various fields. From accounting to hiring and firing, there are plenty of everyday challenges to overcome. In this series of posts, we’re going to examine the three biggest hurdles and how you can overcome them. However, the first step in mitigating challenges is to equip yourself with the best Orlando Commercial Insurance package to give you the peace of mind you deserve.

Finances.

Small businesses often struggle with having money in the bank. While no business is immune to these risks – small or otherwise – it’s important to note at least a few simple best practices. For small businesses owners who struggle to manage their finances and keep track of their expenses and income, here is some helpful advice.

  • Invest in accounting software.
  • Set aside time each week to review financials and compare revenue from last year.
  • Sort your financials into at least three groups: expenses, accounts receivable, and revenue.
  • Implement financial reporting guidelines that you and your employees will follow.

Time.

Another main struggle that small business owners face is time. As they tend to wear many hats and juggle so many components of the business, 40 hours a week just isn’t enough. With that in mind, there are some ways to ensure you get to balance work, family, friends, and other obligations. Here’s how:

  • Delegate. You don’t have to take care of everything yourself, delegate tasks to your trusted employees.
  • Create a to-do list. Organizational structure can help you visualize and accomplish tasks.
  • Jot down the action items you are doing for a day or two, then review them with an eye toward those that could be eliminated, says Small Business Trends.
  • Give yourself a set time off a few days a week to encourage efficient working.

People.

The last main hurdle that small business owners face is time. In a smaller operation, one person can throw off the morale, efficiency, and attitude of the workplace. Here is how to ensure the people you employ are beneficial to the business.

  • Address employee issues promptly. If situations arise regarding attitude or productivity, take corrective action so that the issue does not snowball.
  • Create a retention plan to reward and motivate employees to stay with your business. This could be anything from time off, perks, bonuses, and the like.

 

About Newman Crane & Associates Insurance

Deciding what coverages you need and what limits and deductibles make the most sense can be tricky. Since 1965, Newman Crane & Associates Insurance has been helping Central Floridians make sense of their options and make the smartest choices for their circumstances. We encourage you to contact our friendly, experienced, and capable team today. Call us at (407) 859-3691 for a consultation.

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