Category: Business Growth Strategies
Posted: October 2017
The current business environment remains challenging to small business owners. While a recent survey suggests that business owners are more optimistic about the economy, these same owners expressed concerns about their business’s role in the future. Here are the most prevalent concerns of small business owners as well as some ideas to address them.
This is a top-rated concern for all businesses—late payments from clients, unexpected expenses, and invoices that need to be paid tomorrow. There are numerous software programs that can help plan for cash flow needs. Consider invoicing online and accepting credit card payments.
Small business owners are usually tempted to try doing everything themselves, and the fatigue caused by long hours can generate disorganization, forgetfulness, mistakes, and general ill humor. The client relationship often suffers with little time to nurture the connection. Small business owners must learn to delegate, which sometimes means hiring employees to do tasks that will free them to do what they do best. Spending time with family is also important for mental health; schedule these times as you would client appointments.
Unemployment rates in many areas are very low, making hiring quality employees difficult. When faced with a competitive job market, make sure that your interviewing practices are up-to-date and that paths to promotion are clearly defined. Attracting top talent requires top-notch preparation.
Once employees have been hired, it is important, especially for small businesses, to make sure employees have buy-in. Apathy has a greater impact on a smaller workforce. Make sure your employees stay productive by communicating clearly and being approachable. Ask for employee feedback; this is a good way to find out what’s going on in the back room.
The most successful businesses identify customers that have a problem and then present a unique solution to that problem. Consider your current client base, and identify the characteristics of your best clients. This will enable you to target your efforts to your most profitable type of client. Be sure to demonstrate what is distinctive about your product or service.
Many small businesses have been affected by the rules of the Affordable Care Act, including the shared responsibility payment. Payroll taxes at the state level can change each year. Health and safety issues are addressed by other government agencies. Retirement plan rules change regularly. These and other concerns can be referred to professional advisers, such as CPAs and attorneys. Build a professional team to support your business!
Small business owners are often too busy to keep up with the current trends in their industry. Check out the competition regularly. Attendance at trade shows and exhibitions can provide you with up-to-date information about new development and potential contact with new clients. Consider offering to speak at a trade show to boost your position among your peers. Small business owners are the backbone of our economy. It is not easy work to simultaneously manage the operations, recruit and train employees, and attract new customers. Try implementing some of these ideas and see what difference they make for your business. Don’t hesitate to contact us at Mierendorf & Co., P.C. with your questions (and suggestions).
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