For many people owning a business can be one the greatest achievements and most rewarding experiences of their life. Knowing that you’re your own boss gives a feeling of independence and pride when your business prospers. Off course being your own boss comes with it’s share of burdens whether your business is large or not and no matter what you do you can never be too prepared for what challenges lie ahead. There are tons of things that could go wrong in a business and sometimes the fault lies not within the organization itself but to external factors and uncompromising situations. With this in mind here are some of the biggest concerns that owners have when running their business.
1.) Managing your money
Without revenue there is no business and everyone knows how difficult life can be when we have money issues but for businesses the problem is even greater than that since they have to worry about things like operation expenses, bills and employee salaries. You start seeing numbers more often as an owner and a decrease in capital can add stress to someone responsible for running a business that could be employing 50+ people. A clever person would focus on either capitalization or finding sources of income on the side whether it be through lenders, investors or crowdfunders to create a safety reserve. Unfortunately it is for this reason that many business founders or start-up owners usually work full time jobs while they’re running their business which makes it tough but having no capital makes it even harder. Managing your finances becomes a priority which is why most owners handle those responsibilities on their own or with a business partner but most of the time it’s best to hire professionals who can do the job for you as they’re least likely to make mistakes.
2.) Hiring new people
Employment is currently one of the biggest concerns talked about in the country and though the unemployment rate have gone down a little recently there are still problems that employers have in regards to who they actually accept to take in. Talent is the key concern and businesses are having a hard time finding the right people to fill their positions. About 56% of companies with between 100 and 500 employees have said that hiring qualified applicants is one of the biggest challenges that they face now. A good way to overcome this problem and still be able to compete is to make sure the position description, pathway to getting promoted and the interviewing process is in agreement with your business model. Also being that your business is operating under a competitive market you must be able to offer something of value that will attract qualified potential employees to work for you whether that be through a higher salary, flexible work hours, clear opportunities for promotion, etc.
3.) Dealing with stress & fatigue
Entrepreneurs and business founders can find themselves working over 70 hour shifts a week sometimes with no weekends or time-offs. When you’re working that hard you obviously start feeling drowsy but when you have payrolls to fill and numerous other responsibilities to handle you get stress added into the mix which is a horrible combination for any person business owner or not to have. There comes the risk of depression, insomnia, anxiety and even passing out. There are a number of things you can do in that scenario to alleviate yourself from being too tired or stressed which includes light exercises, taking breaks and getting more sleep. More tips can be found here http://www.smallbizdaily.com/10-ways-small-business-owners-can-manage-stress/ .
4.) Increasing revenue
Of course there is no bigger goal for a business to have than making profit though like for most people increasing revenue is easier said than done. One way to fix this is to cut costs wherever they could be found such as holding extra inventory and cutting back on expenses on things like employee perks. There can sometimes be no single reason why your business is not making as much profits as you’d like it to but fixing this requires a thorough analysis of your business’s financial activity. Check your profit margins and find ways to innovate your pricing strategy or expand your target markets. Sometimes making the wrong decisions can be the biggest reasons why you’re not making as much as you think you should be making. If you want more tips they can be found in this article http://www.briantracy.com/blog/financial-success/10-tips-to-increase-profits-in-your-business-make-more-money/ .
It can be tough running a business and the answers to your biggest problems may not always be obvious but if you don’t consider the impact they may have on your business than you’re setting yourself up for possible failure. There are ways around most problems but they may require you to make sacrifices but learning how to deal with them now only gives more experience in how to handle them in the future should they reappear. Seek help from others if things are too overwhelming for you to bear but never let them make you lose sight of what needs to be done. These are only some the issues that we’ve covered but there are more things you can do to help your business thrive one of the best tips is knowing what you’re dealing with. The more you know about the challenges you’re dealing with the better your chances are of overcoming them.