It is not a surprise that being a business owner can be one of the most demanding jobs anyone can have. Small business owners, unlike their employee counterparts, don’t usually work within a set amount of hours and if they have very few employees it’s common to find owners doing multiple jobs unrelated to their main responsibility. With the many roles that business owners can take up in their business, it can be very challenging finding time for themselves but time management is one of the many other things that business owners have to worry about. Here are 4 of the most common concerns that business owners have that keeps them up at night.
Locating Qualified Employees and keeping them- Finding the right employees even if they’re not qualified can be difficult for small business owners. The reason being that small business are in competition with larger companies that could offer more benefits to their employees putting smaller ones at a disadvantage. Small businesses also have more to lose when their employees leave because they lack the number of people working to assume the responsibilities of those who left. They’ve also invested a considerable amount of time and money training them so losing just one employee is a huge expense that cannot be recovered easily for a small business as oppose to larger businesses.
Solution: A solution to that is first finding the right employee training and business culture strategy to find the perfect employees for your business. If you need help modeling the perfect business culture for your business sites like zapposinsights.com can help you find what you’re looking for. When it comes to keeping the right employee it’s best you figure out they would want from your business and what drives their performance. Invest time in employee training and retention so that you can keep your most valuable employees longer.
Attracting more customers- Attracting customers is one the biggest struggles that all businesses worry about to a degree. New businesses worry about finding new customers and older ones must worry about keeping their current customers. It doesn’t take much to lose a customer as something as simple as bad customer service to poor product/service quality can damage your business’s reputation making them lose their customers.
Solution: To avoid this, business owners must invest in their sales and marketing department to attract customers first. There are many ways you can try to attract and keep new customers but one of the most basic of them is treating your customers with quality customer service that will persuade them to come back. Communication is also key so take the time to listen to their complaints and concerns so that you’ll see them come to your business more often.
Unreasonable Government Regulations- With new regulations comes new worries for business owners because laws can mean new expenses for businesses. Businesses already struggle with what they perceive as over regulation but smaller businesses given their size feel the impact even more. Worrying about new tax laws, healthcare cost and employee regulations can take valuable time away from a business and could force it to restructure some of it’s operating models.
Solution: While there’s no way of stopping new regulations from happening you can look into information regarding what laws will affect you whether that be through an attorney or through the SBA loan website. Finding answers to the questions you have will allow you to understand what effects any new laws might have on your business. You can also support organizations focused on improving policies meant to help small businesses. Contacting your local representative and voicing your concerns is another good way you can make a difference for not only your business but other businesses as well.
Work/life balance- Considering that business owners can work longer hours and do lots of different tasks many may have little time for themselves to do much else. Most people are under the impression that being a business owner will allow them to have more free time on their hands but in many cases owners end up working for their business instead of having their business work for them. This can disrupt the work/life balance needed to reduce stress and allow you to spend time with others.
Solution: To solve this you can create a schedule of your most important task and delegate some of them to your employees to free up your workload and get more things done quickly. Your time is very valuable as a business owner so it’s in your best interest to use it wisely.