Solutions to Common Small-Business Problems
Solutions to Common Small-Business Problems : Being a small-business owner can feel like a never-ending race. It takes stamina, discipline, and a surprising amount of work to succeed. Owning your own company isn’t just about fulfilling a passion.
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It’s about knocking down all the unexpected obstacles that come with the territory.
In response to our previous post “The Hardest Things About Running a Business,” here are five solutions to some of the most common small-business problems.
here are a lot of things that keep small business owners up at night, and one of those fears is growth.
Growing a business beyond the capabilities of one individual can seem impossible and more 70% of small businesses consist of only one person: the business owner.
Growth requires new skills, more work, and potentially other employees or partners.
At QuickBooks, we recognize how exciting and stressful business growth can be.
We spoke to some small business owners to ask for their advice about ways to grow your business.
The community had a ton of really helpful tips around managing your time and money, as well as tips for collaborating and finding a work-life balance.
Change Your Habits for Growth
An important time management takeaway that will have a trickledown effect on all areas of your life comes from Jeanna Gabellini from MasterPeace Coaching.
Who believes in practicing habits that will increase abundance in your life and business, and dropping habits that do neither.
Jeanna says, “Your frame of mind and personality will dictate what is best for you at this moment.
I like to incorporate both small and big habits when I want to increase my abundance.”
Record Business Processes Now
Are you just starting to focus on growing your business?
If you’re considering bringing on new clients and potentially new employees.
Make sure you’re recording your business processes now to make it easier to repeat them, or train someone else to do it when you’re able to.
Tammy Durden from Tammy’s Office Solutions recognizes how easy it is to overlook processes necessary to running your business when you’re the only one doing them.
Tammy mentions, “As the business grows it will become much more difficult to find the time to go back to recreate it all,” so begin recording your processes today.
Market Your Business Better
Marketing your business well is key to gaining new projects and clients.
A professional website and maintaining social media profiles that make sense for your community are two highly recommended options.
Liz Froment from Location Rebel claims that a professional website is “the lifeblood of your business.”
Patrick McGinnis also understands the importance of a logo and states, “in many lines of business, image is everything.”
Patrick recommends easy-to-use sites like 99design to help your business and website look professional.
Social media is not just for the kids either. Livia Stancu from Storage Craft recommends making your posts more interesting for your community and says, “adding images to your posts is one way to drive more traffic and engagement.”
Violette de Ayala from FemCity recommends connecting with others in your industry on social media; she prefers Facebook Groups. Violette shares, “with privacy settings.
We are able to connect and collaborate daily on sharing information, tips and updates.”
We’ve compiled more great tips for small business owners in our infographic below.
What other tips and tools have you used to grow your business recently?
1. Prepare for the transition from full-time employee to entrepreneur by developing a six-step plan.
Best-selling author Melinda Emerson, also known as “SmallBizLady,” offers this advice on how to transition from employee to owner.
Before you start thinking about your business plan, you need to create a life plan.
“You must figure out what you want out of life first.
And then build a business that supports your personal goals for your life,” she explains.
In terms of building the business, you need to develop a financial plan, examine your skill set.
Figure out a marketing strategy (including your niche and target customer), and then create a business plan.
The final step involves setting up your business — preferably while still working for someone else, Emerson says.
Solutions to Common Small-Business Problems
2. Minimize the problems associated with being the boss by preparing for them in advance.
There are a host of challenges that come with being your own boss.
How do you handle them? To stay ahead of the game, start thinking about things like networking, marketing, and your finances before you launch your business.
Emerson recommends building your network at least a year in advance.
In addition, focus on your target market, save enough money to account for the 18 to 36 months it often takes to break even, and be cognizant of your financial spending.
Solutions to Common Small-Business Problems
3. Prevent burnout by prioritizing R&R.
Long nights and no breaks can lead to burnout.
To stay motivated, Emerson says, it’s essential to make time for yourself.
“Your time is the most valuable thing you can give yourself and anyone else.
Every three months, take two days off and unplug.
Try reading something that has nothing to do with your business.
At least one day a week, stop working at a reasonable hour,” she advises.
“There’s always more work to do. Don’t let it rule your life.”
Solutions to Common Small-Business Problems
4. Avoid financial trouble by staying abreast of your finances.
Being naïve or in denial about your financial situation can break your business.
Savvy bookkeeping is the only way to keep your company afloat.
“The best way to manage your business finances is to have your accounting reconciled monthly,” Emerson says. “By the 15th of the month.
You should have a statement of cash flow, balance sheet, and a profit and loss statement.
So you can make any adjustments and chase down your outstanding receivables.”
Solutions to Common Small-Business Problems
5. Overcome your fears of risk-taking by confronting them head-on.
Being an entrepreneur is risky business. Every decision you make could potentially hurt or help your company.
How do you deal with your fears so you can make the best decisions?
Emerson says it takes trusting your instincts, educating yourself about the pros and cons of your decisions, and getting a second opinion from another entrepreneur in whom you confide.
You may find that, after directly dealing with an issue, what initially terrified you isn’t so scary after all.
“When you develop a written plan and do your homework upfront, business opportunities don’t seem so risky,” she says.