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Top 3 Challenges for Small Business Owners & How to Overcome Them

August 16, 2017 | Carl Corneliuson
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    Getting a small business up and running and managing it efficiently can be very challenging. In most cases, small business owners know their respective industries well and are extremely passionate about their areas of expertise. However, it’s addressing the logistics that requires the most consideration.

    Below we’ve identified three of the top challenges for small business owners and the paths that can be taken to overcome them.

    Cash Flow

    Financials and cash flow in particular can be an obvious stinger. Case in point: If a client is late on a payment, it can have a domino effect, thus making it harder for you to pay bills and setting you back.

    The best route here is to use online invoicing that’s both courteous and persistent. For example, Intuit Quickbooks provides an invoicing software solution that features customization, automatic reminders, and the ability to integrate your billable hours into Google Calendar and other platforms.

    Need a little help getting the most out of Quickbooks? We’re here for you. Check out our Quickbook services.

    Hiring & Retention

    Much of small business success depends on a company’s ability to find the right talent and to retain that talent. How do you hire the right amount of employees, while balancing that with the overall costs of your business?

    From the start, ensure that the hiring process is thorough. Online hiring platforms such as LinkedIn and Indeed allow for more in-depth vetting. Additionally, make sure to explain as much about the job as possible to potential hires from the get go. And before hiring, ensure that you can actually afford new employees (the Intuit Quickbooks website features some great tips).

    Once hired, effective retention suggestions include: providing bonuses, benefits, PTO, promotion, and displays of appreciation.

    Advertising & Marketing

    Marketing your services to potential customers can present one the largest challenges you’ll face. You can have a spectacular service or product, but if it’s not marketed in the correct way, you’ll have trouble getting people to walk through the door or pick up the phone.

    Cross all your t’s and dot all your i’s: Make sure to have a great social media presence, an easy-to-navigate website, local business listings on search engines like Google and Bing, and positive online reviews. Meanwhile, more traditional marketing techniques include: participation in community events, discounts, print ads, and more.

    To see how Corneliuson & Associates can help your small business overcome its challenges, contact our experts today.