Small Business Challenges and How to Face Them
Small businesses today face a myriad of challenges that they have to fight through daily. Being a manager or small business owner means you need to always be looking off at the horizon for not only opportunities but also challenges. In this article, we will look at a few of the major difficulties and struggles small businesses face and how to approach them.
- Financial Management: Many small businesses struggle with cash flow management, securing loans, and managing debt. They need to make strategic decisions about investments, expenditures, and funding sources.
It is tempting to cut corners but this is not the place to do it. While accounting is often seen as a cost center and just a necessary evil, so many small business owners (particularly businesses where the owner serves as CEO) hire the cheapest possible candidate. That usually means the least qualified as well. In the long run, this can cost a fortune in missed financial opportunities, mistakes, and poor financial reporting which can lead to bad decision-making data being provided to the CEO. Hire well-qualified people for your finance and accounting team and learn what the numbers mean. Work with them closely in determining major strategic plans before you act.
2. Marketing and Customer Reach: The digital age has increased competition, making it more…
