Following are 3 obstacles faced by small businesses & how you can get rid of them:
- The issue of Cash Flow – Cash flow is among the most significant aspects of a triumphant startup business. Close to 82 percent of small businesses that fail is because of ‘poor cash flow’ management skills. Seasonal fluctuations, delayed customer payments, rising costs, emergency expenses, and a number of more factors can lead to a cash crunch which threatens the company’s ability to grow and survive.
Solution – Begin by filling out a ‘cash flow’ statement utilizing a template which can show you where and when money flows in & out of your business. It also helps you forecast cash flow hazards thereby allowing you to plan in accordance. Cash flow tools can help you manage your business in a far better manner.
2. The overburden of Administration – For instance, you started a landscaping business as you have a ‘green thumb’ & wanted to make a living in the ‘fresh air’. Yet here you are! Sitting at a desk, beleaguered by paperwork, lost bills, unsent invoices, and misplaced customer notes. Without a suitable organization & support, a small business can be the victim of its very own success. One missed client appointment can lead to ill will damaging your company’s reputation and an ‘unanswered call’ can send your potential client to your competitor. Even if you are well-organized, administrative tasks might be taking away too much time from your core business & sapping your ‘entrepreneurial energy’.
Solution – Look at your weak points to analyze where you require help. The online scheduling software has the functionality to automate reminders and a ‘virtual assistant’ can handle your appointments & calls. If billing, collections, payments, and accounting have turned into stumbling blocks compared to engines that propel the business, take into consideration a ‘bookkeeping service’ to organize your records and get it in proper shape.
3. The threat of Cyber Attacks – If you have an internet connection, you have the risk of a cyber attack. A small business cannot afford to have experienced a breach that exposes sensitive core data to cybercriminals. Apart from this, direct losses, small businesses face the probability of legal action or fines, if the consumer data is compromised.
Solution – Create a small business ‘cybersecurity’ plan providing security training to your employees. Make use of a firewall to protect the network; back up significant business data; control & limit access to data; secure the wireless networks.