The worries keeping small business owners up at night
Running a small business is no easy task. There’s always something that needs to be done and always something to worry about. But worrying won’t fix anything. Here are the top five things keeping small business owners like you awake at night – AND what you can do about them.
No one sets out to fail, but the reality is a number of small businesses will. However, failure can be a great teacher. The trick is to first identify the lessons failure offers and then learn from them. Doing so is a sure-fire way to ensure your business survives and thrives. And as the great Woody Allen once said, “If you’re not failing every now and then, it's a sign you're not doing anything very innovative.”
Learning from business failure
For the majority of small business owners there’s never enough time. If you’re struggling to fit everything you want to do into your day, you have three options: Ensure you're focused just on what’s most important, lower your expectations or make more time.
Utilising small business downtime
When it comes to cash flow, ignorance is NOT bliss. In fact, ignorance can play a significant part in the problem itself. Therefore, the first thing you need to do is pay attention. Profits don't pay bills; cash does, so understanding where your cashflow and working capital is at any particular time is crucial.
6 financial tips for small business owners
What is normal for us today was the stuff of dreams in the past. The way we shop, how we get information, our expectations as a customer or client, right down to how we pay – everything has changed, and is still changing. For businesses, it’s survival of the fittest and business survival depends on the ability to anticipate and respond to change. If your business doesn’t change, it will get left behind.
Future proofing for business survival
Although it doesn’t always feel like it, competition is actually good for business. Just like the kid who always beat you at school, a bit of healthy competition actually drives you to work harder and do better. Knowing who your competitors are, what they do well and what they do poorly will help your business grow and thrive.
Feeling overwhelmed is not unusual for small business owners. Trying to balance your business life with your personal life, and everything in between is a challenge. Keeping a good handle on your business will help you to feel more comfortable and confident to leave your business – even if it’s just for the weekend.
Avoiding business burnout
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