Being a business owner is stressful, with over half of small business leaders routinely suffering from sleep deprivation. What are the top 5 causes for concern? And what can business owners do about them?
1.Taxes
- 45% of small business owners say that taxes are a major concern.
- 30% of small business owners say that tax laws have had a negative effect on their business.
What to do about it
- Enlist professional help – get a good accountant or tax preparer on your side.
- Be stringent about record-keeping. When in doubt, don’t throw it out!
2. Cash flow
- 45% of small business owners say that managing their cash flow is a challenge.
What to do about it
- Keep a close eye on your cash flow – stay on top of your cash flow weekly or even daily.
- Accelerate payments from customers.
- Delay your own payables where possible.
3. Technology
- 32% of entrepreneurs name keeping up with technology as a major challenge.
Keeping up-to-date with the latest technology is an increasingly important part of running a successful business.
What to do about it
- Outsource your technology strategy to an IT company
4. Staff Shortages
- 29% are concerned about losing key staff.
- 25% fear that employees may not be loyal.
- 24% identify a lack of much-needed skills.
What to do about it
- Keep your staff happy with career progression, training, benefits and a pleasant working environment.
- Show appreciation for your employees.
- Give your staff a clear understanding of what is expected of them and what their long-term objectives are.
5. Work-life balance
- 26% feel the pressures of managing their social lives.
What to do about it
- Keep track of your hours to avoid over-working and burnout.
- Be kind to yourself – accept that you may not get around to absolutely everything in one day.
- Get comprehensive income protection in case you become unable to work.
At Smarter Business, we’re here to make business owners’ lives easier by helping them secure the most comprehensive savings solutions from utilities contract management and procurement to business loans and facilities maintenance. Contact us for a no-obligations quote.
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