What are the biggest problems small business owners face?
I recently had a discussion on a small business group on LinkedIn where I asked the question: What are the biggest problems small business owners face? I had many answers and also suggestions that may help.
The first problem was financial, and many small business owners feel that they have a cash flow problem. Others are in need of finance, some in desperate need so they can grow. Others found getting set up, registered and all the paperwork a problem.
Others found that marketing was their biggest hurdle. They found it difficult to get their name out there and finding clients.
Some found that there were not enough hours in the day to get done what you need to do. Getting help via virtual assistants was given as a possible solution.
Some found growing to the point of getting others to work for them a problem. It is difficult to let go of their business and get others to work for them. Getting to know which people is a good fit for their business is also a problem.
It is a challenge to learn that you are not your business. Many start micro enterprises by themselves, and then identify so much with their business that they feel they are their business.
One small business owner says if you can just get past the 18-month mark, that is when success came for him. You need to do the best you can and give the best service. Then success comes snowballing just when you think it won’t.
There were interesting solutions posted by some. One person said that cash flow problems are due to bad cash flow management. His solution was to know your financials on a daily basis.
Others gave solutions to hiring problems, tips for entrepreneurs, and asking for help. One solution was to become part of a network of small businesses that can help each other. This is a good suggestion, in my opinion.
However, according to some 95% of small businesses fail. It is up to each one of us to make sure we don’t become part of those statistics. To make sure it is not you, I have made a short quiz for you to see if your business will survive or thrive.
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