Top 10 Issues Facing Small Businesses Today

I am writing this article to highlight just some of the issues faced by business owners today regardless of size of business. Business owners constantly face challenges in their businesses which ultimately affect their lifestyle.

In today’s world, the number of businesses starting up is growing by the day. With more company displacing employees, the market has shifted from employment to small business owners. The consequence of employees now turning business owners comes at a risk mainly through lack of education and management skills. There is no formal training that helps you with business set up, growing your business coupled with exit strategies. This philosophy also applies to established businesses with the lack of training.

Starting a business is a big achievement for many business owners but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. These include things like hiring the right people, production, cash flow, building a brand and so on. However, there are some that are unique to small businesses - ones most large companies have grown out of long ago.

I am running two businesses myself – one established and one in start up mode. I know the complexities of running your own business. You enjoy the rewards when the business is booming plus you get the heartache when your business is in the downtu
cycle. It happens to all businesses going through both the growth and downtu
cycles (including large businesses). The boom and downtu
cycles that occur in all businesses happen because of two factors – exte
al factors and internal factors.

As a business owner myself, I admit to having experienced some of these issues myself.

First issue - I had been relying on predominantly two customers who accounted for 80% of my income. I lost one customer due to the customer going to a cheaper accountant. The client returned back to me two years later because the cheaper pricing had an impact on his business.

Second issue - I did not like delegating work to other staff. Delegation was a major issue because I was expecting my employees to work with the same level of enthusiasm as me. I had put an extra burden on myself by trying to do everyone’s job because I was not delegating effectively caused me unwanted stress, long hours and almost burnout for me. I was not eating properly nor was I having a good night’s rest. I was getting grumpier with the family. Problem solved. I was approached by one of the Australian professional bodies to undertake a graduate who wanted practical experience whilst studying. After much debate, I decided to accept this graduate. His name was Chris. At the first interview with Chris, I could sense that he shared the same passion as what I do but needed some training. Chris was a person who was in the middle of his Accountancy Degree at University. He wanted practical experience whilst studying. Chris worked with me for two years before he moved his family down to the South Coast of NSW.

As a business owner, i have seen these issues firsthand plus i have also experienced some of these issues myself.

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