3 Major Issues Confronted By Small Business Owners

111Many small business owners need to be flexible; they wear multiple hats and make many decisions on a daily basis. Most of these decisions are small and don’t have much impact; however,  there are three major issues confront by entrepreneurs as discussed in article, 3 Challenges Small Business Owners Face, by the writers at Personal Branding Blog.

Finances

The primary aim of businesses existence in day offices is to generate money.  However, many of small business owners run their finances without sufficient planning and understanding. They monitor cash, accounts receivables, and expenses, but most don’t have a basic financial forecasting and reporting structure in place. Many don’t even have the advantage of a line of credit to assist them when financial speed bumps occur.

Tips:

  • Create a basic financial reporting structure using preferred accounting software like QuickBooks.
  • Document financial reporting guidelines to assure timely reporting and item entries that you, your employees, 1099s, etc.
  • Create a forecast of all important financial data such as revenues, accounts receivable, and expenses like rental in Individual Office space.
  • Commit to a regular schedule to review comparative reports.
  • Consider financial options such as a line of credit or other source of funds.

People

Each employee in full service virtual offices is essential to the business, poor performance or sudden resignation can adversely affect the operation. Discovering new talent for growth or to backfill openings can drag out for months because the owner is focused on other activities or simply doesn’t have the ability to find good talent.

Tips:

  • Block off a few hours to study carefully the performance of each member of your current team.
  • Determine those who are significant to your success and what you can do to motivate them.
  • Determine those who are not performing effectively and what action you will take to address this.

Time

Time seems inadequate to many entrepreneurs even if they are working 60 hours a week or more in flexible office space. After working long hours for years, they begin to feel they have become a slave to their business without getting any better.

Tips:

  • Write down the action items you are doing for a day or two, review them with an eye toward those that could be eliminated.
  • Delegate works appropriately.
  • Establish schedule for key activities on your calendar.
  • Commit reasonable work hours and hold yourself to them, which will cause you to avoid low-value work.

Conclusion

These 3 challenges could be used as ladder to business owners’ success when address properly. YourOffice offers you a wide choice of office and workspace solutions: flexible office space, team/conferencing/meeting spaces and virtual office packages. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.