Running a small business is no easy task. From the moment the alarm goes off in the morning until your head hits the pillow at the end of the day, there’s always something to worry about. And if you’re not careful, those worries can make you toss and turn in your sleep too.
If this sounds familiar, you could try having a glass of warm milk before bed or you could address the problem. We’ve done the research and found out the top five things keeping small business owners like you awake at night – and here’s what you can do about them.
The key small business worries...
Money
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.
Read more:
Financial tips for small business owners
Cashflow forecasts and liquidity
Time
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 whats most important, lower your expectations or make more time. Besides inventing some sort of time machine, ways to make more time include working more efficiently and delegating.
Read more:
How to avoid small business burnout
The future
The key to peace of mind lies in planning. A good business plan provides a step-by-step guide for the way you want your business to operate over the coming year or more and it should direct every decision you make going forward. You may not be able to predict the future but you can plan to position your business in the best possible way to meet any challenges the future throws at you.
Read more:
Business plans – the good, the bad and the ugly
Staff
Let’s face it, good help is hard to find. Staffing issues have caused many a headache for small business owners – finding good help, retaining staff and managing staff issues can be time consuming, frustrating and detrimental to your business. However, we have some tips and tricks to help you find good staff and hang on to them.
Read more:
Recruitment tips for small businesses
Tips for small business owners going it alone
Work-life balance
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.
Read more:
How to spring clean your business
Making the most of small business downtime
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