Being a small business owner as we all know is no easy task. From money woes to lack of planning, just about every business owner has faced or is currently experiencing a number of challenges. So what are the toughest things about running a business? Here are six common problems that tend to arise all too often.
Waiting too long to fix a problem: Burying problems won’t make them magically disappear. Regardless of whether the problem relates to clients, employees, suppliers or the ATO, it is imperative you deal with the problem as soon as possible to avoid the situation becoming worse.
Learning how to delegate: Many business owners’ are hesitant to delegate tasks even though they don’t have enough time to complete them. In the start-up phase, most business owners tend to handle everything on their own as they don’t know how or what tasks to delegate.
Staying motivated: When you work long hours, weekends and public holidays it’s inevitable that at times you will feel stressed as all your energy and resources are going into your business. It’s up to you to remain motivated for the challenges and rewards ahead of you.
Lack of planning: This is by far the most common problem faced by small businesses. Becoming so engrossed in day to day activities can mean that no plan for the future has been thought about. Without cash flow and marketing plans for example, the business is being run with no aims or goals to achieve.
Rising Costs: Business costs are continually on the rise; however there are a few things you can do to get a better deal. Shop around for quotes on insurance, telephone and electricity; you’ll be surprised at how much you can save by undertaking some research. You can also talk to your suppliers about possible early payment discounts or volume discounts.
Getting paid on time: No matter how well established a business is, there will always be customer or clients that do not pay on time especially when dealing with customers on credit terms. Unfortunately this is a fact of life but there are a few things you can do such as tightening your policies and procedures and using the services of a debt collector.
If your business is struggling with any of the above problems, or have other problems not mentioned, contact The Quinn Group today. Our accountants can provide you with advice and guidance to help you implement business plans, prepare budgets and get your business back on track. Call 02 9223 9166 to set up an appointment or visit our website at www.quinns.com.au.