Common Struggles Small Businesses Go Through and How to Deal With Them

Being a small business definitely doesn’t mean your problems are small. Many start-ups and entrepreneurs struggle with keeping their businesses healthy and profitable. Issues like cash flow, audience engagement, marketing, and even customer service can be huge inhibitors to increasing your bottom line. There are, however, methods with which you can deal with these common struggles so that your business ends up back on top. This blog takes a look at several of the previously mentioned areas f challenge that small businesses face. Let’s take a look.

1. Cash Flow

   One of the biggest issues that small businesses fight to control is cash flow - often only because business owners don’t want to ask for help or feel that they’re saving money by not applying for business loans, etc. In truth, a business loan can offer substantial support, bring down the cost of capital, and offer budget-friendly plans for paying down debt with low interest. When planning your cash flows it is important to think about tomorrow, not today.

2. Tax Compliance

   Many small business owners aren’t aware of the government regulations to follow and tax incentives that can save them money each quarter. Hiring an accountant or finance c-suite even for the short term can educate you on the correct protocol for paying taxes on behalf of your business, employee tax deductions, tracking expenses, and finding sometimes hundreds, if not thousands, of dollars in tax savings. While there will be an upfront cost to hiring such a professional, the long-term benefits of guidance and education in tax and compliance can truly change the success of your business and make yourself and your other small business staff better equipped to run a small business.

3. Proper Human Resources

   Hiring staff for your small business? Great. This means you’re at least seeing enough success to need some hands-on help. There are legal documents and “hoops” you need to jump through in order to properly hire and maintain your staff. This includes tax forms, an offer of employment, and even the number of sick days your state may require. If you’re struggling in this area, you could be putting the legality of your business on the line. A proper human resources staff can remedy this. Can’t afford to hire a human resources manager full-time? There are many services that provide outsourcing for human resources for substantially less than a full-time team member would cost.

4. Staying Motivated Through Hard Times

   Like anything in life, you’re going to see success, and other times you’re going to fail. It’s important to drive yourself through your failures and stay motivated and passionate about why you decided to get into your business. Was it because you wanted to be your own boss or sell a product you admire? Keep these reasons in mind throughout each milestone to your ultimate success and one day you’ll look back and realize those failures were setting you up for a bright future. The early years of a small business are bound to be difficult, but as a founder, you go through hard times and put in the hard work as an investment in a more fulfilling career.

Whatever struggles your small business may be facing, you may be causing more issues if you refuse to acknowledge that you may need help. There are many, many resources out there in the digital age to help small businesses compete with larger enterprises, such as google ad services. Every entrepreneur has their own strengths and capabilities but needs to gain the right expertise in other areas to succeed. There are plenty of resources both locally and online that are dedicated to supporting small businesses through the beginning stages of their development and even beyond.

NMBL Strategies seeks to empower small businesses, nonprofits, and public-private enterprises through trusted consulting partnerships. through trusted consulting partnerships.  Our consultants have real-world experience and significant tenure within their fields and are able to deliver the best and most strategic return on investment. Learn how we can help grow your organization today.