TEN MOST DEMANDING SMALL BUSINESS CHALLENGES

Solving the Ten Most Demanding Small Business Challenges

Before we start reviewing the “Ten Most Demanding Small Business Challenges”, let’s review the top three National Reasons why Businesses fail!

  1. Poor Cash Flow – Too much going out and Not Enough coming in
  2. Ineffective Advertising & General Marketing Efforts –  Unable to solve poor advertising efforts
  3. Denial – Not admitting there is something wrong with the business

Now, the “Ten Most Demanding Small Business Challenges”

No. 10 – How Much Money is Sufficient in Business?

Most start-up businesses do not have sufficient funds.  It is recommended by business consultants to have twice as much of what is determined as start-up expenses.  Always have some financial reserves to inject in the business . . . a business should not be in the red.

No. 9 – Is the Bottom Line Really that Important?

As was stated in No. 10, a business should not be in the red at anytime.  The Bottom Line is important to watch carefully for any clues of potential business difficulties.

Bussiness Planning

Business plans bring success

Why write a business plan? 

Imagine departing for an unknown vacation destination without the use of a road map. This association is similar to a business person who is attempting to either start or operate an existing business without any idea of how to develop the business.

What is a business plan? 

A business plan is a written narrative with financial and marketing projections. The plan describes the goals of a new or existing business and how the goals will be accomplished within a certain period of time.

Win Race

What it takes to be a successful entrepreneur

“IMPORTANCE OF PRIOR WORK EXPERIENCE” [ 1 ]

Let’s say that you have been dreaming of starting your own business. However, the industry that you have chosen is somewhat unknown to you.

What should you do?

You can hire a business consultant who is an expert in the industry; or if at first you cannot afford to hire someone, there is another solution.

Review Numbers

Importance of maintaining adequate cash flows:

America’s number one small business challenge which causes many failures is maintaining an adequate cash flow. Unfortunately, managing cash flow is a struggle for many business entrepreneurs. Owners need to manage forecasting, collecting, disbursing, investing, and planning for a business to operate smoothly. Most businesses start having difficulties when the cash inflows and cash outflows do not keep pace with each other leaving the business short of cash and unable to pay its operating obligations. The following reminders are to assist businesses maintain appropriate cash flows:

Staffing Business

Guidelines for leading and staffing your small business

Let’s ask ourselves, “Why is leading and staffing your business so important in today’s competitive world?” Without an appropriate leader at the head of the business and guidelines for hiring a competent staff, the potential success of the small business will be in jeopardy. Today’s article will focus on these two important aspects of a successful small business.

What constitutes an effective small business leader?

  •  A leader creates a set of values and beliefs for employees and  passionately pursues them.
  •  A leader respects and supports his/her employees
  •  A leader sets an example for his/her employees
  •  A leader focuses on his/her employees’ efforts as they pursue challenging  goals
  •  A leader provides the resources employees need to achieve their goals
  •  A leader values the diversity of his/her workers
  •  A leader encourages moderate risk-taking among his/her workers
  •  A leader values new ideas from employees
  •  A leader encourages creativity among his/her workers
  •  A leader maintains a sense of humor
  •  A leader behaves with integrity at all times

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