5 Things That Keep Business Owners Up At Night
January 2nd, 2018
Sleepless nights are no stranger to the small business owner. In fact, they should be in the job description! There are some common issues that keep business owners up at night, and we hope to provide some simple solutions to help put those issues to bed, so you can rest easy:
Lying down to rest can often be tough when your brain is still whizzing and clicking away, even though you left the office hours ago. Prioritize tasks at the start of every day, creating a visual to-do list. Close the day by ticking things off the list and moving unfinished tasks to the next days’ to-do list. Assessing accomplishments and reassigning tasks still to be tackled will help you feel a sense of completion for each day and may relieve the overwhelming feeling that you did not get enough done.
Lack of skills
This could be a couple of things: your own lack of skills needed in order to complete all said tasks or the lack of employees with said needed skills. Consider outsourcing as an immediate fix to such problems- instead of investing the time and energy in educating yourself or your team, find contractors who have the knowledge and put them to work. Careful though- this can be more like a Band-Aid then a permanent fix! In slower times, always consider adding to your skill set with courses, seminars, etc.
Slow moving sales
Sales = profits. The stress of slow moving sales weighs heavily, as it has a direct trickledown effect on all operations and departments. Alleviate the pressure by ramping up marketing efforts during slow periods and reaching out to loyal customers with great deals and incentives to up their buys. Add these tasks to your daily to-do list, so that you are actively working on them every day.
Poorly managed credit/debt is one of the indicators of a struggling or doomed to fail small business. Tackling debt is always easier when you get out in front of it. Be in constant contact with your lenders, keeping them updated and exploring solutions together. Lenders can help you restructure your debt, increase credit limits and lower interest rates to help manage.
Managing money is hard but managing people is harder. A solid HR department and a software management system that handles payroll, employee files, scheduling, etc. can help you breathe easier and help you catch more of those much needed ZZZ’s!