New businesses face a number of obstacles.
Are you starting your business and concerned about the future growth of your company? Many business growth needs in Oklahoma are the same from year to year; however, current economic conditions make growth even more contentious. In addition, uncertainty with our government and economy can give new business owners heartburn.
Small businesses aren’t likely to get much encouragement from the economy in the near future and they are still the engine of the U.S. economy. Entrepreneurs still constitute the vast majority of employers in the U.S.
There are a few common issues we have found that face every new business and we wanted to share these with you. You will notice we left healthcare off the list. While healthcare is a big concern, most small businesses (fewer than 50 employees) will not be required to offer healthcare to employees. Check with your agent for specifics.
Top 5 challenges in running your own business
- Cash flow – If capital expenditures or expenses are draining your cash, you won’t be in business long. Make sure you store as much cash as possible and be adequately capitalized. Look to professionals for help whenever you can. Your team should include a good attorney, accountant, and insurance agent.
- Failure to outsource- Many business owners think they can do it all. The reality is you should focus on what you do best, generate revenue, handle client relationships, and manage operations. Outsourcing for small business in payroll, accounting, HR, and marketing should be considered.
- Skilled and professional workers- It really doesn’t matter what business you’re in, finding the right people is the most important and difficult job for a new business.
- Poor marketing plan- One of the most important elements of a successful business plan is a well-researched marketing plan. A clear marketing strategy is a necessity for any business. Marketing informs prospective clients what products you sell and how you sell them. Word of mouth is great, but it doesn’t constitute a marketing plan. Your marketing plan will help create your brand. A yellow page listing is not considered marketing in 2014.
- Technology- There isn’t any question that technology can help you grow and manage your new business. From client management to social media, technology needs to be a central part of every business.
Things are never easy for a small-business owner. No matter how hard you try, there are always problems to solve and fires to put out. These tips on business growth needs help keep things in perspective and allow you to continue planning for development and success in your own organization. Looking for help is smart and actionable to keep your business profitable. Outsourcing groups are synonymous with adding value and resources that are usually hard to find.