"Don't worry you're not alone!" Addressing the Top 10 Concerns of Small Business Owners

Series part 1 of 3

If you own a small business you most likely "wear many hats" on a daily basis. It can, at times, become frantic and stressful. 'The business' can sometimes feel like it has become it's own living organism...constantly demanding 100% of your attention; "feed me, clean me, fix me, pay me, help me..." You get the idea. So why would anyone in their right mind want to be a small business owner? I'll tell you the answer, but first let's address the top10 concerns of small business owners.

In this article I'll address:

• Making money

• Attracting and retaining customers

• Managing cash flow

• Dealing with taxes

• Juggling responsibilities

• Thinking about the economy

• Growing the business

• Competing with other businesses

• Surviving as a business

• Hiring new employees

Let's address each business owner concern one at a time below, with

the intention of gaining some actionable business insight into each of the top10 concerns of small business owners. And, at the end I'll share the reasons why I love being a small business owner.

Making Money

Money. It won't buy happiness, but it does "make the world go round." Nobody, understands this better than a small business owner. You have rent, employees, vendors, insurance utilities, credit card processing and taxes to pay. And of course, you would like to keep some profit to be able to pay yourself! Here's some tips to make sure that last part, paying yourself,

happens:

1. Charge what your products or services are worth and "up"date prices periodically. (note the "up" in update)

2. Remember- No other business has your exact overhead or business pricing structure. So why would you set your prices based on any other business? Answer: You shouldn't!

3. Lastly, DON'T overpay for anything that you can buy cheaper with just a little extra effort, pre-planning, or thinking outside the box to make it happen. Basically, don't be lazy...it will cost you profits.

Attracting & Retaining Customers

Without customers you don't have a business. I know...customers can be a blessing and a curse. They can be the reason you do what you do, but also the reason you feel like closing for good. Have you ever been about to fall asleep or leave on a much anticipated vacation and received the dreaded Google Business Review notification on your phone? Before even reading it, you feel your stomach get that roller coaster feeling. You ask yourself, "Is this going to be good or bad?" Here's some helpful insights I've discovered first hand.

1. Attracting new customers requires effort and time. Don't give up on a marketing plan prematurely. Give it time to work before starting a new plan.

2. Institute a process to identify new customers and the ability to generate a weekly and monthly report from your point of sale software.

3. Lastly, remember that it's always cheaper and easier to retain existing customers than "farming for new customers." So treat your customers like gold. Work with them, be flexible if possible and always try to take the long view on business and word of mouth.

Managing Cash Flow

This small business owners concern would seem to be pretty straight forward and simple. Don't spend what you don't have, right? However, those of us who own small businesses know that the business bank account can be deceiving. The constant up and down can be stressful and make it difficult to know when to invest in new equipment or add inventory. Here are some good rules for managing cash flow.

1. Always overestimate business taxes

2. Monitor business bank account daily and keep accounting software data updated often (some software like quickbooks, can be set up to import sales and other financial data from your point of sale software)

3. Lastly, when in doubt about a purchase, Don't risk it until you can do it comfortably.

Dealing With Taxes

1. HIRE a competent C.P.A. - seek referrals from other owners of well run businesses in your area. They need to be geographically close and responsive to your questions.

This concludes part 1/3 in the series "Addressing the top 10 concerns of small business owners." Be sure to stay tuned in for Part 2 in this blog series.