Part 2 : Addressing the Top 10 Concerns of Small Business Owners

main street business merchant

Welcome back! This is part 2 of 3 in my

blog series Addressing the Top 10 Concerns of Small Business Owners. Remember to stick around for the ending where I will share why I love being a small business owner.

Juggling Responsibilities

Small business owners wear many hats. Sometimes you're the boss, and other times you are "low man on the totem pole." And the most successful small business owners can scale up and down and everywhere in between multiple times per day- and make it look easy! But, for most of us mortals this does not come easy, nor without a stress response. Here are a couple of strategies I've learned by owning and operating 3 Automotive Repair shops.

1. Give yourself some grace. Not every "hat" looks good on every person. Don't give up or ignore the hat you don't especially like. Just keep putting it on when needed and trust that it will grow on you.

2. Delegate responsibilities when possible, or appropriate. Enlisting the help of trusted people in your life is not a sign of weakness or failure. However, this does not mean allowing for example, an employee into the payroll account to print employee checks and hand them out.

Thinking About the Economy

National economy, state economy, local economy. That's a lot of "economies." And all of them have an effect on your small business and the decisions you make. Here's some actions I took as my small businesses endured September11th, 2001 terrorist attacks, The

2008 subprime mortgage crisis and ensuing global financial crisis, The 2020 Covid global pandemic, and multiple major road construction projects hindering entrance to my businesses.

1. Most importantly say to yourself this phrase, "I don't have control over everything."

2. Visualize daily. "Meaning, if this happens, then I would try this...to minimize impact"

3. Put yourself in position to maximize opportunities and be ready when the pendulum swings back in your favor. For example: take advantage of vendor price cuts to increase inventory so you're ready when whatever the latest "economic panic" is over.

Growing the Business

Growing the business can be many things. It can mean increasing revenue, increasing physical location or adding multiple store locations. It can also mean adding employees to help with the work load. It can also mean taking on a business partner or more business debt to add to existing services or inventory. Before dreaming of "growing the business," consider the following:

1. What is your motivation for growing the business? And whatever the reason...Is now the right timing to do what you're dreaming of doing?

2. Be rational with regard to estimated additional net profits from growing the business. Is the risk and additional effort on your part worth the "payday? (I'm speaking from experience here people)

3. Once you decide, be fully committed to do it. And, have a contingency to fall back on if things don't go as planned despite all the careful consideration.

This concludes part 2 "Addressing the Top 10 Concerns of Small Business Owners" In part 3 of 3 we'll cover "Competing With Other Businesses", "Surviving as A Business" and "Hiring New Employees."