25 Jul The Five Biggest Challenges Faced by Small Business Owners
As a small business owner, there’s plenty on your plate as it is. You are faced with unique challenges that change by the day. And while your own duties consume much of your time and focus, often the bigger picture can prove to be the most daunting.
Will the company be profitable in a year? How many employees will we need? Are we providing enough benefits to our team?
From an established foodservice manufacturer’s rep firm to a newly created real estate agency, the issues faced by small business owners are more similar than you might think. Let’s take a closer look at some of their biggest challenges:
“More money, more problems” is certainly not the creed of small business owners. Managing cash flow for new and smaller companies is a difficult proposition without a system put in place for budgeting and invoicing, as well as tracking income and expenses.
Taxes, especially for small businesses, can be overwhelming, especially around April 15th each year. Whether it’s knowing your tax responsibilities or sorting through accounting, remaining tax compliant may seem like taking on a second job for some business owners.
HIRING NEW EMPLOYEES
Any business, large or small, wants the best and the brightest on their team. Finding that person who brings immense talent and meshes well within the company is crucial, and not easy. The cost of bringing on that new hire, from taxes to training to benefits, costs several times the actual salary. It’s a risky proposition, so small businesses can’t afford to make a mistake with a new employee.
Sure, finding great new hires is ideal for any small business, but what about retaining the talent you currently have. Offering great employee benefits not only bring the best candidates to you, but they provide your current employees the security and the comfort to stay with your small business. The key is finding a set of tools to help employees attract and retain a talented workforce.
The most important benefit a small business can provide to its employees is healthcare. But it’s also one of the most expensive, if not the most costly benefit. While the individual healthcare market has created new options for employers and employees alike, it’s not always the best solution.
A group health insurance plan is a popular option for small businesses. Not only is a group health plan an attractive employee benefit, in many cases it’s a solution to a number of the challenges that small businesses all over the country will face.