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How to Overcome the 3 Most Common Challenges Faced By Every Small Business Owner

by | Sep 11, 2017 | Planning

 

Running a small business is tough.

In small business, the competition is often from better funded businesses. And finding time to work ON your business, rather than IN your business, can be a real challenge.

As a consultant, I have noticed three challenges that small business owners face. They are:

  • Small business owners often fail to plan. They spend more time planning their holidays, than planning their business. I often hear that it’s the first time they have set aside time to think about business. Planning enables them to gain focus, direction and have something to aim for, allowing them to step up in their business.
  • Often small business owners find it hard to understand their numbers. I wrote my book, Building Profits the Smart Way, because many business owners aren’t very good with numbers. Learning these skills can create real value in your business.
  • Small business owners often do not have anyone to talk things through with. Accountability gets things done, so it is vital to have an independent, unreasonable friend to keep you on track.

By addressing these challenges, any small business can develop a competitive advantage. It never ceases to amaze me how a business can be transformed. It’s as simple as figuring out where you are going. Put some clear measurements in place to show your performance and build accountability into your day-to-day processes.

It doesn’t matter if you are a manufacturer, a retailer, a builder, or a winemaker. These principles apply to any business. And with discipline and focus, they will make a positive impact.

Decisions + Actions = Results

Take action – you’ll be glad you did.

 

Top 5 Tips to Manage Your Business Finances, Without Going Broke.

Do you want to learn how to read you business numbers and get you “financial” act together?  Our Top 5 Tips guide will also show you the 5 essential reports every business owner needs to find the hidden profits in your business.

Amanda Dyason, Founder of ProfitSmarts

We help Australian business owners increase profits, accelerate cash flow and master their financial management. We believe life is too short and precious to be stuck in an under performing business delivering mediocre results.

ProfitSmarts gives you more Profits and consistent Cash flow, putting you back in Control. Because when you get business right, the results are simply amazing.