What Keeps Business Owners Awake At Night? Part One
As a business owner, what keeps you awake at night? Financial worries? Not enough time for family? Cash flow issues? Problems recruiting and keeping the right people?
These and a myriad of other reasons can keep business owners tossing and turning at night. And perhaps in the current climate of uncertainty, entrepreneurs and business owners are stressing and worrying more than ever before.
In both this week’s and next week’s blog we’ll look at some of the main worries business owners have and look at some possible ways forward that might help.
When it comes to cash flow and funding, this is probably the main reason why many business owners lose much-needed sleep. You may be wondering how you are going to stay afloat, how you are going to fund the much-needed expansion of your business. Or it might be how you are going to pay that over-due bill. Or can you meet payroll this month? You may be thinking about taking out a business loan to help get you through and worrying about whether your loan application will be approved.
It might help to take some time to sit down and plan your cash flow, even on a daily basis. Then look at what you can do next. Chase the client who hasn’t paid their invoice. Perhaps speak to your suppliers and see if there is any way they can help, even in the short term. Speak to your bank manager and find out what the funding options might be. Consider using the services of a good, reliable, and qualified finance broker who has your businesses best interests at heart and may be able to offer a solution.
Growing profits and sales
This is a major challenge for many business owners and entrepreneurs. How do I grow my business? How do I get more customers and clients? What am I doing wrong if I can’t get the sale?
Sales and marketing are vital components for any business. Without a sale, you don’t have a business. And without marketing, you won’t get a sale. So, think about putting together a detailed marketing plan. Think about who is your ideal customer? How can you reach them? What message are you going to give them? Answering these and other key questions should all be part of putting together a marketing strategy to grow your business.
Many companies cite finding reliable, hardworking employees as one of their biggest challenges. However, this is also where some of the greatest opportunities lie. So it’s vital for the success of your business that you recruit and build a great team.
Value each and every member of your team. Let them know they are appreciated and valued. Reward them for their efforts. And importantly, as an employer, allow them to make mistakes without the fear of serious consequences. That’s how we learn.
Great teams make great businesses. And great things in business are never done by one person. They are done by a team of people.
Next week, part 2 of what keeps business owners awake at night?
Image By Science Photo Library from Canva