Challenges Facing Your Small Business

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Working Wednesday: Challenges Facing Your Small Business

Starting your own business can be a daunting journey, but the risks are worth it if it's something you believe in.

Money is of course the most important point here. Money is the factor that enables your business to grow, whether it's to buy the relevant equipment, or to hire an extra person, it's how you manage the business accounts that will set you up. You need to think long term effects, that shiny brand new macbook with all the latest tech may be extremely tempting, but do you need to spend the extra couple of hundred when you can save and get something that will do the job. In the beginning you need to be frugal, save the money for what really counts, or for incase of emergencies. 

When pricing your work too, know your outgoings, your ROI, know what your competitors are pricing. Do your research. You don't need to be raking it in from the first few clients, just make sure your price is enough to cover the cost of the service (or product) itself, and a little to cover your overheads in the company. There will be room to grow later, but only if you look after your accounts!

Exhaustion and Setting Your Priorities
In the beginning it seems to be "all systems go" and it's tempting to stay up all night working on perfecting your product/ service, or doing that one last email! But don't give in to the temptation. Sometimes the best thing for you and the company is a night off, especially when you face challenges a fresh look at things can be very beneficial.

A good way to avoid exhaustion is to make sure you have your priorities set out, otherwise if you are working on everything all the time, your work will suffer. Start the day with the most difficult or challenging task, then the rest of the day will seem easier! And don't forget to keep going, praise yourself.

Skills Shortage
Be aware of your skill set, this may be your business, your pride and joy, but you can't be everything and everyone in it. It will lead to the above mentioned exhaustion and will hinder your company. If you are a creative that misses details, hire a "completer finisher" to make your visions into a reality that will sell. Know your teams weaknesses and strengths and divvy out the work load accordingly. Ask others that have worked in companies similar to yours, use their knowledge and experience to put your company at an advantage.

Founder Dependance 
This is a very important issue to address. When you get momentum behind your business you need to make sure you have the right people in place and the right layout to ensure that if anything happens to you you know that your business is still in a position to make money.