We know that being an owner of a small business is tough even at the best of times. Sometimes it can be difficult to identify just what a problem is, making finding a solution frustrating. We’d like to ease this frustration by looking at three common problems small business owners face, along with some possible solutions.
Problem One: Finances and Cash Flow
This is a big one for businesses both big and small. Without a steady cash flow to your business, you’re less likely to succeed, not to mention getting the finance to get started in the first place!
A cash flow forecast is a great tool to help you figure out where your money is going, and where it’s coming from. We created our own template for you to edit to suit your business which you can download: GRID Business Sample Cash Flow Template 2019. Make sure to create an actual budget alongside this, so you can compare the results.
As mentioned above, you should have a forecast and an actual cash flow total. Make sure to compare the forecast with the actual to see where you may be overspending. This will make it easier for you to identify financial problems and fix them.
Get an Accountant
Many small business owners do everything in their business, from marketing to staff training. However, if you’re seriously worried about your finances and the forecasting and budgeting haven’t helped, you should consider hiring an accountant.
This is a great solution for small business owners looking for a small amount of money to get something essential done in their business. At GRID, we offer a short-term financial solution for just this situation. We offer a cash advance solution which offers flexible repayments. A cash advance is repaid as a percentage of your credit/debit card takings so it works with the ebb and flow of your business.
Problem Two: Employee Retention and Training
Currently many Irish companies have a growing employee turnover rate, which can make it a real challenge to retain staff. Subsequently this can cause numerous issues for your business; understaffing being just one of these issues. So, what can you do?
Calculate Your Turnover
Finding out your turnover rate should be your first port of call. You can do that with our calculator: Employee Turnover Calculator
If your rate is high, discuss this with your employees. Ask if you can do anything to help your employees feel more valued in your company.
Why not check out our Ultimate Employee Retention Guide?
Make sure to regularly check up with your employees and see how you can all work together to improve your business.
Problem Three: Time Management
When you’re a small business owner, time is valuable and there just never seems to be enough of it! You’re more than likely trying to deal with all the usual business along with any surprises that crop up.
Do you have a member of staff who is an Instagram genius? Get their help with marketing. What about one who has a photography hobby? Enlist them too! What about a Finance major working through college? Why not ask for help organizing your finances or creating a budget?
To-Do List It
Make a list of all the essentials you have to do for the day. Stick to this list as much as you can. Not only will this save you from forgetting something important, but it’s one satisfying thing to check off something from the list!
This can be hard to do when you’re running your own business, but it’s important to take a step back. Taking a break will not only allow you to go back with a fresh mind, but you’ll have more energy after a break.