Running your own startup is a challenge like no other career path. From carving your own path within an industry to finding financing, and hiring your first employees, there are plenty of milestones and mountains to the summit before you start to reap the benefits of your hard work.
Luckily, you’re not the first business owner to encounter these issues, so you can learn from the challenges of others to bolster your business operation. If you’ve been struggling with any of the aforementioned issues, this is the post for you. In this article, we’ll be naming solutions for some of the most common problems small businesses encounter. From technology to good old-fashioned advice, we’re providing you with the intel you need to maximize your startup’s efficiency and success.
For many small businesses, money isn’t necessarily what drove you to your craft, and it’s often not even in your wheelhouse to manage your own money on a business scale. But the reality is, being detailed about your bookkeeping is extremely important if you want to succeed in the startup world. In fact, one of the most detrimental issues small business owners face is a lack of cash flow and mismanagement of money that can throw them into the red if they’re not careful.
But there’s more to managing money than being diligent in your bookkeeping. In order to manage your accounts appropriately and maintain compliance with the law, you’ll want to be extra careful when dealing with any aspect of your business that pertains to your finances.
Here are a few ways to ensure your success with money:
- Get tax help: Of all things financially-related, understanding tax code is probably one of the biggest hurdles for small business owners. From determining your sales tax liabilities to remitting your income taxes, you’ll have plenty of responsibilities to consider when filing your annual tax return. Whether you hire a CPA or use tax software, just be sure to verify the service by looking at comparisons like ProSeries professional tax software reviews or by checking out comments on review platforms.
- Polish your POS process: Inventory is one of your largest assets as a small business owner, which is why there’s so much focus on POS systems. Not only do they help you keep track of inventory, but they can help keep employees accountable for making accurate transactions and can help to ensure sales tax compliance, too.
It can take a long time to find loyal clientele, especially if you’re breaking into a saturated market. That’s what makes marketing so important (and so expensive). If your budget isn’t prepared to hire a full-time marketing professional, you might want to try an automated marketing platform. This solution allows you to create campaigns, target audiences, and pull reports with little effort on your part—perfect for a busy startup.
Whether you’re the owner of the company or just an employee, working in the startup world is stressful. Oftentimes the demand and workload is high, but the rewards can be minimal at first, until the business makes it big, anyway. This work level can lead to serious burnout if you don’t make an effort to manage it. Why is burnout so important to monitor? Simply put, burnt-out employees are unhappy ones, which translates to lower work quality and sliding productivity.
Here’s how we suggest you deal with burnout:
- Encourage your staff to take time off
- Make an effort to do fun activities, even during stressful times
- Promote healthy habits by sponsoring gym memberships or offering healthy snacks
- Vary employee schedules and work
Air conditioning wars
Believe it or not, debates about the office environment is one of the most common battles startups face these days. Whether it’s regarding the air conditioning or noise levels in the office, these dilemmas can create a negative work environment for your staff, so it’s essential to figure out a way to quiet these concerns once and for all.
Here are our suggestions when it comes to resolving the AC debate:
- Stick to a consistent temperature—about 72 degrees Fahrenheit is a safe zone
- Use smart home technology to help you monitor the temperature easily
- Supply company sweatshirts and silent fans to allow employees to control their desk’s environment
Launching your own business isn’t easy, but hopefully, this guide has given you the power to overcome some of the most common small business problems.