5 Roadblocks You Should Be Aware For Your Small Business
The decision to start your small business was no doubt done with a lot of planning and thought. To ensure you are adequately prepared for any potential roadblocks which may be lurking ahead, keep reading.
Five common roadblocks you need to be aware of to protect your small business:
Overdependence on one or two clients
Earning a huge contract is an incredibly exciting accomplishment. This shows that you know what you’re doing and that your business could be poised for success. Of course, as these bigger clients come through, you’ll want to keep them happy. However, it’s also important to recognize that being overly reliant on just one or two large clients can leave you vulnerable to risk. If they decide that your services are no longer needed, you may all of a sudden find yourself without a safety net and without any reliable money coming in.
Selling yourself and your company
Small business owners are generally great at producing their end product, whether it be a good or service. However, this doesn’t mean being a good salesperson will come as naturally. The decision to open and run a small business necessitates that you adopt this role. Word of mouth and quality of work will only get you so far, and it’s important that you recognize that you should become your own biggest advocate and always work as your own salesperson.
Keeping up with quality while scaling up
As small companies begin to grow, they may be focused on building their small business into a larger one. A common pitfall or roadblock that happens at this stage is scaling operations. As the owner of the small business, your attention will be required in more of the business side of things than in production. As more work piles on your team, you don’t want the quality of your products or services to suffer. Presumably, the reason you’re in a position to scale is that the quality of your final products has been so great, so don’t scale so fast that you can’t guarantee continued quality.
Ignoring the administrative tasks
Another issue small businesses may run into as they grow is that the owners want to focus on the central business focus and aren’t interested in the necessary administrative tasks: financial tracking and projection, inventory, time tracking, bolstering contacts, etc. These administrative tasks may not be as creative or rewarding as what you want to be doing, but they are essential to the success of your business. So, be sure not to ignore the administrative tasks that are essential to getting your small business to the next step, and hire an appropriate resource, such as Tobin & Collins, to get the job done correctly.
Staying energized and motivated
Being the owner of your small business means that you’re running the show, and no one is going to force you to do the work. There’s no longer a boss breathing down your neck, and there’s no one else to pass the buck to. So, if you’re feeling fatigued or lack motivation, this is an issue. Finding ways to keep yourself motivated will be easiest if the work your business is doing is rewarding and fulfilling, so be sure you’re working on something that will keep you energized and motivated even during the hard times.
If you’re running a small business, the collective expertise at Tobin & Collins can help you with accounting and reporting, tax planning, business valuations, and more. Contact us today!