NCR Counterpoint Blog

Running a Small Business: What Keeps You Up at Night?

Posted by Courtney Foster on Jul 5, 2015 10:30:00 AM

“Make every detail perfect and limit the number of details to perfect.” —Jack Dorsey, Twitter co-founder

Starting your own business is not easy (not that anyone ever said it was). For most small business owners, there are a number of factors that can contribute to the lack of sleep they are getting each night. Below we share some of the most common concerns that most entrepreneurs face and how to overcome them: 

Generating Revenue

One of the top concerns that will keep your fellow entrepreneurs awake at night is how to increase revenue for the business. Financial stress can be even amplified even more if the business is unable to secure the money you need just to break even. The goal of every business owner is to obtain new customers and keep the ones they already have in order to optimize their sales channel. When you generate revenue, you can expand your business, which will in turn help you to maximize your revenue and ultimately make your business a success. 

Recruiting & Retaining the Right Employees 

When working in a competitive job market, make sure your interviewing process aligns with your current business model. It is essential that you don’t waste your time interviewing candidates that will not be a positive asset to your company. Once you’ve drafted a strong team, it is imperative to engage with them and create an environment in which they will thrive and can help you grow your business. One way to reassure yourself that you have the right people working for you is by evaluating your current team with the use of performance evaluations and co-worker reviews. 

Excessive Workload

As a business owner, it is very easy to feel overwhelmed with all the things you have to do day-to-day. In addition to your daily workload, you may also be responsible for finalizing projects for clients, bookkeeping, transcribing reports, managing inventory, marketing and much more. Sometimes there are not enough hours in a day to complete your daily tasks and as your business grows, so does your workload. A way to minimize your stress is to make a daily detailed list of all the activities and tasks that need to be completed in order keep your business flourishing. 

Progressive Cash Flow

Cash flow problems are another main concern of small business owners. Without money, businesses simply cannot operate. Small business owners are always looking for ways to make their business profitable while cutting costs at the same time. Properly managing your cash flow is vital in order to keep your business up and running. You can avoid cash flow problems by sufficiently cutting costs, building revenue and obtaining more capital and this way you won’t have to worry about how you’re going to compensate your employees and partners. Running reports that monitor your cash flow and merchandise can help alleviate some of this stress. 

For a majority of entrepreneurs, it’s difficult to take your mind off your business even for a split second. You lay awake at night thinking of projects, clients, money, what’s next for your company, etc. Overcoming these four common concerns listed above isn’t easy, however, by implementing the solutions to these problems, you can get the rest you need and feel excited about what’s next for your business.

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Topics: point of sale, inventory management, small business