Challenges for Small Business Owners

Challenges for Small Business Owners

By Stephanie Haywood of

Starting your own small business means putting yourself in a position to control your own financial fate. It’s important to remember that there are a few challenges you may encounter as you get your business off the ground. From marketing to employee recruitment, the Cambridge Financial Group shares the following challenges to help you better prepare for small business ownership. Challenges for Small Business Owners

Not having a plan.

When you’re running a business, you  strategize constantly. This means starting with a business plan and then continually changing and morphing to adapt to your market. One particular area to prioritize while planning is your company financials. Here, a financial planner can help you custom curate financial strategies from the beginning, and you can easily make decisions without an expert by your side. This is one area where the old adage of “failure to plan is planning to fail” holds true.

Spreading yourself too thin.

We all wear many hats as entrepreneurs. While we strive to handle all the tasks associated with our businesses, sometimes it’s best to bring on professionals to help us achieve our goals. The Small Business Administration explains that things like sales, IT, customer service, human resources, and marketing are all areas where it makes sense to outsource. Specific to marketing, bring in a helping hand, particularly when it comes to local SEO services and other forms of digital and social media marketing.

In the next blog we will look at the challenges you face when you are moving to the next level.


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