By Stephanie Haywood of mylifeboost.com
When you have a plan and you are focused on your area of expertise, challenges addressed in the previous blog, you then face challenges moving to the next level – these are explore here.
Employee hiring and retention.
After a sharp uptick in unemployment numbers at the beginning of the pandemic, the US unemployment rate remains at 4.2%. This, coupled with competitive benefits and salaries offered by large companies, can make it difficult to fill your staff roster. Find ways to hire and retain the people to successfully run your business. When you’re ready to hire, make sure to offer fair wages as well as unique benefits. This includes partnering with other local businesses to offer discounts, providing professional development through coaching or allowing your employees to bring their pets (or children) to work when necessary.
Competing against the big guys.
As a small business, you’re competing for the best employees and customers. You must learn to make your business stand out. This means providing consistent and outstanding customer service. Help Scout explains that you and your staff must know your products inside and out and be willing to politely and enthusiastically assist customers. Learn how to respond quickly to customers, and just as importantly, tailor your services and customer responses to each individual. While many major corporations can overcome a bad reputation and even worse service, small businesses often struggle to recover.
Having cash in hand.
However successful a small business owner is, behind closed doors we all know the same thing: it is exponentially difficult to turn a profit. This is underscored when we are trying to grow and realize that we it takes cash and capital to do so. You have options here, including applying for government grants, taking out a small business loan, funding growth with your personal assets, and applying for specific government grants, which are often most available to women and other minority groups.
Running a small business has its ups and downs. If you prepare yourself, then you’ll be better equipped to deal with what arises. Even seemingly small actions, such as allowing your employees to bring their pets to work and actually picking up the phone when customers call, will go a long way to helping you surmount the most common challenges facing your small business.
Cambridge Financial Group is your partner for retirement income planning, special-needs planning, business strategies, and estate conservation. Find your agent today.