Business owners around the country had a tough year last year. But 2021 is poised to be a growth year for many small and large businesses around the globe.
Still, that doesn’t mean that it will be smooth sailing from here on in. You can expect all of the same problems and limitations that have plagued business owners from the beginning. Learn about three major challenges business owners may face.
Have you come up against your own growth ceiling? It may be time for you to get out of your own way. One way to do that is to delegate tasks to others. If you are wearing so many hats that you can barely manage each position, you are spreading yourself too thin. It might be time to remove yourself from production to management, with the goal of ownership on your to-do list.
Examine your goals
Have they strayed far from your original purpose just to make a buck? Are you addressing the needs of your company’s mission statement? Maybe you are hampered by a lack of investors. You could need to change your business structure to accommodate all your goals, including seeking deep-pocket investors who might nibble for a dangling LLC or S Corp but will stay far away from a sole proprietorship. Your business law attorney can assist with this transition.
Problems with your cash flow
You can’t give away your product and expect to keep the lights on in your company. Where is money bleeding out? Is it a lack of fiscal management? If this is your weak area, place a trusted and vetted employee in that role to be the gatekeeper between your customer and your money. This person can be the hard case requiring deposits before work is performed and collecting unpaid debts.
All the above problems can easily be turned into opportunities by a savvy business owner with an eye to the future. Make sure that person is you!