3 Challenges Small Business Owners Face
1. Finance
Short “best practices” checklist to consider:
Get help to create a basic financial reporting structure, with your choice of accounting software.
Document financial reporting guidelines to assure timely reporting and item entries that you, your employees, etc. will follow.
Create a forecast of important financial data, such as revenues, accounts receivable, and key expense types.
Commit to a regular schedule to review the reports, comparing your results to forecasts and previous time periods.
Investigate short-term financial options such as a line of credit, credit card, silent investors, or other personal funds.
2. People
Few ideas to consider:
Block off a few hours to consider the performance of each member of your current team.
Determine those who are critical to your success and what you can do to motivate and retain them
Determine those who are not performing successfully and what action you will take to address this.
3. Time
Working too much? Then consider these suggestions:
Jot down the action items you are doing for a day or two, then review them and see what could be eliminated.
Take a good look in the mirror and ask yourself “Am I failing to delegate work?” Then delegate appropriately.
Set-up better organizational structure of your daily activities, such as a “to do” list and scheduling of important activities and tasks on your calendar.
Make a commitment to work reasonable hours and hold yourself to them.
If you don’t have any of these big challenges, it’s possible you are not paying attention to one or more of them. Don’t miss this opportunity to improve your business and your work/life balance.
We, at Target Realty Corp. can take a load of your plate by helping you with your commercial real estate goals. If you own your space, are you looking at selling? If you are a landlord, do you have a commercial space to lease out? Or are you are a tenant, are you thinking of moving or renegotiate your lease?
We can help with all of the above! We’ve been in the commercial real estate business for over 35 years. We do all the legworks which let you concentrate on your business.