In today’s world, the number of businesses starting up is growing by the day. With more company displacing employees, the market has shifted from employment to small business owners. The consequence of employees now turning business owners comes at a risk mainly through lack of education and management skills. There is no formal training that helps you with business set up, growing your business coupled with exit strategies. This philosophy also applies to established businesses with the lack of training.
Starting a business is a big achievement for many business owners but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. These include things like hiring the right people, production, cash flow, building a brand and so on. However, there are some that are unique to small businesses - ones most large companies have grown out of long ago.
I am running two businesses myself – one established and one in start up mode. I know the complexities of running your own business. You enjoy the rewards when the business is booming plus you get the heartache when your business is in the downturn cycle. It happens to all businesses going through both the growth and downturn cycles (including large businesses). The boom and downturn cycles that occur in all businesses happen because of two factors – external factors and internal factors.
I am not talking about the external factors today. In this report, I shall be looking at the internal issues that face small business owners today. I have listed 12 issues (internal) that small business owners are facing today.