Consider some of the following challenges faced by business owners as they grow their business.
- Time Management: as the business grows prioritizing and organization becomes more important than ever. Who has more than 24 hours in a day?
- Budgets or lack of!! Hard to get financing without a financial snapshot of where the business is planning to go.
- Cash Flow – balancing the money coming in with the money going out!!
- Advertising on a small budget! Social media has helped many a business get off the ground inexpensively!!
- Limited Resources in terms of both people and capital. Banks don’t always take small business seriously which can sometimes make expansion difficult.
- Timely and effective communication. Do you prefer face to face, phone calls, texts of e-mails?
Are you a business owner? What are some of the challenges you have faced as you have started or expanded your business?