5 Things That Keep Small Business Owners Up at Night

  1. Government Regulationssmall business owner concerns

Burdensome. Costly. Difficult to understand. In a recent survey conducted by the National Small Business Association (NSBA), small businesses cited federal taxes as their biggest challenge. But the federal tax code is just one of many stresses. Healthcare law, overtime rules, audit possibilities, and transportation regulations can all turn small business dreams into nightmares.

Solution:

If you can, outsource areas such as shipping and mailing. Experts in those areas – such as Ohio Valley Goodwill Industries – can help you navigate transportation, labeling, and mailing regulations and save you money in the process. Contact us for a free tour of our facilities.

  1. Too much overhead

This is perhaps the small business owner’s biggest worry – and the most tempting to ignore.

Solution:

You have to look at every part of your operations and get as lean as you can. Consider how you pay to fulfill your customer orders. Are you paying labor to pack your boxes? Are you paying for too big of a box or too much filler? Is your team making too many packing or labeling errors?  Are you storing your product on-site? If the answer to all those questions is yes, you are a prime candidate to outsource your fulfillment to a fulfillment house. There’s simply too much time and big money to be saved to keep doing it in-house.

  1. Hiring employees.

Where do you find good employees?  That question keeps your mind racing when your head hits the pillow.

Solution:

Ask yourself if you really need to hire new employees. Can you hire a service that employs the specific expertise you need? For instance, if you need to move product out the door, why hire staff that you’ll need to pay to train? Hire an assembly service to move your product instead.  They’ll build it, store it, and mail it with proven, efficient processes.

4Growing Revenue

This can definitely keep you up at night because it’s a huge challenge. Where do you start?  A lucky few get mentioned by Oprah, and sales take off. The rest of the world has to play by the numbers, and analyze the data.

Solution:

Are you investing your resources in an area that generates the least amount of sales?  Rethink that. Try to squeeze more revenue from existing channels.

  1. Diversification

If you are depending upon one or two customers, you probably aren’t sleeping at all. We don’t have to tell you what will happen if that customer finds a better deal elsewhere.

Solution:

To diversify your customer base, get out there and be visible. Networking, speaking as a subject matter expert, hosting briefings, and clever marketing should be a top priority for you.

Put these five solutions into practice and you just might be sleeping better next quarter!

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