Challenges in Running a Business

I'm certainly not going to try and tackle all the issues with running a business. However, I will write about a few ideas that can help when a smaller company is trying to grow and progress. Part of being able to handle the issues that inevitably arise, is being prepared for them before they come. This could be as simple as reading articles or as complex as making a dedicated plan for specific instances. Whichever route a company chooses to take, there are a few things that should be considered.

Those things are:

  • Managing the money: Whenever a company is started things may be fairly simple, but as it grows, things like taxing and HR become more complicated. Make sure to have a qualified CPA that can help you plan and work through those issues.
  • Energy: Excitement and adrenaline will take a lot of people pretty far, however, there needs to be a balance between running the business and rest.
  • Dependence: Whether on the owner or the employee, dependence on a particular person is not good for growth. Ask yourself what happens when the person that you're dependent on isn't there? Have a plan and make sure that it's documented.

What to remember: It's impossible to plan for everything but do your best to be prepared.