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Owning a business can be hugely rewarding. It can also be quite difficult at times, with new challenges presenting themselves every day. So, with this in mind, we have put together a list of five common challenges that business owner’s face on a daily basis, along with some suggestions on the best ways that you can overcome them.
In order to build a successful team, you need to get the most out of your employees. Therefore, you should aim to constantly motivate your staff to work harder. Positive reinforcement can serve as a very effective motivational technique, so celebrate all employee successes, big and small. Remember to congratulate an employee on a job well done and invest in group celebratory activities, like team meals or drinks. This is a great way of building team morale and motivation as a result.
It will fall on you to ensure your company complies with all relevant regulation; failing to do so can result in serious financial penalties. For instance, data from the Pensions Regulator shows that the number of businesses being fined up to £10,000 per day for failing to implement new workplace pension regulation climbed by 300% in the past three months. Stay abreast of incoming regulation, so that you can execute the necessary compliance actions and protect your company’s operating capital.
One of your key responsibilities will be handling cash flow. If you fail to manage your business’ money effectively, your company will lack the funds necessary to buy supplies, pay employees and finance promotional efforts. There are a number of useful online tools that you can use to make managing cash flow easier, such as Zoho Books, an accountancy app for small companies which costs just £6.
It is really important that you and your employees work hard to ensure customer satisfaction. In a world where people can review businesses easily online, unsatisfied customers could deprive you of new and repeat business. Track incoming online reviews daily, so you can respond immediately and limit any potential damage. Also, be sure to respond to and act on any issues raised in reviews. This helps to show customers and potential customers alike that your business is one that cares.
From inception through to completion, project management is a key daily duty for small business owners. This can involve a wide range of tasks, from allocating staff and resources, to assessing risk factors, monitoring operations and ensuring work is completed on schedule and within budget. You may want to invest in free apps such as Nutcache, an all-in-one project management solution which allows you to track time and log all work completed, to streamline your daily workload within this arena.
With digital tools such as Nutcache and Zoho Books, it is easier than ever to navigate the challenges that come with being a small business leader. In order to use these programmes effectively, however, you need to ensure that you invest in the appropriate equipment. Kinex provides the comprehensive business mobile packages you require to manage your company effectively every day.
kinex specialise in looking after you – Britain’s small businesses. We supply all the essential services you rely on at a price you like. And one bill makes the whole thing simple. You get a reliable partner and honest personal service from a team that’s keen to help.