Part of the new American dream is staying small in business while dreaming of big success. While small businesses across the country are thriving, there are some concerns that keep owners up at night. It’s not always easy being a small business in a big market, and there are some who are feeling crippled by the challenges they face on a daily and annual basis. Here, we’ll take a look at some of the top challenges small business are faced with in 2017.
Advancements in technology have been very kind to the business world, especially for remote employees. With a slew of applications that can connect businesses, employees, and clients, more and more people are looking to work remotely instead of relocating for new opportunities. While this is a great option for employee retention and attraction, small businesses will need to be equipped to handle this practice. Small businesses will also need to lay out an entirely new list of rules to ensure that this privilege is not abused.
The debate rages on with healthcare. For being such a high priority for Americans, unfortunately there are clear losers while the government decides what healthcare will look like for years to come. Small businesses happen to be one of those areas that are getting caught in the cross-fire. Rising costs and uncertainty in policy have made this a top concern for small business owners. According to an article seen on bizjournals.com in early December of 2016, 52 percent of small business owners rank the “cost of health insurance” as a critical problem.
Every marketplace is starting to become a crowded one, with innovative strategies helping to take businesses further. This makes it easy for small businesses to get lost in the noise. Holding on to key customers and ensuring that they remain a profitable one continues to be a challenge for small businesses. While there are plenty of challenges in attracting new customers, it is important to focus on maintaining your customer base and ensuring they feel like a priority.
Being a small business owner takes a lot of work. Not only are there challenges to face within the business (see list above), but there are many challenges that face the owner themselves. Being understaffed can cause owners to double the amount of work they should be doing, which can lead to long hours and one tired owner. Maintaining the energy to take on each day with success in mind can take a toll if areas within the business are not being supported as they should be. Hiring an assistant might set a business back a pretty penny but will help owners keep their cool and help them do what they do best: lead.