Whether you are a seasoned entrepreneur or are just starting out, there are common roadblocks that small and even medium sized businesses oftentimes face. Strong entrepreneurs are solutions-oriented, so having the expectation that there are bound to be bumps in the road is the first step to coming up with solutions.
According to Delux, the top financial challenges of entrepreneurs include:
1. Cash flow management 2. Hiring 3. Time management 4. Delegating 5. Marketing 6. Capital 7. Strapped budget
So what do these solutions look like? For each business it may look a little different, but a few principles hold true. Companies that have worked through these challenges successfully have a few things in common.
1. They choose the right people Doing this correctly helps solve most of the above challenges. Whether this looks like a partnership, hiring an employee, or hiring an outside firm or agency etc. With these people, can you delegate efficiently to better utilize your time? This is especially tough for entrepreneurs because their time is so limited so investing time in interviewing, for example, can be hard for them to do. To better monetize this, according to a CareerBuilder study, 41% of businesses reported that a bad higher cost them over $25,000. Taking the time to put a strategy together to make sure you do this effectively can save you time and potentially dollars.
2. They streamline processes You’ve heard of the phrase “work smarter not harder.” Being mindful of this and continuing to strategize on how you can streamline processes can also solve a lot of the above issues. Successful entrepreneurs and large companies alike have figured out how to streamline processes. This can help with quality control, and obviously increased output. From sales to operations, finding a process (sometimes by trial and error) can help you continue to move in the correct direction.
At L.A. Financial Management, we work with a variety of different sized businesses. We can help with everything from financial modeling, risk assessment, funds acquisition, finance and accounting training and more. Schedule a time to talk with us today about how we can support your business: https://bit.ly/2MiO9KJ