Small business owners put in a lot of work to make their business succeed. Unfortunately, there are some hurdles that can prevent a small business from a bigger, more lucrative future. Here are three issues that small business owners may have to face when growing their company.
Managing Cash Flow
Business owners have to do more than just make money. They also have to manage their cash flow so that they are able to pay expenses and reinvest in their business. Unfortunately, managing cash flow isn’t easy.
It can be easy to lose track of all the money being transferred in and out of a business. Cash flow allows a business to track what funds are available and what needs to be reserved for expenses and other costs. A well-managed cash flow allows owners to understand where their business is at financially, giving them the ability to make informed judgements about how money should be allocated for growth.
The Right Team
It’s hard to grow as a business without bringing on new people. However, adding to your team takes more than just hiring more employees. It’s important to find the right people for your company so that you don’t have to deal with ineffective or problematic employees while you’re trying to grow your business.
As you grow, it’s also important to put people in the right positions. Business owners can’t do all the work, so it’s important to have the right senior and mid-level managers in place to work on areas that will help your business grow.
Not Enough Time
Plans for growth are great, but plans cannot be executed without the time to implement them. Small business owners are wracked for time, which can slow progress for their company. According to a survey by OnDeck Capital, the average small business owner works 53 hours per week. Of those interviewed, 86 percent said that good time management is critical for small business owners.
Unfortunately, there’s only so much time in a day, especially when you’re trying to maintain a personal life. Group Management Services helps business owners grow their business by taking on important administrative burdens that owners don’t have time to properly manage.
Build Your Business with a PEO
As a professional employer organization (PEO), we can help owners manage cash flow through expert payroll administration and risk management services. We can also help business build and retain the right team with employee training and recruitment services.
We can partner with your business and save you time while making your HR functions simpler, safer, and stronger. Contact GMS today about what we can do to help your business grow.