Many of our clients are small and medium sized businesses faced with numerous large challenges. They live and work to make their business successful yet without resources, many small businesses struggle to grow and make a profit.
What are the challenges small business owners face?
With so many articles written in numerous journals, the general consensus seems to be that the three main challenges facing small business owners are:
- Tools and technology
Financial challenges to running a small business.
Financing is critical to growth and expansion for today’s small business. From hiring talent, dedicating a budget to marketing, and the increased need for capital, small businesses are challenged with ways to achieve financing for growth goals.
Often times, it is difficult to secure funding from investors and lending institutions due to lack of equity, growth, or other factors that outside lending sources may be looking for.
Small business lack a strong recruiting draw.
It is often difficult for small businesses and startup companies, to draw good talent, even if the startup is funded. New graduates are often a good pool for the small business owner to get inexpensive talent. However, after a period of time when the ability for upward mobility or financial gain is challenged, the employee looks for a better opportunity.
I need tools and technology to be competitive!
Technology used to be expensive for SMB’s and they found themselves not being able to access the tools they need to be competitive. While this has changed significantly with the advent of SaaS based applications, many small business owners now find that there is a proliferation of solution for everything from payroll to CRM’s. As a result, there is often times a question of “where do I start?,” “what’s the best choice?,” “how do I get help tying these tools together?” These challenges put the small business owner at a disadvantage in the market. Larger companies frequently have the resources it takes to answer these questions and get new solutions implemented and managed with internal teams.
How does a small business succeed when facing so many challenges?
Cash flow is the lifeline needed for growth. In our Bookkeeping 101 series, we discussed Managing cash flow for SMB’s:
“Managing cash flow is always an important part of managing a business, but for SMB’s it presents a unique challenge that their larger brethren can often-times avoid. Mid-market and large corporations typically have ready access to cash that SMB’s simply don’t have. They also have tools in place to manage cash that SMB’s lack.
Managing finances, cash flow and understanding potential cash flow challenges will help guide purchasing and hiring decisions. Yet, so many business owners are not comfortable with or even able to perform basic bookkeeping responsibilities.
There is a balance between using cash flow tools and being your own accountant. Expex built Carly to help small businesses manage their cash flow, affording them the tools for financial intelligence and to create healthy businesses.
Let Carly be the last bookkeeper you will ever hire.