What keeps you awake at night?
Fears, frights and fixes
There have been some frightful changes that small business owners have had to navigate this year so far, including increases to employers’ NICs. It can be a nightmare keeping up with all the legislation. So with Halloween on the horizon, we look at common pain points that business owners may experience and what can be done to save their sanity.
Failure phobia
Many entrepreneurs worry their business might not succeed, especially in the early years. Don’t be afraid to seek financial or professional support as you could miss out on advice and resources that could be of benefit. Afraid of falling behind competitors or trends? Staying curious, follow related industry blogs and news to keep learning and adapting, and invest in skills to stay sharp. Owners decide how fast the business evolves, just keep moving forward.
Fear of the unknown
From market shifts to unexpected crises, the unpredictability of running a business keeps many owners up at night. Contingency planning is key to managing uncertainty, and mentoring can help to provide a different perspective on potential scenarios, and how these could be handled.
Financial fears
The issue of financial instability from irregular income, cash flow issues, and unexpected expenses can create anxiety. Creating a budget and building up some cash reserves helps mitigate this fear of running out of money. While revenue isn’t always predictable, budgeting, tracking expenses, and building reserves are within reach. Many owners don’t realise how much clarity a simple cash flow forecast can bring.
Terrors of technology
Rapid changes in technology, especially AI and automation, can make business models obsolete or require constant upskilling. Protecting sensitive information is a concern as the risk of data breaches and cyberattacks grow. While tech can boost efficiency, many small businesses hesitate to adopt new tools due to cost, complexity, or lack of training. This can leave them behind competitors. However, there are many ways to safely automate processes within a business, especially when it comes to finances. Take advantage of our free initial consultation to discover more about the cost effective solutions available.
Hiring horrors
The ‘Talent Drain’ is a significant factor for many employers. Attracting and retaining skilled employees is tough when competing with larger firms offering better pay and perks. To improve talent acquisition focus on creating a positive culture within your organisation where staff feel valued and are positive advocates for the business. Creating an enjoyable place to work goes a long way to compensate for a slightly lower salary. Clear expectations and communication help to build strong team dynamics.
Wretched rules
Regulatory whiplash is caused by frequent changes in laws, taxes, and compliance requirements. These can be hard to track and adapt to, creating unexpected costs or legal risks. Sign up for updates and newsletters from several business sources to keep track of any pending changes so you don’t get caught out.
Too many voices in your head
Owners often juggle multiple roles (finance, marketing, HR) which can lead to overwhelm and inefficiency. Sound familiar? If delegating isn’t an option, there are plenty of useful time management tools like calendars and task managers to try. Our outsourcing team could also help reclaim time through their bookkeeping and payroll services.
Fear not, we can provide support and solutions on many of the areas covered above. Contact us at info@thomsoncooper.com to arrange a free initial consultation.