Photo Source

Every small business owner knows that running a business takes a lot of time and energy. When you establish a business, you may still go into the office every day to work and you might still be heavily involved with major decisions but, as soon as it is set up, it becomes independent from you, and there will always be things that are out of your control completely that have a massive impact on it. For instance, you only need to look back at the financial crash of 2008. The causes of it are complex, but the underlying factor that seems to be present in every explanation is the greed and avaricious disregard demonstrated by a lot of bankers and traders on Wall Street. Their actions affected people with whom they had nothing in common and in some cases was a serious detriment to those people: in 2009, just months after the crisis started, house foreclosures had risen by a record 81% which resulted in 861,664 families losing their homes. There are some factors that are more in your control but over which you may not have as much control as you’d like. These include things like the consumer confidence index. A small business owner can do what they can to inspire confidence in their customers and encourage them to spend money, but alone it would be an incremental difference. Yet the confidence of one’s customers has a massive impact on the success or failure of a business. These factors can be a source of frustration because if you do not respond quickly and dynamically, your business could stagnate. Here are a few tips on how to stop that from happening, and deal with it when it does:

One thing with which you may already be familiar is cash flow problems. Lots of people can have them when they are organizing their personal finances. If you find yourself between jobs, paying the rent suddenly seems a lot more difficult. However, when it comes to a business, there are things that you can do. If you do work for clients and give them an invoice, they may not pay you until they calculate their spending and meet their obligations at the end of the month. You will get paid but if it is not soon enough (because you may need that money to start working for a new client), one thing that you can do is look into invoice factoring. A company will pay the invoice within a day for a small commission and wait for your client to pay them. It is great if you need money fast.

If you find that someone leaves your company and you cannot easily replace them, instead of letting the situation get any worse, you could promote someone from within to an acting role. If they perform well, you could give them the job, but otherwise, it gives you time to find someone new. Another thing that is easy and reasonably inexpensive is hiring temporary staff. Agencies will be happy to work with you and many workers are now quite skilled, not to mention versatile which is a skill that they develop as a consequence of finding themselves in so many different places all the time.