The Five Major Concerns Of The Small Business Owner
Let me quote Narenda Rocherolle, in Cashing In or Selling Out, SXSW 2006,. He said, “Aspiring to a small business that does what it does very well is a noble pursuit.” This is very true but this noble course comes with a load of concerns. Do not be deceived, these concerns are not in any way different from those of the presidents of the big companies. Of course, the concerns are is smaller scale but they are concerns all the same. Here they are
- Availability of Finance.
Big companies like Coca-Cola might need billions while your small company might need just a couple of thousands but the concern is the same. Like all business concerns you both need money.
- Strategy and Planning
The big and small businesses need to move from one point to another with a profit. You do not do this without strategizing and planning otherwise you fail. Remember, those who fail to plan, plan to fail. The big boys have a committee of egg-heads or consultants do this for them bit the small business owner is the main planner and strategizer. All the same, both big and small need to plan.
- Staying Legit.
Nothing kills a business faster than being on the wrong side of the law. Big companies have legal departments and retained wigs doing this for them. As a SME boss, you must figure this out yourself.
- Competition is the word.
You must remain competitive to stay afloat. Coca-Cola and Pepsi keep tabs on one another and even do marketing espionage because they are competitors. You must know what your competitors are doing and respond appropriately. Stay competitive
- Time management:
Time is the only resource that once lost cannot be regained. Small business owners must learn how to manage time properly. Big companies hire consultants to determine if their workers spend their time productively. You as a small business owner cannot afford to do otherwise.