The Concerns of a Small-Business Owner
What many small-business owners worry about and how to address the issues
Small businesses make up a significant portion of America’s economy, and their owners face plenty of challenges as they try to make these vital businesses successful. This article addresses some of the major issues and concerns that small-business owners face today and some ways that your local financial institution can help.
Angie O’Shannessy of ThinkBigMagazine.com states that approximately 98.6 percent of all businesses are regarded as small. Some challenges faced by small business owners include the following:
- How to attract the best employees. Although larger businesses might be able to offer better benefits and compensation, a small-business owner can try to attract good employees by stressing the experience they’ll gain, hands-on training and growth opportunities.
- Having the right leadership and management skills. For a business to grow, the owner has to be an effective leader his or her staff can follow. Step up to the not-so-glamorous tasks in your business to show your staff you’re not above them. Prove that you’re part of the team.
- Increasing sales. Every business owner wants to make more money. However, being the owner can require you to take on multiple roles in your company, making it difficult to focus on sales alone. Sales are the number one priority—they pay the bills. Invest in sales training or hire a sales trainer to help you and your staff boost your numbers.
- Adequate staff training. A business can suffer if the staff is not well-trained. Training will help keep you and your employees motivated to improve the company and increase productivity.
Your local financial institution wants your small business to succeed, so it offers different options and plans to help wherever you need it.
According to Christine Lagorio of Inc.com, “A good [financial institution] can prove to be an invaluable partner to a small business, not only helping its owner to borrow capital but also working with him or her to plan for the future and assure potential customers of the business’s stability and credibility.”
Many financial institutions offer programs specially tailored for small-business owners, including the following:
- Business checking and savings accounts designed specifically for small businesses.
- Small-business lines of credit that can provide business owners with much-needed financing for areas such as employee training.
- Lenders specifically trained to work with small businesses. “[Financial institutions] with small business banking departments become familiar with the unique needs of their customers and can provide them with creative financing solutions.”
- Assistance through the Small Business Administration. If your institution is a preferred SBA lender, it can provide faster turnaround time on an SBA loan application.
If you have specific concerns as a small-business owner, stop by your local branch today. Professionals trained in assisting small-business owners will do what they can to help you and your business succeed.