Small businesses are defined as privately owned corporations, partnerships, or sole proprietorships with fewer employees and less annual revenue than corporations or regular-sized businesses. Are you facing small business frustrations? Let me guide you in detail.
Common small Business Frustrations
Here are some Common small Business Frustrations.
- Businesses fail at a discouraging rate: 57% fail in their first year; 80% after five years.
- There is too little reward for small business owners who work too hard.
- Businesses are in chaos most of the time. They lack a method of conducting business that works.
- Most business owners don’t serve their businesses; their businesses consume their lives.
- Most small business owners do not have a personal life plan to guide their daily actions.
- Most small business owners don’t realize that they can and should create a business that works without them.
- Small business owners perform too many tasks (wear too many hats) and have no plan for freeing themselves from the technical work of their businesses.
- Many small businesses do not have a system for recruiting, hiring and training effective employees.
- A small business is typically organized around its existing employees rather than its business processes. This leads to inconsistent performance and chaos when employees leave.
- The majority of small business owners blame their employees for poor results.
- Many small business owners feel trapped in their businesses because they cannot rely on their employees.
- Within organizations, there is usually confusion about who reports to whom. In small businesses, the responsibilities often overlap and are unclear, adding to the confusion.
- The results of most small businesses are inconsistent and unpredictable.
- Small business owners rarely know who their most likely customers are.
- Consumers don’t know how to identify and appeal to their emotional needs.
- The entire business process is not examined for its impact on the customer.
- Rather than applying proven marketing and sales strategies, they market and sell “by the seat of their pants.”
- Business owners believe that extraordinary employees are the key to success.
- A majority of small business owners are unaware that in the best businesses, systems run the business and ordinary people run the systems.
- People don’t view business as an integrated set of systems that interact with one another.
- Small-business owners don’t use quantification to measure effectiveness or documentation to ensure predictability.
How to Overcome Small Business Frustrations
Small businesses are never easy to run. Many entrepreneurs have experienced frustration in the course of operating their businesses.
You can prevent this from happening to you by following these tips.
Delegate
Instead of trying to solve every small or large problem by yourself, delegate some work to your employees so that you can concentrate on solving fewer problems.
You will also find out if some of your employees have good leadership or problem-solving qualities.
Keep Problems Small
Try to solve problems while they are still manageable, rather than brushing them under the rug.
It would be less expensive and painful to attend to them immediately than to forget about them and get a rude shock later on.
Take A Break
Regardless of how hard you try, frustrations will still creep into your daily life and bog you down.
Take a break from your business and spend time with your family and friends to reduce your stress and recharge.
Build A Good Business Network
Establish contacts with other businesses and hire accountants and tax consultants who can solve these problems professionally.
Business friends who have been in a similar situation before can help you find a quick solution if you share your frustrations with them.
Be Ready
Small businesses are bombarded with both small and large problems, so you have to be prepared to face them.
When you are prepared to handle any problem that comes your way, you will not be caught off-guard and will be able to cope with any frustrations that may come up from time to time.
As long as you share, delegate, and solve problems while they are still small, you will be able to overcome your frustrations and ensure the smooth running of your business.
