The top three challenges small business owners need to talk about
To celebrate National Small Business Week, TSheets surveyed small business owners from all over the nation to present a clearer picture of how one of the most important and often underappreciated segments of the workforce operates.
Our survey found 62 percent of small business owners lose sleep over their work, which begs the question: What’s keeping them up at night? These are the top three challenges facing small business owners.
1. Uncertainty about the future
The No. 1 challenge facing small business owners is simple. They’re worried about what the future holds. Uncertainty is common in small business life, and it’s even more common when a business is just getting its bearings.
2. Cash flow
Unsurprisingly, cash flow made the top three. Small business owners stay up late crunching numbers and wondering if they’re making any financial progress month over month. Meanwhile, new business owners might face the challenge of sporadic payments, messy records, or disorganized processes, adding to the cash flow problem.
3. Employee recruitment and retention
Finding the best employees and keeping them around is the third biggest challenge facing small business owners. With a small team, it can be difficult to know how to prioritize, who’s stretched too thin, and what to do to keep your employees engaged and bought-in to your vision and mission.