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What are 3 Financial Challenges Small Businesses Are Facing?

LevarLevar PrincipalMember

Hello All,

I design and implement strategies to help my clients improve processes to reduce costs and increase revenue. Outside of financing, what are 3 financial challenges that small businesses are facing?

Comments

  • Brian_SBMBrian_SBM Vice President, Entrepreneurship Moderator mod

    Hi Levar,

    Thank you for the question. Through our outreach and polling work, we've found that the biggest challenge for small business owners is in customer acquisition, so strategies that can help your clients with marketing and visibility are critical. Additionally, managing cash flow is a struggle for many business owners -- the average business owner only has cash on hand to cover 28 days of business operations. So providing support for managing cash flow could benefit your clients as well.

  • LevarLevar Principal Member

    Hi Brian,

    Thank you for your reply. I have also found that cash flow management is one of the main challenges that business owners face. I've found that educating my clients on cash management processes and automating their bookkeeping has had a positive impact on their business growth.

  • LinoneillLinoneill President & CEO Member

    Good Afternoon All!
    I agree with the previously posted comments.
    And I want to add Selection/Retention as the top issue.
    Not being surrounded by the talent you need impacts every other aspect of small business.
    It's my experience that this topic highlights a massive issue.
    I've had considerable success with a process involving scenario interviewing and a specific approach to Onboarding. Also, over the years (and with the help of MANY Clients and Colleagues) I've accumulated a large group of tools that are proven to be exceptionally helpful.

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