Being a Small Business Owner
Owning a small business is exciting. Being your own boss and calling the shots is something most people strive to attain. While exciting and wonderful, business owners still face fears when specific tasks are outside their area of expertise. Which tasks terrify most small business owners?
Raising Startup Funds
It can be scary to borrow from investors to start-up your company, expand, or merely maintain it. 75% of small businesses need to raise capital. 50% get bank loans. Other companies draw from venture capital or finance companies.
It is essential that small businesses have clean books and the best way to ensure that is to have an efficient and seamless bookkeeping program. J. Zollo and Associates can help your business with their bookkeeping needs and will train your employees in Quickbooks®.
Hiring the Right Employees
Hiring the right employees is a top challenge that small business owners face. Hiring the wrong employees can cost businesses precious time and money. Small business owners need to create targeted job descriptions detailing precisely what they are looking for, they must have strong interview skills and must ask the right questions of potential candidates.
New employees should be given clear direction on all procedures pertaining to the business.
Laws, Regulations, and Compliance
As the owner of a small business, it is up to you to ensure your company complies with all laws and regulations. State government and federal agencies implement rules for businesses concerning security, products, workplace safety, surrounding employee conduct and treatment.
Complying with these rules and regulations is mandatory. Not complying can, at the very least, cause problems in the workplace. Noncompliance can also cause your business to have legal ramifications, by owing fines or being part of a lawsuit. A lawsuit can bring negative publicity to your business.
Taxes, payroll, investors, banks, financial reports are required in every small business. Dealing with finances is stressful and scary, especially when money is not flowing in. Collecting payments, forecasting revenue and predicting the future of your business are scary prospects.