What scares small-business owners? According to the survey, they are most worried about:
So what’s a nervous small-business owner to do? Instead of fretting about how government regulations, shutdowns, and debt defaults might affect your bottom line, channel your energy into focusing on what you can control: financial planning, customer retention (and acquisition), and risk management. Once you’ve got a handle on these, you'll find that those other concerns are a lot less scream-worthy.
1. Financial planning. Not knowing where you stand financially will cause much more stress than being certain. Once you know the reality of your financial situation (loan obligations, upcoming taxes, projected revenue, etc.), you can make spending decisions more confidently.
Bonus: With a solid financial plan, you'll be prepared for the next tax bill or unexpected event.
2. Customer retention. Dozens of studies have shown that improving the customer experience and retaining customers can save businesses money and increase revenue. If you don't yet have a system in place for upselling existing customers and ensuring that they have a positive experience, you could be wasting money.
3. Risk management. Think about the types of natural disasters or financial blows (theft, lawsuits, etc.) that could impact your business, then devise a plan to manage them. How would you operate with damaged premises? What extra roles could your staff take on? With some proactive risk management, you can minimize the damage external forces can cause your business. Bonus: When you take time to review your risk exposures, you can take action to fix the things most likely to cause a financial loss.
It’s normal for small-business owners to be worried – we all are. Instead, use that worry to fuel action. If you'd like to learn more about how we can help you prepare, take managing your business finances off your plate, and help you grow your business, schedule a call with me today!