3 Challenges Small Business Owners Worry About
Being a small business owner can leave you wearing many different hats and worrying about many different problems. Don’t worry, you’re not alone!
There are many different challenges that small business owners face, so we’ve broken down the most common concerns and ways you can address them.
Maintaining Work-Life Balance
With long hours and high demands, most small business owners find it tough to achieve a healthy work-life balance. Despite the saying “if you love what you do, it isn’t work,” it is necessary to carve out time for friends, family, and your well-being, no matter how much you love your job.
Establish a schedule and stick to it. If you find yourself working more than 40-50 hours a week, block off time to allow yourself to attend to personal matters each day that works within that schedule. Don’t be afraid to disconnect.
While you may consider yourself a master multi-tasker, studies show that if you are actively engaged in several things at one time, you are less effective overall. It’s best to focus on one thing at a time and be fully present in what you are doing, when you’re doing it.
To ease your workload you need to learn how to delegate, and this means hiring the right people you can trust. This leads to number two on our list of things that small business owners worry about.
Attracting And Retaining Good Employees
When just one person leaves a small organization, the affect can be devastating. It’s a blow to morale and to you as the employer, especially if you’ve invested a great deal of time and money to hire and train the person. And with a small company with limited staff, there are likely few people to cover the workload until a replacement is found.
Adopting a good onboarding strategy can help ensure that new hires are well adjusted within your company, while a smart, well-planned offboarding strategy can help limit the disruption departures will have on your workforce.
If keeping good talent is a problem, you may need to reexamine your retention approach to reduce turnover. It’s important that your employees feel like they are contributing to the company, that there is opportunity for them to grow, and that their voice is being heard.
Complying With Government Regulations
A growing staff means a growing number of regulations in which you must maintain compliance. With the requirements associated with new legislation including the DOL Overtime Rule, it’s no wonder small business owners are feeling overwhelmed.
Employers who used to only worry only about their product or service are now preoccupied with overtime pay, health care costs, and counting employee hours. These changes in employment law are especially daunting to organizations that do not have a dedicated human resources staff.
If this resonates with you, it’s best to sit down and make a list of all your questions, then find a good attorney to get the answers you need. Outsourcing basic human resources tasks may be something to consider.
How To Avoid Small Business Worries
As a small business owner there are a lot of concerns to keep you up at night. But rest assured there are measures you can take to alleviate the stress and help make your company stronger.
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