Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

What Keeps Small Business Owners Up at Night


Owning a small business has a lot of perks, but it can also be very stressful. After all, you’re responsible for your livelihood in addition to that of your employees.

That’s no small task.

Below, we tackle the common issues that might keep you tossing and turning at night, and then we show you what you can do to sleep like a baby instead.

Growing and Retaining Business

The goal of most small businesses is to grow. And in order to accomplish that, your focus should be on both retaining your existing customers and acquiring new business.

Show your current customers that you value their business and input. Send out surveys and ask for feedback regularly in order to improve your products or services.

Don’t ask for feedback if you’re not willing to make a few changes, though. Everyone likes to be asked for advice, but not if it’s going to be ignored.

Consider offering loyalty programs or other incentives. Not only will it reward your customers for doing business with you, but it will enable you to collect valuable data that you can use in your marketing efforts.

To focus on acquiring new customers, you’ll need to spend some time and effort on marketing tactics, from social media to community outreach.

But if you don’t have the time to do it yourself, consider hiring a marketer or working with a small agency. You may be surprised to learn how much of an impact even a small budget set aside for marketing can have on your bottom line.

Financial Worries

Retaining customers and acquiring new business alone will not guarantee that your business stays in the black.

No matter how much revenue you’re bringing in, poor cash management will lead to major financial problems. So be sure to keep track of your cash flow every week to always know where you stand.

Late payments from clients are one of the easiest ways to get into trouble. Invoice clients as soon as possible after work is completed. Send reminders that payments are due, and set clear penalties for late payments to encourage on time payment.

At the end of the day, no matter what you do, some clients will occasionally pay late. Create an emergency fund to cover expenses during these times.

Staying on the Cutting Edge

When was the last time you made a technological upgrade to your business? If it wasn’t within the last 6 months, you may be missing out on efficiencies and savings that an investment in new tech can create.

Are you worried about cost? Only large companies used to be able to afford the best new technologies, but today there are many tools and services that make it easier for small businesses to compete with the big boys.

Everything from cloud storage to accepting payments via your iPhone is now well within reach of many small businesses.

Perhaps you’re concerned that you don’t have the resources necessary to make a change. Of course, some technologies are harder to transition to than others, but many of the most common technologies used by small businesses are relatively easy to set up and use, and ultimately, well worth the cost of learning and implementation.

 

Trending Topics

Find the Best Bank for a Student Checking Account

Student checking accounts are a great way for college students to get their finances in order and prepare for the future. But finding the right checking account at the best bank takes some research. Deciding which bank...

Commercial Mortgage – Asheville, NC

If you are thinking about opening a business in Asheville, NC, consider a commercial mortgage with First Bank. Commercial mortgages can be used to develop or purchase land or buildings that are intended for commercial use....

Best Student Checking Accounts – Wilmington NC

First Bank in Wilmington, NC, offers a student checking account designed with college students in mind. With one major university, two private colleges, and a community college, there’s no shortage of individuals...

Where to Get Small Business Loan Rates

So you’ve decided to start a small business, and you have everything sorted out. Business plan…check, location, check. Small business loan rate quotes….not checked. Okay, so you have almost everything...

Best Small Business Bank in Wilmington, NC

If you’re looking for the best small business bank in Wilmington, NC, look to your local First Bank. Our business banking services are designed to meet the needs of businesses of all sizes by further increasing...

How Much Should You Have In Savings at Age 25?

If you’re wondering how much you should have in savings by the time you’re 25, you’re already on the right track. At an age where financial independence becomes increasingly more important, how much you...

Small Business Loan Requirements – Sanford, NC

Starting a business takes innovation, courage and commitment. It also means satisfying a number of small business loan requirements. At the top of that list is finding a cooperative lender who is willing to work with you...

Business Owners: Put Automation to Work for You

A year ago today, Ann was a totally different entrepreneur. Her title might have been Owner of Little Genius Tutoring, but her to-do list didn’t quite match. She was trying frantically to keep all her students and...

Where Can I Get a Personal Loan? – Think First Bank of Asheboro, NC

If you’re looking to get a personal loan in Asheboro, North Carolina, be sure to visit First Bank. Whether you’re looking to finance a wedding or put a down payment on a house, First Bank has a variety of...

High Interest Checking Accounts In Albemarle, NC

It was not far from Albemarle, NC where in 1799 the 17-pound hunk of gold was found that sparked America’s first gold rush. While you may not strike it rich mining for gold, a high-interest checking account from...