4 Top Challenges Small Business Owners Face

Let’s face it – daily operations can be hectic for any small business, but some key responsibilities prove to be more challenging than others. Small business owners who are equipped to navigate these common challenges are better equipped to keep their business pushing into the green.

Accurate Bookkeeping

Keeping accurate books can help a company to better understand their cash flow. It is easy to let such tasks slide on a weekly (or monthly) basis but running regular reports on your books does not only make it easier to get through tax season. It also helps you to gain valuable insights on how your company is growing (or how it isn’t). If you don’t review your reports on at least a monthly basis, now is the time to either begin or outsource your bookkeeping.

Business Tax Filing

Most small business owners make quarterly estimated tax payments. It isn’t too hard to stay on top of those deadlines if your bookkeeping records are in order. By staying accurate with your books, you can also streamline your business taxes more easily. A CPA can help take away much of that stress as they can manage the paperwork that you need to file throughout the year so you can focus on making that money. 

Finding Good Staff

Hiring employees who are qualified can help your business to reach the next level. The process of sourcing new talent and conducting interviews is not always a strong point for owners of small businesses. Sometimes just getting enough applications is a struggle. Rather than hiring a sub-par employee, many companies rely on HR companies to help them locate good staff, so your business can operate with only qualified workers.

Getting Through New Hire Paperwork

When it is time to onboard new employees, there is a lot of paperwork to fiddle with. This can be a time-consuming and confusing process, but this is another business aspect you can outsource!