October 11, 2023

What Keeps Small-Business Owners Up at Night?

If you’re a small-business owner, you probably know that there’s a lot to worry about. According to a recent survey, the top three concerns for folks in your shoes are taxes, government rules, and those dreaded slumps in sales. While these worries can give anyone the jitters, it’s time to switch gears and focus on what you can actually control. By paying attention to financial planning, customer loyalty, and risk management, you can make those haunting worries seem a lot less scary.

  1. Getting a Grip on Finances: Feeling uncertain about your money situation can be super stressful. To kick those worries to the curb, start by figuring out where you stand financially. Get to know your loan obligations, upcoming tax bills, and what your revenue projections look like. With this info in hand, you’ll make spending decisions with more confidence. Bonus: A solid financial plan will help you brace for unexpected expenses, like surprise tax bills.
  2. Embrace Your Customers: Did you know that keeping your existing customers happy can save you a boatload of cash and even boost your earnings? If you haven’t set up a system to keep your current customers engaged and satisfied, you might be missing out on opportunities. Don’t let those valuable relationships slip away; focus on making your customers feel like VIPs.
  3. Tackle the What-Ifs: Think about all the things that could go wrong, whether it’s a natural disaster or a legal issue, like theft or lawsuits. Now, create a plan to deal with these curveballs. What would you do if your place got damaged? How could your team step up in an emergency? Being proactive about risk management can help you dodge a lot of potential headaches. Bonus: Regularly reviewing your risks lets you fix the things most likely to cause you financial trouble.

It’s totally normal to be worried when you’re running a small business – we’ve all been there. But don’t let those worries paralyze you; let them fuel your drive to take action. If you want to learn more about how I can help you get ready for the future, take the weight of managing your business finances off your shoulders, and help your business grow – schedule a chat with me today!

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Melissa Headshot

Hi there! My name is Melissa.

I’m a bookkeeping professional with over 14 years of experience. I specialize in supporting homebuilders with their financial management needs. I founded Turquant Business Services to bring clarity to bookkeeping for builders.

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