5 Top Challenges for Small Business Owners
The daily operations for any small business can be hectic, but there are a few key responsibilities that often prove to be especially challenging. Small business owners who know how to navigate these common pitfalls are better equipped to keep their company operating in the green.
It’s normal for a lot of small business owners to want to do the bulk of work on their own. But once you start managing a team of employees, you might need to get some items off your plate. Sometimes that means outsourcing to other qualified professionals. Knowing when to lean on another person’s expertise allows you to focus on the money-making aspects of your business. (Plus, sticking to what you know best is great for keeping your stress level nice and low!)
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Employee Health Insurance
Since 1982, the National Federation of Independent Business (NFIB) has published a report on Small Business Problems and Priorities. Its ninth edition ranked a list of 75 different problems for business owners. At the top of the list, coming in with 52 percent of the poll, was “Cost of Health Insurance.” Managing employee benefits is a constant stressor for many companies. So, if it’s an issue for you, know that you aren’t alone. Talking with a benefits advisor can help make sure you have a good plan in place for your employees, as well as your bottom-line.
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Accurate Bookkeeping
Maintaining accurate accounts helps companies understand their cash flow. Yet all too often, it’s easy to let these tasks slide from week to week—or even month to month. Running regular bookkeeping reports for your business doesn’t just make it easier to navigate tax season, though. Keepings tabs on your expenses and profits also gives business owners valuable insight on how to grow their company. If you aren’t reviewing your reports on a monthly basis, it might be time to outsource your bookkeeping. The benefits of having clean, organized books are well worth the investment!
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Business Tax Filing
A lot of small business owners are responsible for making quarterly estimated tax payments. Staying on top of these deadlines isn’t too bad when your bookkeeping records are in order. In that sense, overcoming that problem, can also help you streamline your business taxes. Working with a CPA can take away a lot of that stress. Let them manage the paperwork your company needs to file throughout the year, so you can focus on the other money-making aspects of your business. There’s usually little sense in working on tasks that are better left to other professionals.
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Locating Good Staff
Hiring qualified employees can really take your business to the next level. But how do you locate new talent—and how will you know who’s dependable for the job at hand? Sifting through dozens of resumes and conducting a detailed interview isn’t always a strong suit for small business owners. Sometimes, even getting enough applications for consideration is a struggle of its own. There’s a lot to consider before you hire employees. Rather than make the mistake of hiring a sub-par team member, a lot of companies will call on a HR company to screen candidates for them. That way, you can spend your time talking with truly top-notch people.
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New Hire Paperwork
Once you’re ready to onboard your new employees, there’s a lot of paperwork to get in order. New hire paperwork can be time-consuming and confusing. Fortunately, it’s really simple to outsource that work to an experienced team—like at The Payroll Department! We’ve helped plenty of companies of all shapes and sizes complete their new hire paperwork. Instead of struggling through the process, let us help you out. Then you can completely eliminate this task from your list of challenges.
From getting your new hires set up for payroll, to helping them complete their necessary tax documents, The Payroll Department can become an extension of your company, acting as both your outsourced HR department and trusted business advisor. Let us know if you’d like to schedule a consultation, or give our office a call at (317) 852-2568. There are already plenty of other tasks you need to do on your own as a small business owner. Let us help you shrink your to-do list so you company can thrive!
-Paige of The Payroll Department Blog Team
