Whether you’re just starting out or looking to grow your small business, insights from experts in these areas can help you navigate the challenges and opportunities of running a small business. By providing guidance on everything from developing a business plan to managing cash flow and building a strong team, small business insights can be an invaluable resource for entrepreneurs looking to achieve long-term success. With the right insights and strategies in place, small business owners can overcome obstacles, seize opportunities, and achieve their goals in the ever-evolving landscape of modern business.
Today we talk with our CFO Graham Peck about the challenges, benefits, and responsibilities of a small business. Read the 5 insights for small business we discussed!
How can small businesses manage their employees better?
At FYC, we specialize in utilizing various systems to help in different aspects of business management. One significant area that has helped us immensely is having a payroll system that streamlines payments to both employees and contractors. We utilize the platform GUSTO, as well as other platforms to manage benefits and retirement plans. The highly specialized nature of modern technology emphasizes the need for businesses to have diverse tools for managing HR benefits, payroll, and other aspects of employee and contractor management to effectively care for their workforce.
What are the benefits of owning a small business?
In my view, owning a small business offers the benefit of providing people with meaningful job opportunities. It is gratifying to sell work and then recruit a team that finds the work engaging and rewarding. By providing jobs, you are enabling employees to achieve their personal goals, such as supporting their families, buying a home, or furthering their education. As a partner in the company, I take great pride in watching our employees grow both personally and professionally. It can be challenging to balance various business demands while also being transparent with employees about these challenges. However, the satisfaction of using technology to solve real-world problems and deliver meaningful outcomes is what motivates me to keep building and developing our products. Sometimes, our employees have even left our company for more lucrative offers, having acquired valuable skills and knowledge during their time with us.
What makes small businesses better than big businesses?
Small businesses have a significant advantage in their ability to be nimble. Unlike large corporations, small businesses can move quickly without the need for complex spending approvals, management organizations, legal teams, and multiple levels of decision-making. This flexibility enables small businesses to capitalize on industry changes and seize opportunities much faster than larger organizations.
Another advantage of being a small business is the ability to tailor policies to the specific needs of your employees. Unlike big corporations, small businesses have the ability to craft personalized policies and benefits that cater to the unique preferences of individual employees. This is due to the absence of cumbersome HR policies and the need to standardize benefits across thousands of employees. This makes small businesses more responsive to the needs and desires of their teams, both in terms of job satisfaction and benefits.
What’s the main reason for a small business to fail?
Businesses often fail due to a lack of attention to detail when it comes to managing their cash flow. It’s easy to become complacent and assume that the business will always have enough money to keep running. This is a common pitfall that even larger businesses can fall victim to. When attention is diverted from being diligent about managing expenses and ensuring appropriate lines of credit or borrowing facilities, cash flow problems can arise. This is a problem that almost every failing business encounters at some point.
To run a business profitably, it is essential to have a deep understanding of your economics and pay close attention to the cash flow. If the economics of your business are unsustainable or not working, you will likely face cash flow problems, regardless of the size of your business. Therefore, it’s crucial to maintain a careful eye on the details and always ensure that you are managing your cash flow effectively.
What are the top small business owners’ responsibilities?
What are the primary duties of small business owners? They need to establish the company’s vision and ensure that someone in the ownership or leadership team stays abreast of the day-to-day market trends to adjust their product or service offerings accordingly. They should ensure that their offerings meet the current and future demands of clients, respond to employee requirements, assess team members’ skills and attitudes to ensure they align with the company culture.
Follow us on LinkedIn!
You may also like:
Building a Strong Team: Strategies for Retaining Top Talent
Leading with Empathy: Why It’s Essential for Effective Leadership in Today’s Business World