Opening a business is an exciting process. So is trying to grow the profitability of an existing business. In either scenario, business owners deal with a similar set of challenges in building their business.
Although priorities may differ depending on the size of the company — if you have a startup, for example, you will probably be more concerned with breaking even than increasing profitability — it’s always important to anticipate future challenges.
Here are five of the top challenges you may face at some point in building your business:
- Regulatory compliance: Keeping up with changing government regulations is a challenge for many companies once they are large enough to employ 51 to 100 employees.
- Revenue growth: This is the most important challenge for businesses that employ from 11 to 100 workers.
- Hiring staff: Hiring not just employees but top talent is a huge challenge for more than half of companies that have between 100 and 499 workers.
- Profitability: Cash flow does not seem to be a problem for larger companies, but for those with fewer than 50 employees, profitability is an ongoing concern.
- Maintaining integrity: The larger the company, the more pressure there is to make the quarterly numbers and stay ahead of the competition. Trust and integrity are assets that must be maintained or the company will eventually fail.
Other issues certainly exist. As a business owner, you must identify and mitigate risks, develop successful problem-solving capabilities and put the best technology to work to help you reach your goals. The point is, there will always be challenges, and you will need to prioritize and manage them properly if you are to be successful.
You may have an office in an industrial park and a staff of 13 or be working out of your garage with a couple of friends — in either case, it’s always useful to obtain valuable business advice and assistance. Whether your focus is on revenue growth or regulatory compliance, contact an attorney experienced with the many aspects of business law to help you take your company to the next level.