There is an increasing number of Nigerians starting their own businesses and giving it all they have to make the business a success.
However, as Chukwudi Onyekwere told his friend, the road to success sometimes means hectic days and long, sleepless nights recent.
Here are four biggest concerns weighing on the minds of small-business owners and how they can to cope:
1. GROWING REVENUE
Almost half of companies with 11 to 100 employees cited growing revenue as their biggest business challenge.
When it comes to issues with revenue, businesses may want to compare the channel that is driving the most revenue to the channel where they are investing the most resources. For instance, nearly 60% of small businesses view their company website as an integral part of their business, yet more than half of businesses polled said less than 11% of annual revenue was generated online.
2. HIRING NEW EMPLOYEES
If you’re a business looking to cope with a more competitive job market, make sure your interviewing process, job descriptions, and path to promotions are clearly identified and align with your current business model. Your business can’t afford to ignore interviewing and onboarding practices if you want to attract top talent.
3. GOVERNMENT REGULATIONS
Businesses are still facing regulations. Larger small businesses express concerns about both government regulations and employee benefits.
4. CASH FLOW
Cash flow was a top concern for businesses with 11 to 50 employees, and every business. In other words, small businesses are all looking for ways to make their business as profitable and lean as possible, which means managing cash.
What’s not keeping small business leaders up at night? Technology. In fact, a large percent of business owners interviewed in a US study showed that more and more start up business owners are investing in IT. Although it may not be a focus, should this pattern of IT spending continue, technology could be an unexpected nightmare for some small businesses in the years ahead.
Culled from fastcompany.com and adapted.