It is a common occurrence that many small business are unable to survive beyond their first year. The owners of such businesses squarely put the blame on lack of funds, to run the business properly. But most times the lack of funds is not really the problem. There are other major causes and pitfalls which arise in the course of small business management which should be avoided . This is possible if you are equipped with the right knowledge and can spot the warning signals, as and when they occur.
Here are some stumbling blocks that every small business should be aware of:
No Proper Goal or direction
When a company and its owner have no proper plan as to which direction they should proceed in order to make a success of their business, they tend to spend valuable time and money in wasteful pursuits. This disturbs the work flow and distracts the employees from concentrating on the actual work output.
Undue Stress and Pressure
Small business management comes with its many stressful and often difficult situations. If these situations are not handled properly and are allowed to escalate, they will create tension in the employees to and result in a marked dip in productivity. It is a good reason that managements prefer to maintain a pleasant and congenial work environment.
Not making good use of your Digital Gadgets
No doubt you have equipped your office with technological innovations and devices like telephones, computers, smart phones and more. These are intended to make people work more efficiently. If they are misused by staff, and you have no control over it, they can turn into disturbing factors instead of assets. Wrong use by employees should be strictly curbed.
Wasting Time on Social Media
It is very common problem which many managements of small business face. Most employees waste precious working hours browsing through their personal accounts on Twitter, Facebook , LinkedIn and more. These social interactions disturb normal work flow and slow done business schedules.
Lack of Time Management
It is rule No 1 in small business management that making best use of time should be given the first priority. Employees should be given set time schedules so that jobs are completed with no delays. This enables projects, processes and in fact the entire business to run productively. Poor time management is a major pitfall.
Fear of Failure
This is a state of mind which many small businesses start off with form day one. It is the fear of not being up to mark, not being able to perform to meet standards, that makes many small business go on a downward spiral.
If you wish to complete the job faster than its doing time, it often leads to dipping efficiency and may be a cause of real disturbance for one and all involved. Biting off more than you can chew has been the downfall many a small business, which literally crumbled under the weight.
Every small business management should learn to use their available working hours most effectively and efficiently. Keeping the disturbances and wastage of time to the bare minimum will contribute immensely to the company’s sustainability and have good chances of survival and growth.