Although small businesses are part of what make our country so great, they also offer some of the greatest challenges to everything that makes up the American Dream.
Any Las Vegas business CPA who works directly with owners of small to medium businesses will tell you there’s no shortage of worries when it comes to making their companies successful.
Here are a few of the top concerns owners are sharing with us (in no particular order):
- Human Resource Management
Hiring and firing are part of the deal when you are a small business owner, but that’s far easier said than done. Our business CPAs see a lot of tight budgets when working with our clients and those bottom lines make it tough for owners to hire enough employees to cover every essential task. A lack of payroll resources often leads owners to work an unhealthy amount of hours to stay afloat, which can also negatively impact the quality of products or services they are producing.
Recruiting has long been a small business conundrum. Anyone who has ever looked for a job knows how frustrating it is to learn that every job requires experience, but a person has to have a job to gain experience. The same theory applies to small business owners. They need highly skilled applicants who are worth the money they demand, but many small to medium businesses don’t have the money to give them.
To avoid this seemingly endless circle of recruiting frustration, companies need to recruit people who are passionate about the business. From there, ongoing employee development and skills training programs will help keep employees engaged and invested in the business.
Marketing has never been easy, but today’s world presents challenges that were never even dreamed of 15 years ago. To some extent, technology has helped, but it’s also hurt. Leaders who have the time and social media know-how to get their names out properly are doing well, but there’s a lot of noise on the internet and it can be hard to cut through the chaos.
Beyond this, sales speak has taken over many websites, making it hard for small business owners to discern quality vendors from those they should pass on.
It’s easy for small business owners to feel like they are on an island all alone. Our team recommends reaching out to other leaders to share industry insight and develop relationships with people who face similar obstacles. Others who have been in your situation can often offer solutions you may not have considered.
Intrigued? Our team of Las Vegas business CPA experts has more stories to share. Stay tuned for Part 2 of this series. Keep up with us by following our Fair, Anderson & Langerman Facebook page!