4 Challenges Facing Small Business in 2013

Small Businesses

It’s a new year and you have a new plan. You are going to grow your small business! You have always dreamt of being a successful entrepreneur and now is your chance to prove it to yourself.

Lack of internal control
Another challenge facing small businesses in 2013 is the lack of internal control. A properly run business always has a proper record keeping system. Most small businesses tend to not have such system in place. Companies that do not have proper record keeping controls, are unable to keep abreast of expenditures and therefore are unable to fully understand whether they are operating at a loss or making a profit. Once you have a proper system implemented it is easier to track the progress of the company. Also, new employees are able to better fit into an organized system, and start working cohesively for the benefit of the company.

Incompetent Staff
Your employees are a direct representation of your company. Highly trained and professional workers will result in high productivity and profit for the company. Where there is a lack of professionalism and workers are not equipped with sufficient knowledge, the business will falter. Ensure that workers that you employ are able to effectively perform the tasks at hand.

If you can surmount these 4 challenges, you will be well on your way to successfully growing your small business in 2013.