Some Of The Biggest Challenges Small Business Owners Are Facing Today

We’ve said it many times before, and we’ll continue to drive this point home: starting and growing a small business is difficult. Entrepreneurship requires a great deal of hard work, and the world’s most successful entrepreneurs are well aware of this. Are you? If you have a great idea for a market-shattering product or service and you’re passionate about it, The Commercial Finance Group offers business lending solutions like receivables financing and off balance sheet financing to help you grow and expand. We’ll get to more on this below.

Cash Flow Lending To Help Grow Your Ideas

Small businesses and entrepreneurs represent the backbone of the American economy, and without these unique ideas available for purchase to consumers, we wouldn’t nearly have the amount of choice that our society enjoys today. To help small businesses like yours grow, that’s why The Commercial Finance Group excels in cash flow lending in Atlanta and other parts of the country. With ample working capital via purchase order financing or a small business line of credit, you can make the expansions you’ve been wanting to make, hire the people you want to hire, or do anything legitimate as you see fit. Learn more about cash flow lending from the very best in business factoring companies by getting in touch with us today.

Below, we’re going to touch on a number of common challenges that small business owners and entrepreneurs face in today’s modern economy. Let’s take a look.

Government Regulations

Many regulations are put in place to help protect employees and business owners alike, but often, these regulations act as “red tape,” making certain processes more difficult or time-consuming. It’s best to anticipate new regulations ahead of time, shifting your business model to allow for this change or new set of regulations. Make sure that you comply with any government regulations as they pertain to your business, however, as failing to do so can result in a series of painful complications.

Balancing Quality And Growth

Growing pains – are you familiar with them? Growing pains characterize the very nature of small businesses, and even wildly successful companies are not immune to growing pains. Indeed, even when a particular business is not founder-dependent, there comes a time when the issues from growth seem to match or even outweigh the benefits from said growth. Whether it’s your service or product, at some point or another, a business must sacrifice in order to scale, and this may mean not being able to personally manage every client relationship, for example.

Now, this is a bit of a catch-22 because it is usually that level of personal engagement and attention to detail that makes a business at least semi-successful. Many small business owners often find themselves tied to these habits, but to the detriment of their company’s growth. There exists a large middle ground between shoddy work and an unhealthy obsession with quality, so it is up to the business owner to navigate the company’s processes towards a compromise that allows appropriate scale without hurting the company’s ethos.

Fatigue

Technical problems and challenges aside, small business growth involves a massive amount of hard work day in and day out, as we stressed in our introduction paragraph. Indeed, the sheer amount of hours, work, and constant pressure to outperform the competition can wear down even the most passionate and motivated individuals. Many business owners, even the successful ones, end up getting stuck working much longer hours than their employees. Not only that, but they fear that their business will stall in their absence, and so they avoid taking any extended breaks away from work in order to recharge. That’s not healthy.

When fatigue sets in, the weariness from the long hours can result in rash decisions, and, in extreme cases, even the desire for an owner to abandon their dreams altogether. Finding that healthy balance between work, rest and having fun is crucial to successfully growing a company; just ask any of the experts. Take it from the small business lenders when we say that finding a pace that keeps your business humming without grinding yourself down in the process is a challenge, but a do-able and ever-important challenge.

Early Client Dependence

In the beginning stages of your company, if a single client makes up more than half of your income, you’re more of an independent contractor than a business owner. Diversifying your client base is vital to successfully growing a business, but it can be easier said than done, especially when the client in question pays well and on-time. For many small businesses in the early stages, having a client that actually consistently and willing pays on time for your product or service is, to say the least, a godsend.

To play it safe, it’s best to have several small clients rather than one or two large ones. That way, your cash flow won’t totally crumble when one client doesn’t pay up on time. Of course, there are cash flow lending solutions available from us. Speaking of which…

Cash Flow Problems That Warrant Cash Flow Solutions

Having little to no available capital as you await client payments is stressful to say the least. Fortunately, The Commercial Finance Group offers cash flow lending in the form of asset-based loans and receivable finance factoring. With the help of your accounts receivable, our Atlanta lenders can help you acquire the necessary funds to keep your business running smoothly. Does factoring lending sound like the right solution to you? We’re ready to help your company grow. Contact The Commercial Finance Group today with any questions.