Every small business faces big problems which can often can seem insurmountable and frightening.

As the owner or manager of a small business, these many challenges can include competition, cash flow issues, time management, employee hiring and retention, and more. While these challenges may seem daunting, they can also be viewed as opportunities for positive changes and growth. Taking on each challenge individually helps to lessen the feeling of being overwhelmed and provides a clear pathway to solving these issues. Here are some strategies I have used over the years when building SACS Consulting:

Cash flow

Cash flow is often one of the biggest issues in small business management. Every small business has experienced some fear and some challenges in dealing with cash flow. What helped me was to create a detailed budget that monitored my spending. I also found it very important to keep personal and business accounts separate. Additionally, I created an emergency fund and reviewed it periodically. This helped me to navigate any budget or cash flow issues that I was faced with over the years.

Competition

Competition, whether from other small businesses or from large corporations, is a reality that must be addressed. The first thing I did when starting my company was to define my competition. That enabled me to focus on who my customer is. By doing this I was able to fine tune my products, my services, and my marketing. I also found ways to use my business size to my advantage as it allowed me to quickly adapt to any changes in the market or to my customer’s needs.

Time management

 As many other small business owners, I have found that time management is an on-going challenge. Trying to juggle the needs of the business requires us to oversee many different areas and burnout can become a real issue. I have found that taking the time to clearly define tasks in order of their importance and urgency has been very helpful. I have also learned to delegate when possible. And lastly, I take breaks when needed. This helps me to maintain productivity and it provides an important balance between my work and my homelife.

Employee hiring and retention

Attracting and retaining good employees is important as it provides stability and cost savings. In order to do that, it is imperative to keep your employees motivated and challenged, while offering them opportunities for growth. I have found that maintaining a strong, positive company culture can have a real influence on my ability to find, hire, and retain good employees. Maintaining a positive culture with good values sends a positive message. I also developed a system for recognizing and rewarding good work, offer opportunities for learning, keep lines of communication open, and offer flexible schedules when possible. I strongly encourage new ideas which help my employees to feel their contributions are recognized, valued, and that they are making a real contribution to the company’s success.

These are just a few ideas that have worked for my company. You will need to develop your own ideas and plans that can help to separate your business from your competition as well as help your day-to-day operations and challenges.

President, SACS Consulting & Investigative Services, Speaker, Trainer, Corporate Security Expert Timothy A. Dimoff, CPP, president of SACS Consulting & Investigative Services, Inc., is a speaker, trainer and author and a leading authority in high-risk workplace and human resource security and crime issues. He is a Certified Protection Professional; a certified legal expert in corporate security procedures and training; a member of the Ohio and International Narcotic Associations; the Ohio and National Societies for Human Resource Managers; and the American Society for Industrial Security. He holds a B.S. in Sociology, with an emphasis in criminology, from Dennison University. Contact him at info@sacsconsulting.com.