Helping Your Small Business Stay Afloat Amidst a Tumultuous First Year
Posted: May 06, 2016
Managing the day-to-day operations of a small business essentially constitutes several full-time jobs. Keeping track of finances, supervising your staff and addressing any concerns your employees may have taken a tremendous amount of fortitude. While some of these tasks can get a little easier as time goes on, it’s liable to take you a while to grow accustomed to them. That being the case, your first year in business is going to be a tumultuous one. Accumulating a client base and tending to the above-mentioned responsibilities ensures that your plate is going to be consistently full.
Given all the tribulations associated with small business ownership, it’s no wonder so many small and mid-sized companies call it quits within the first year. In any economy, getting a small business off the ground represents a herculean challenge, and making one thrive requires considerable effort. If your first year is turning out to be a perpetual test of endurance, there are several measures you can take to relieve your burden and lay the groundwork for long-term success. The following tips can help your business survive past its first year and provide you with some well-deserved peace of mind.
Set Achievable Goals
After entering the fray, many small businesses make the mistake of flying blind. Even if the CEO has a number of far-off goals in the pipeline, goals of this nature are essentially meaningless signposts unless they’re supported by a plethora of smaller short-term goals. To get your business to where you want it to be, sit down with your staff and make a list of long-term goals. Then, for each of these goals, create a list of short-term goals that will help you achieve them. Furthermore, set realistic timelines in which to achieve these goals. It’s much easier to reach your desired destination with the help of a detailed roadmap, and a comprehensive list of goals and sub-goals can get you there in a timely manner.
Consider Executive Coaching
Not all small business owners are experienced CEOs – in fact, many of them are not. If overseeing your company has made you feel as though you’re in over your head, look into the executive coaching services offered by KEYGroup. In addition to helping you hone your skills as a CEO, KEYGroup will help you identify candidates who are qualified to take on executive roles within your organization. Small business owners who are tired of wearing multiple hats are sure to appreciate the many perks of executive coaching.
Enlist the Services of a Financial Manager or Interim CFO
A staggering number of small business CEOs have little to no experience managing money. As a result, company finances are often mismanaged and/or poorly allocated. To ensure that your business is able to make the most of its resources, enlist the aid of a dependable financial manager or hire an interim CFO. After going over your earnings reports, payroll records and receipts with a fine-toothed comb, these people will be able to identify significant areas of waste and offer up practical suggestions regarding how to eliminate them.
Small business ownership is a road fraught with tears, sweat and hard work. However, if it’s a road you’re determined to walk, there’s no reason you should have to suffer unnecessarily. Putting the previously-discussed tips to good use can make your company’s journey to success considerably less bumpy.
About the Author: Jill Slatter is the owner and CEO of a midsized web marketing company in Philadelphia, PN. When she found herself in desperate need of executive coaching, she got in touch with KEYGroup, whose knowledgeable coaches helped guide her business through a trying first year. Thanks to KEYGroup, Jill was able to recruit qualified candidates to assume her company’s executive roles.
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