Four concerns weighing on the minds of small-business owners and how they can to cope:
1. GROWING REVENUE
Almost half of companies with 11 to 100 employees cited growing revenue as their biggest business challenge.
When it comes to issues with revenue, businesses may want to compare the channel that is driving the most revenue to the channel where they are investing the most resources. For instance, nearly 60% of small businesses view their company website as an integral part of their business, yet more than half of businesses polled said less than 11% of annual revenue was generated online.
2. HIRING NEW EMPLOYEES
In 2015 the unemployment rate averaged 7.4% and was predicted to fall to 6.6% in 2016. Instead, unemployment fell to 5.8%. While unemployment rates fall and more jobs become available, employers are finding it challenging to find qualified talent. In fact, 56% of companies with between 101 and 499 employees said that hiring employees was a top business challenge, one that businesses expect to continue facing through 2020.
3. GOVERNMENT REGULATIONS
Businesses are still facing regulations this year. Larger small businesses expressed concerns about both government regulations and employee health care.
In fact, 36% of companies with 51 to 100 employees and 36% of companies with 101 to 499 employees—essentially small businesses large enough to be impacted by the Employer Shared Responsibility Payment—said that government regulations were a top business challenge.
4. CASH FLOW
Cash flow was a top concern for businesses with 11 to 50 employees, and every business surveyed said increasing profit was a top business challenge for 2015. In other words, the small businesses surveyed are all looking for ways to make their business as profitable and lean as possible, which means managing cash.
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Article Source: fastcompany.com