You’re in Charge – Congratulations!
Small businesses are a driving force in our economy, shaping industries and creating opportunities. As a business owner, what you do every day matters—not only to your family and employees but to the economy as a whole.
According to the SBA (Small Business Administration), there are 33.2 million small businesses in the U.S., employing 61.7 million Americans—nearly half of all private sector workers. Over a 16-year span (1995 to 2021), small businesses created 17.3 million net new jobs, accounting for 62.7% of net new jobs created since 1995.
The numbers tell a compelling story. While approximately 6 million of these businesses have paid employees, they collectively account for nearly half of total private sector employment. And the revenue small businesses generate totals well into the trillions.
While business ownership is fulfilling, it also comes with its own set of challenges and concerns. Many business owners frequently ask themselves:
- Do I have the right people in place to grow?
- Are we keeping up with the competition?
- Can we successfully navigate a downturn in the economy or industry changes?
- How can I better serve my team and customers?
Balancing Joy and Worry
Owning a business brings a unique sense of joy and accomplishment. But it also comes with ongoing challenges and tough decisions. To reduce stress and bring more joy into your everyday work, consider these key steps:
Focus on Your Strengths
Identify your strengths and focus on what you do best. Surround yourself with people whose skillsets complement yours and delegate tasks you don’t enjoy (or aren’t the best at). The best leaders empower their teams while making strategic decisions that drive the business forward.
Put the Right People in the Right Roles
Prioritize finding the right people to strengthen your company. Network with industry professionals, work with recruiters, and offer incentives for employee referrals. Once you find great talent, place them in roles where they can thrive.
Know Your Competition
Spend time studying your competitors. Where do you stand out? Where can you improve? Understanding your competitive landscape helps you position your business for long-term success.
Finances Matter
To hire the right people, play to your strengths, and seize new opportunities, you need the necessary financial resources. Consider these key areas:
- Financing Growth: Should you secure a line of credit or rely on cash flow for expansion?
- Capital Investment: How much of your own capital should you invest—and is it the best decision?
- Strategic Partnerships: Do you have financial partners (e.g., lenders or investors) who can support your growth?
- Cash Flow Management: Are you effectively managing accounts receivable and payable?
These are the kinds of financial decisions that business owners often grapple with. Making informed choices today can set the stage for future opportunities.
Seeking Input and Advice
Your financial advisor can help you explore different strategies for business growth, financing, and long-term success. Having an objective, experienced advisor to guide you can make all the difference between achieving financial success and missing critical opportunities.