Small Business Owner Challenges

Small business owners and entrepreneurs face many challenges throughout the lifetime of their company. As satisfying as it is to have your own company, controlling day to day life, owners and entrepreneurs always face issues to deal with not only at startup but also through the growth phase and ultimately the selling of the company.

Being a small business owner and entrepreneur can be a very lonely existence with few people they can turn to for assistance. It’s always best if people find their own solution but that’s not always possible and that’s why somebody from outside the company, who can provide unbiased assistance, is so beneficial. 

Today, no business can stand still given the ever-changing market environment, with new products coming to market and the entrance of new competitors. With such challenges, successful business often look to see whether they expand and grow with the market. With growth comes not only potential gain but also risk. 

Risk of new senior recruits who with different temperaments, values and style may have an impact on established staff and the company’s culture. Risk of market change going backwards just after investing for what looked like an expanding market. Likewise, with a change in margins as a result of increased competition. Navigating these and other risks is so important to the small business owner the need for independent professional support to help work out responses can be extremely helpful. 

Ultimately a major and very important challenge for the small business owner is to sell the company at some stage to maximise value for themselves and their family. Selling a business needs time and careful planning. The company needs to get itself ready to make the company as attractive as possible to a buyer. Plans should be developed to deal with questions that may be put by a purchaser, such as “Where do you see the company going in the future?”, “How can you be sure of the long term viability of the company?”, “Who is going to be running the company in the future?”, “How will your clients react to a new owner and how can these risks be mitigated?” 

Kenneth Andrew, Executive Coach

In my role as a small business coach and through my experience as a small business owner of three companies in the past I have been able to help many companies go through this challenging process. If you’d like to talk, please do not hesitate to contact me on 077104 88282 or email me at kenneth@kennethandrew.co.uk.