The future of every business lies in the hands of it's owners. If owners are aware of how to plan, realize their own strengths and weaknesses as a business, understand how to keep good finnacial records, they are on their way to avoiding financial crisis. However, challenges are always there which can be in the form of profitability, specifically productivity and cost. In addition, marketing and sales, mastering new technology applications, and general business conditions are some of the other major challenges faced by small business owners.
Allocating scarce resources is a huge challenge. Small business owners try to do everything themselves, which never works. You just have to focus on what you are best at. Prioritizing is the key to it all.
Our culture also is customer oriented, which leads us to the idea that small companies need to recognize that they should focus on making the customer happy.
Copyright Jeanine Pfeiffer