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Top Concerns of Business Owners

June 17, 2015

Below, you will find some concerns my small business clients have.  These ideas are listed in the order that they came to my mind and not in order of importance.  Each owner will provide their own order of importance.

  1. Availability (actually, non-availability) of quality managerial help
  2. Availability of competent and skilled employees
  3. Employees who lie or steal
  4. Airtight internal and financial controls
  5. Cash flow
  6. Banking relationship and availability of loans if and when needed
  7. Putting everything they have at risk for the business
  8. Getting sick
  9. Getting really sick, i.e. heart attack, stroke, car accident
  10. Having a good varied group of customers who appreciate doing business with them and who show the appreciation by paying their bills timely
  11. Threat of unionization
  12. Not overpaying taxes
  13. How things they can’t control can affect their business such as the economy, extremely bad weather, short supply of commodities needed to make product
  14. Loss of a major supplier or being captive to them
  15. Loss of a major customer or being captive to one or two customers
  16. Consistency of quality of raw materials and products purchased
  17. Too much of the wrong inventory
  18. Being afraid to unload bad inventory at a loss
  19. Customers who expect me to maintain inventory for them and they not telling me their true plans so every time they order it creates a minor crisis
  20. Overspending on pet projects
  21. Spiraling costs that are not controllable such as health insurance
  22. Keeping current with technology changes
  23. Being on top of social media
  24. Succession of business leadership and ownership
  25. Continued flow of new product ideas
  26. Sensitivity to and adaption to new trends and needs in the market
  27. Not being able to take extended vacations and even when they take short vacations they must check in with office
  28. Developing a niche in their market
  29. Establishing a positive and dynamic brand image
  30. Lack of availability of competent consultants
  31. Threat of law suits against the company
  32. Being underinsured against catastrophes and the rising cost of insurance that they do have
  33. Not really knowing if the insurance policies they have are for the right coverage
  34. Spending too much time putting out fires and not enough time “doing business”
  35. Not enough available time to reflect and see the big picture
  36. Not feeling fulfilled or satisfied
  37. The original fire is no longer there
  38. Loss of initial momentum the business had in its early years, combined with a leveling off or capping of the business
  39. Inability to reverse maturation of the business
  40. Fantasies that no longer exist

There are others, but these seem like enough for now.

2 Comments leave one →
  1. 6hawthorne permalink
    June 17, 2015 5:00 pm

    HI ED ITS A VERY GOOD LIST BOB NAGLER

  2. Donna permalink
    June 24, 2015 4:30 pm

    Enjoyed this post. Many of these are also concerns for non-profits and for volunteer organizations as well. Great post! Thanks, Ed!

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