When you’re a small business owner, the bogeyman tends to hide in some scary places. The monster that hid under your bed as a child is now creeping around in your fiscal reports and potential growth projections.
Starting your own business can often mean stepping into a precarious world full of worry and potential. The only way to shoo away your small business bogeyman is by planning ahead with a few tried-and tested small business solutions.
Solutions to four of many small business issues
Solutions are designed to solve problems. What are some of the most common issues faced by a small business, and what are the available solutions to tackle those issues?
1. Auto-Enrolling Pensions
Problem: 1.8 million UK small business owners must auto-enroll employees into a pension.
The UK government is requiring small and micro businesses to deposit a sum of money into employee pensions every payday. Qualified workers include employees of 16 years and older that make more than 10,000 pounds a year.
The Pensions Regulators should have already contacted you but if they haven’t you can get a head start by checking out the UK Pension Regulator website for more information and to see when your company must start auto-enrolling employees.
Solution: Start the necessary preparation ASAP.
Currently employers must pay employees 1% of their qualified earnings. This percentage will increase to 3% in the coming years. It is therefore necessary for employers to start their preparations now.
2. Finding Qualified Applicants
Problem: Small team equals shaky business.
When you have a small workforce the impact of every employee is magnified. A weak link is bound to have a significant impact on company output.
Solution: Hire more staff (if your budget permit.)
Research from Business Insider has found that to attract up-to-par applicants, employers must become the employer of choice. Many small and medium-sized businesses might not have the resources to allot to a top-notch HR department whose job it is to scour the marketplace for talent but companies can compensate for this by working with recruiters, having a robust presence on job search websites, and offering a unique work environment that will bring in the people they need.
Problem: Stress kills business.
Richard Norris, SME director of Bupa Health Insurance, believes that stress is the biggest issue within the SME workplace. Stress has long been an issue for every business but with the ability to quickly and easily reach out to clients, businesses are taking in more work than they can handle.
A number of factors contribute to work stress such as: business competition, client expectations, an inharmonious workplace, and work practices.
Solution: Encourage communication among team members.
In small companies, upper management should be able to communicate and listen to its workforce. An open, positive dialogue can help create a place of work that everybody can thrive in.
4. Office Space
Problem: Renting an office space is expensive.
When you’re a small business and unsure of what you need in terms of space, renting an office for your company can be a strain on your business.
Solution: Use a virtual office or co-working space.
Fortunately, you can opt for a shared workspace. These co-operating spaces are cheaper and offer basic services that can reduce costs. Some companies are even choosing to do away with office space completely, adopting a virtual workplace by utilising collaborative online solutions. These solutions are cloud-based and allow companies to share files, strategize, and communicate all online.
The best way to deal with any potential hindrance is to meet it head on and prepare in advance. With a strong foundation in place, future hurdles can be met with minimal worry.