Source: NorthFulton.com

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Business Coach
Top challenges for small business owners

by Dick Jones

September 17, 2013

If you're a small business owner, you probably have many challenges you try to overcome every day.

Every small business owner, no matter if they have just started their business or have had it for a long time, faces a myriad of challenges they need to address to be successful.

Whether it's dealing with regulations, an uncertain economy or accessing capital, small business owners have to deal with a lot of challenges.

At the top of the list, however, are four challenges that the majority of small business owners are dealing with today.

No. 1 is growing their business.

Attracting new customers and selling additional products and services to existing customers are always in the forefront of a small business owner's mind.

Second on the list is addressing the Affordable Care Act's impact on costs.

In small businesses with 50-plus full-time employees, all employees that work more than 30 hours per week have to be offered healthcare insurance, or the small business will be fined.

The increased fixed cost associated with this has had an impact on bottom line results.

No. 3 on the list is attracting skilled talent.

With unemployment rates back to pre-recession rates, the availability of qualified human resources is decreasing every day.

With more demand and a smaller supply, small business owners will need to pay more to hire additional resources.

And the fourth challenge is retaining the top talent they currently have.

Because of the "fist fight" over a smaller employee pool, long-term employees are abandoning ship for more money and a better job.