I have so many interesting clients here in South Florida and across the country. From a dry cleaner, to restaurants, to law firms, the variety of goods and services my clients offer is wide ranging, but many of them have issues in common.
As an accounting and bookkeeping firm, we see it all, the good, the bad and the ugly. Here are some more common problems that small business owners face, closing 80% of them within five years:
- DEBT RECOVERY– Every business owner can tell you a story about a debt they either had a hard time collecting or that was never paid. Debt recovery is very real, and lack of collection is why so many small business owners go broke. At DM Accounting, we help our clients collect on time.
- UNDERVALUATION– A lot of small business owners have a hard time figuring out what to charge for services and decide to undercut to take business away from larger competitors. You don’t always have to be the cheapest for a new client to choose to use your services. Undercutting your prices reduces your profit margin, and in turn your capital. Rethink your prices before you set them in stone.
- LACK OF EXPANSION OR EXPOSURE– Big businesses tend to expand and add stores or operations in multiple cities or even in multiple locations in the same city. Small business owners don’t often have this option, but this might be something you wish to consider in the future.
- SMALL BUSINESS LOANS– Small business owners might also consider getting a small business loan in order to expand and grow their company.Securing a bank loan can be challenging, but it could be the infusion a small business owner needs to grow. Give us a call or e-mail us to assess your books. We will make sure your cash is where it’s “supposed to be.”
- RED TAPE DELAYS– Most businesses run into so much red tape, it discourages new business owners from continuing on. Don’t get caught up in the red tape, or at least don’t get discouraged by it. If you’re dealing with red tape and trying to do your own books, don’t. Call us and we’ll help simplify your life with our qualified and very helpful CPA’s, accountants and bookkeepers.
There are so many issues small business owners face that it’s a miracle many of us stay in business! As you see, these are just some of the problems business owners face day to day. Hopefully, the passion that ignited your business will see you through it, along with this helpful advice