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We live in a time of great change. That change - largely through technological advances - brings opportunities and challenges for businesses. No matter how smart you are as a business owner, you’re going to run into issues that you need to overcome.

You shouldn’t necessarily be daunted by these day-to-day opportunities, you need to appreciate what’s ahead of you and how to overcome these hurdles and go on to thrive.

Outdated technology

As we’ve already noted, technology drives a lot of change. Investing in the latest technology can make things quicker, cheaper and easier but there’s a flip side to that. Using technology that’s outdated or performs poorly can be a big drag on your performance, slowing you down and making managing your tasks tricky.

Investing in new technology and software can be expensive - and confusing if you’re unsure which package works best for your business - but if you want to spend more time running your business and less time dealing with tons of paperwork you need to make the plunge.

Poor financial management

Whether it’s a tax bill, your payroll or an invoice from a supplier, there’s always something that needs paying as a business - and payments can come out of the blue if and when an emergency occurs too.

If you’re not on top of your finances then it’s easy for this to spiral out of control. It’s important to have a system that works for you - in terms of planning expenditure, recording receipts, managing cash flow etc. You might wish to turn to technology for this too - with a raft of software now on the market to help make this simpler.

Effective financial management also means chasing for the money you are owed. 

Many clients don’t pay when they are supposed to and that can cause cashflow issues when it comes to paying your bills. Develop a system to chase payments you’re owed and consider an incentive for people who pay early if you want to encourage this. 

Developing the right mindset

One of the biggest mistakes of everyday working life is letting your mood or feelings distract you. It is imperative that you stay focused on what you wish to accomplish and try to ignore how you feel - a crucial step towards success not only in your business but in every aspect of life.

People who run a business need to have a different mindset from those who work 9 to 5 in an office for someone else. You need the ability to think outside the box, be creative and committed to pushing your business that one step forward - and you need to dust yourself off every single day. If you let your mood affect you, it will have a knock-on effect on the rest of your employees.

No matter how you feel, get up, get dressed, take a deep breath, stay focused and never give up.

Employee happiness

Your attitude matters, but you’ll only get so far without your employees.

Try to understand your employees' strengths and weaknesses and play to this. If you know what makes your employees tick then you’ll know how to motivate them - and a happy, motivated workforce is vital for the success of your business.

You can help with this by giving something back - using ideas such as these in this article on improving employees wellness.

Keep up with the latest technology, manage your money, keep yourself and your staff motivated and you’ll be well-placed to tackle the day-to-day challenges you face as a business.


The day-to-day challenges that come with owning a business and how to combat them
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