Small business owners do not have the cushion of IPOs and board members to fall back on. In fact, many of these businesses do not have million-dollar investors knocking on their doors for the latest advancement in tech. Small business owners are everyday people – with common, everyday anxieties. A new year can often feel like a fresh start, but in some cases, it can feel like the beginnings of a panic attack. Were you successful and profitable enough in the previous year? Are your customers loyal? Will the local economy suddenly crash and make it difficult for you to stay afloat? You are not alone. There are actually 10 common small business anxieties everyone faces.
10 Common Small Business Anxieties
- Making a profit
- Attracting and retaining customers
- Economic uncertainty
- Cash flow management
- Controlling operational costs
- Time management
- Can my business survive another year?
At the end of the day, some of these anxieties are completely out of your control. For example, the state of the global economy is much bigger than you and your business. However, there are certain anxieties that can be combated. If you concern yourself with a “one day at a time” mentality, you can absolutely run a successful business. Treating your customers well and listening to their interests is how you can retain them. Likewise, a strong marketing campaign is an excellent way to attract new ones.
The best way to stay afloat is to focus on what makes you happy, in addition to remembering why you went into business in the first place. For everything else, there are practical remedies to fight anxiety.
3 Ways to Fight the Anxiety
- Take control of your business
Find out what your employees and customers are saying about your business. Once you know this, you can see what works and what does not. Taking practical steps is the best and easiest way to feel like you are in control of your fate.
2. Understand the worst-case scenario
When you determine you are a version of the “worst-case scenario,” you can try to do what you can to prevent it. This should bring you some ease.
3. Make self-care a priority
Finally, and likely most importantly, make self-care a priority. Remember that you are human and not a machine. You need to take breaks, eat well, sleep enough, step away from the business to see what is happening around you, etc. When you do this, you allow yourself to get a new perspective and avoid stepping into a rut.
All-in-all, small business anxieties are real, and you are most certainly not alone. Thankfully, there are often others you can go to in your own community that has likely experienced some of the same feelings – fellow Chamber of Commerce members, more experienced business owners, and business brokers like those who work for Transworld Business Advisors. Your Transworld team is here to help guarantee you are successful. Let us know how we can help!