Boston Commercial Services Pty Ltd (ABN 87 114 658 070) CAPI Licence Number 409 456 759

You are here: Home / News / What Are the Biggest Struggles for Small Business Owners?

What Are the Biggest Struggles for Small Business Owners?

Starting your own business is an exciting — but challenging — endeavour. Following your passion and making a living from it takes courage, tenacity and hard work, with an expectation of experiencing some difficulties along the way.

As your company grows, you’ll face common challenges experienced by many other small business owners. Some of these struggles include maintaining positive cash flow, hiring the right team and growing your customer base.

In this article, we’ll share four of the biggest hurdles faced by small business owners. Read along and learn how you can overcome these struggles as your company grows.

Acquiring New Customers

Building a solid customer base is a common challenge faced by small business owners. As a new company, it’s difficult enough to get your brand noticed by your potential customers. But actually getting them to buy from you is even tougher.

To find new customers, you need to understand where your target audience interacts. Do they use social media? If so, you can run ads to attract their attention on the networks where they engage. Or, if they attend certain in-person events, you can become a sponsor to get your company name noticed.

Hiring the Right Team

Recruiting and hiring smart, dedicated people is a top priority for businesses of all sizes. But at small companies, you may experience the added challenge of convincing potential employees why they should take a chance on working for your growing organisation.

Small businesses sometimes lack the stability of bigger companies, so owners may find it challenging to hire a solid team. As your company grows, your name will become more well-known, which will help you attract more talent.

Avoiding Burnout

When starting your company, you’ll likely find yourself working around the clock to keep the business running. Founders have to put endless amounts of passion and hard work into their business to get a new venture off the ground.

However, working long hours for months or years at a time can lead to burnout. If you want to build your company into a long-term, revenue-generating enterprise, aim to maintain an appropriate work-life balance and hire employees who can help you run the business.

Generating Positive Cash Flow

Starting up a new business can be expensive. Between having to set up new systems and technology, hiring staff, and purchasing inventory, the costs can add up quickly — before you start generating revenue.

Unfortunately, your business can take an even larger hit if you have customers who don’t pay their bills. Owners frequently deal with this frustrating problem and end up wasting time chasing after clients to collect their money.

If you’re a small business owner grappling with non-paying customers, find a reputable debt collection agency in your area. Companies like Boston Commercial Services have extensive experience with helping owners collect money that they are owed. Using an agency allows you, as an owner, to focus on more strategic business goals, rather than repeatedly following up with non-responsive clients.

The challenges outlined above are just a sample of what small business owners face on a regular basis. While they are all important struggles in their own right, you should concentrate your resources to focus on maintaining positive cash flow and generate consistent revenue.

A strong customer base is a critical component of driving revenue. But if you’re having problems getting clients to pay their bills, you may need to work with debt collection Melbourne to obtain the money that you’re owed.

Explore how you can work with companies such as Boston Commercial Services, who can provide the expertise required to collect your outstanding debt, while keeping professional relationships with your customers intact.

 

Read Also:
Get Back in Control of Your Business
How Better Debt Recovery Processes Improve Business Cash Flow
Prevention is Better than Cure: Receive Your Bread on Time!
Some Debt Collection Techniques

Get In Touch

Get an obligation free assessment now


Categories

Get in touch with us

Talk to our experts in Debt Recovery, Legal Services and Finance Solutions

realclicks 4:38 am
  • I have worked closely with Boston Commercial Services for over twenty years across four different companies and would not work with anyone else in regards to helping me with my outstanding accounts. Whenever I have started a new role, the first thing I am asked is, “How would you go about cleaning up our accounts receivable ledger?” My answer is always the same – “The first thing we need to do is call Boston Commercial Services”.

    Voytek Bradford

    Freedom Foods Group Limited (National Credit Manager)

  • I have known the principal of the BOSTON Group (Derryn HARRISON) as well as key staff members (including Ben GOWER) for well over 2 decades and have been using their professional services for myself as well as for Powerhouse Logistics Pty. Ltd. on a regular basis, not only in Sydney but on a national basis.

    At all times BOSTON have been extremely pro-active, attentive, courteous and professional with all matters we threw at them. Their advice has always been extremely sound and commercial and I find them to be a "breath of fresh air" within the legal fraternity and have no hesitation whatsoever to highly recommend them.

    Peter Brueckner

    Powerhouse Logistics Pty Ltd (CEO)

  • Expect A Star has worked with The Boston Group for 10 years. In this time we have appreciated the ongoing support of Boston for all of our collection and legal requirements. Like most businesses cashflow is critical to ongoing success and growth, with Boston we have found a partner who are an extension of our business and play a key part in our cashflow management. The Boston Group bring a level of expertise to our business which is valuable and coupled with their excellent customer service we look forward to continuing to work with them for many years to come.

    Ryan Meldrum

    Former CEO

  • I have been using the services of The Boston Group and their legal entity for over 11 years. During this time I have found their service to be impeccable, delivered with the utmost professionalism and integrity. The vast majority of cases that I have placed with Boston were far from straightforward, requiring legal acumen and delicate handling. Having used all methods available without success to procure payment, I confidently placed these matters into their safe hands. In all instances a successful outcome was achieved.

    Mark Parish

    Credit Manager

  • SNP Security has had the pleasure of working with Boston Commercial Services for the past 11 years. Boston has played an integral part in the continuing success of SNP Security’s low DSO’s, 90 Day % Debt & of course Bad Debts Written Off.

    Amanda Griffiths

    National Administration Manager

Boston Commercial Services prides itself in offering specialised, professional services, through a highly experienced team of debt collector, with personalised client attention.