The Constant Entrepreneur: Advice for Running a Productive Business

Key Small Business Issues

A colleague, who is also a small business advisor, posed the following:

“Although we are all facing hard-times in this economy, I wanted to ask what you think are two or three key hurting points that small businesses are experiencing the most and how we can specifically target these issues striking a nerve with the owners. It seems that if they are really suffering more than usual, the need for help should be even greater.”

Here is my response:

What I tell small businesses owners when they ask if they should be worried by the economy – my answer is “no”. (If they are running Ford they should be worried!). They should look at the economy as a way of sharpening their business skills, evaluate the market, and make sure they are selling products that people want at a price they can afford. They may need to change their business model to do so, but small businesses are resilient if managed properly. So long as we have a country of 300 or so million people, there will be demands for every type of product or service imaginable. It is up to a business owner to smartly meet the demands his/her businss can fill.

 

What are the issues are most on the mind of small business owners? Oil and Fuel Related costs are at the top of the list. As business advisors we can help business owners by assisting them in improving efficiency and helping to pass the costs on to their customers. The approaches will vary depending upon the industry. For example, in landscaping we can: help to make routes more efficient, train drivers in fuel conservation, train customers to accept fuel surcharges, etc.

 

If the company is a plastics manufacturer, help may be needed in: negotiating volume purchase of raw materials, material waste management, pricing to reflect increases in material and fuel costs.  (Many small business owners do not know their profit margins or their fixed or variable costs – we can help there).

 

In summary, smart business owners are going to weather the current economic storm and even grow and prosper. It may mean that they need to look at things differently and change strategy, habits, and tactics.

 

 

Will Limkemann

Limkemann Business Advisors

440-871-0976

www.neobizadvisor.com