You don’t need us to tell you that running a small business has its inherent difficulties. There are all types of factors that could literally destroy everything that the hardworking people in your organization have accomplished. The problem is that these situations aren’t limited to just disasters such as flood or fire. Below are three factors that may wreak havoc with your small business in 2013.
We always hear a lot about the “fiscal cliff”, but many business owners don’t understand what that means for their enterprise. The fiscal cliff is basically an across the board tax increase while government substantially cuts the amount of money spent. All over the world, austerity measures are a threat to the long-term financial planning for most small business owners. To combat these sizeable spending deficits, we suggest that your company keep thorough and precise records of every transaction in which you spend or receive money. This will at the very least make it easier to see what you are working with financially.
The inability to properly budget around your organization’s tax levy may make it extremely difficult to allocate funds to essential variables that spur business growth. For more information about how to properly estimate the amount of tax your company owes, contact your Toronto tax office and they will have all the information needed to help you be prepared.
Procurement is an crucial step in the supply chain. If you don’t have the money to procure the goods and services you need to run your business properly, your next step is likely to try lending organizations that cater to small businesses.
Most business owners won’t borrow money if they are unsure of the economy. This is a solid practice. Sometimes, to protect all that they’ve worked toward, borrowing becomes inevitable. In this case, potential borrowers will find that the lending market is just as unfriendly now as it has been the past few years. Small business and home equity loans are still hard to attain after the mortgage crisis that nearly crippled the world economy five years ago. Many economists believe that this is something small business owners will have to get used to. Small business owners should expect to see depressed lending levels for the foreseeable future.
Shortage of Talent
The truth is that the most efficient small businesses usually have talent that have been thoroughly trained. They understand company policies and complete tasks in the fashion that they’ve been instructed. This is not lost on the fledgeling small business owner. When trying to onboard workers, companies are having a difficult time hiring talent that can step in and immediately be a productive member of the work force. Chances are, new hires will take substantial time and resources to get on the same page as other, more seasoned and efficient workers.
There are several reasons for the lack of skilled workers. The most obvious obstacle in regards to the small business owner, is that they simply use machines or software systems designed specifically for an assigned endeavor within the confines of their offering. It takes time for any worker to gain proficiency at a task, but if the technology keeps changing, there will be significant amounts of time spent training employees. Business owners need to be savvy and find the best ways to efficiently incorporate comprehensive training into their business.
Since continuous changes in technology play a major part in this particular issue, it’s important for small business owners to understand how much time and money they can save by outsourcing their IT. For a fraction of the cost that an on-staff IT department demands, the professionals at PACE Technical Services can present you with solutions that will increase the efficiency of your enterprise. This uptick in efficiency can lead to unparalleled productivity. For more information about PACE Technical Services’s comprehensive IT support and consulting services, give us a call at 905.763.7896.