info@remaccounting.com.au
  • (03) 8797 5399
  • Recent News – REM Accounting
    • Home
    • Our Difference
    • Services
      • Accounting & Tax
      • Self-Managed Superannuation Funds
      • Business Advisory
      • CFO Advisory
    • Resources
      • Recent News
      • Useful Links
    • Contact Us

    Challenges your business can face

    By admin • 1 March 2019 • Business

    Owning and running a small business comes with positives and negatives that maintain a balance. When the negative elements start to outweigh the positives, you have a problem. Every business will face challenges along the way, the trick is knowing what they are and how to deal with them.

    Clients and customer service:
    A business is nothing without its clients but that doesn’t mean they are necessarily easy to work with. In the digital age, everyone is heard, meaning good client relations are vital to having a positive business image. Growing your client base comes from well-planned marketing techniques and knowing what your audiences want from you. There needs to be a healthy balance between supporting your existing customers and sourcing new ones, you should not neglect either area.

    Data/Technology:
    With technology ever growing, some small businesses can find it hard to keep up. For a business to continue to thrive, it needs to be able to grow and adapt to the changing market. For this reason, many businesses hire younger workers to run their social media because they don’t understand it themselves and expect the younger generation does. While having a dedicated worker to look after areas you may not be familiar with, you should have a basic level of understanding about what this technology is actually doing to aid your business.

    Managing your money:
    Money makes the world go round, that includes your business. Good financial management is imperative to running a successful business. Keeping track of income and borrowing is necessary to then see what you can spend, you can’t use more money than you are generating. It is worth looking into professional help with bookkeeping for small businesses as this leaves you more time to focus on the business practices.

    Staffing:
    Finding the right staff for your company can be tricky because of how important it is to get it right. With small businesses in particular, cohesion between staff is fundamental for productivity and smooth business practices. It is also important that your staff can operate with you if you are sick or unable to work. This will come if you delegate tasks and set goals effectively.

    Tweet
    0
    ATOs small business benchmarks
    Invest in your investments

    About the Author

    admin

    You Might Also Like

    • Improve your companys shipping by following these steps

      Improve your company’s shipping by following these steps

    • Appropriately responding to negative reviews

      Appropriately responding to negative reviews

    • How collaboration can boost your business

      How collaboration can boost your business

    • Why you should not ignore record keeping

      Why you should not ignore record-keeping

    No Comments

      Leave a Reply Cancel Reply

      You must be logged in to post a comment.

      Recent Posts

      • Do these 3 things on every payday
      • What you can do to reduce public speaking anxiety in the workplace
      • How you can improve your business’ LinkedIn presence
      • Investing for your SMSF
      • Improve your company’s shipping by following these steps

      Archives

      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018

      Categories

      • Business
      • Legal
      • Money
      • People
      • Super
      • Tax
      • Web

      RECENT COMMENTS

        Subscribe & Follow

        Subscribe to our newsletter and keep up to date with the latest news from REM Accounting & Advisory

        REM accounting logo
        • Accounting & Tax
        • Self-Managed Superannuation Funds
        • Business Advisory
        • CFO Advisory

        Association LogoAssociation Logo
        Copyright © 2018 REM Accounting and Advisory | Privacy Policy

        Liability limited by a scheme approved under Professional Standards Legislation