Small Business Challenges & Tips to Help You Thrive
February 20, 2024

As a tradesperson running your own business, you face unique challenges that can sometimes feel overwhelming. As a result, the road to success can feel bumpy. But fear not! With the right help and simple strategies, you can overcome these obstacles and thrive in your industry. So, read on to discover three small business challenges, together with some tips to help you overcome them:

Three Small Business Challenges & Tips to Help You Survive & Thrive:

1. Time Management:

As a Chichester-based bookkeeping firm, we work with enough tradespeople to know the juggle is real! Your schedule will be packed with appointments to quote, current jobs, and client deadlines. As a result, finding time to juggle your actual work with all the other tasks required to run a business is a constant struggle.

How to thrive: Firstly, prioritising tasks is essential; many readers may do this already. But did you know some resources can help you do this more effectively? Use online calendars, planners, or project management apps to schedule your time effectively.

Most importantly, consider outsourcing non-core tasks like bookkeeping or administrative work. This will free up more time for revenue-generating activities.

2. Cash Flow Management:

Cash flow is the lifeblood of any business, but managing it effectively can be challenging, especially for tradespeople. You need to pay your subbies, and delayed payments from clients and unexpected expenses can be a make-or-break situation.

How to thrive: Keep a close eye on your cash flow by regularly monitoring your income and expenses. This is easy to do with our favourite accounting software, Xero. Consider offering incentives for early payments from clients or implementing overdue fees to ensure timely payments.

Furthermore, did you know we can help you with Credit Control services? Find out more HERE.

3. Operational Efficiency:

Finally, we know that running a trade business involves operational tasks requiring efficient systems and processes, such as quoting and invoicing or managing inventory and equipment.

How to thrive: Streamline your processes by standardising workflows and using technology to automate repetitive tasks. Invest in software or apps tailored to trade businesses. Many can help you track jobs, manage inventory, and generate professional quotes and invoices. Check out the construction and trade management apps that integrate with Xero HERE.

In conclusion, it’s important to implement processes, use tools and software or outsource where necessary. As a result, you will be able to mitigate the challenges you face in running a trade business.

Finally, we can help you with a range of services. Get in touch HERE.