What Keeps Small Business Owners Up At Night?

There are times when you need to burn the midnight oil. But unless you’re Margaret Thatcher (who used to get by on only 4 hours sleep a night!), getting your regular 40 winks is really important too. It boosts your memory, spurs creativity, and keeps you fighting fit – all things that entrepreneurs need to succeed. So what are the problems keeping small business owners up at night?  And what can be done about them?

The Top 3 Concerns For Entrepreneurs

Zervant, small business’ right-hand man when it comes to online invoicing software, has trawled through all the available research, including studies, surverys, statistics, and even an anecdote about Keith Richards staying awake for 9 days straight.

We’ve grouped everything into the 3 main types of concerns we think are causing small business owners sleepless nights. And we’ve also got a few suggestions on how to put them to bed (if you’ll forgive the pun!).

What keeps small business owners up at night?

1. More Business

GetApp recently surveyed 500 small business owners about what causes them the most worry. And nearly 60% ranked boosting sales as their number 1 concern. It’s not surprising really, as this is a universal theme in all businesses, be it a one man band or a large multinational.

The solution? Well, as Jeffrey Gitomer says:

There’s no lotion or potion that will make sales faster and easier for you – unless your potion is hard work.

There is an almost overwhelming amount of advice available on how to improve your sales figures. But an underlying theme is diligence and persistence. And this is where Zervant comes in – it’s the perfect addition to your sales potion. You can create and send an unlimited number of invoices. What’s more, it’s completely free.

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2. Staff Shortages

Earlier this year Mike Cherry, policy director at the Federation of Small Businesses, highlighted as a “real concern” the lack of skilled staff available to UK businesses. Finding the right personnel takes a lot of time, money, and effort.

And it’s not only hiring people that leads to insomnia, but keeping them too! In GetApp’s survey, 1 in 10 of those asked cited employee turnover as a problem. And according to a government report earlier this year, micro businesses (0 – 9 employees) account for 19% of all staff turnover, nationwide.

What to do?

Staff attrition and small business

Again, there’s no magic panacea for this problem. But there are certainly things you can do to try and minimise the impact:

  • Keep your staff happy! Give them a reason to stay – be it progression, training, benefits, or even just a pleasant working environment. You know your people well enough to know what makes them tick.
  • Show appreciation. Yes, you pay your staff to be at work. But you should also show them that you really value them, and the job they do for you. They make a valuable contribution, and you need to keep them motivated in order to succeed.
  • Clear, simple instructions. It’s vital your staff know what’s expected of them, and what the long-term objectives are. According to leading cloud HR software provider SuccessFactors, 3 out of 5 employees at small businesses rated their organisation very badly when it comes to execution. If you don’t see much happening where you work, you’re not likely to hang around for long!

3. Getting Paid

Money worries also prevent many small business owners from getting enough shut eye.  20% of those surveyed by GetApp cited this as a factor. Chasing late payments, managing finances and keeping track of what money is where are things every entrepreneur can relate to.

Small business and online invoicing software

Indeed few (if any) business people go it alone because they love spending endless hours going through receipts and financial statements. But this is still an inescapable part of being your own boss.

Enter Zervant! Our quick and easy online invoicing software will help ensure you get paid on time. You can track who’s already paid, who hasn’t. Products and clients can be managed with ease. You can track mileage, hours worked, and products sold.

Stop Counting Sheep, Start Growing Your Business

We know that, at times, it’s stressful being an entrepreneur. There are constant challenges, many things to juggle all at once. But that’s why Zervant was created. To take the worry out of handling the financial side of your business, and let you get on with what really matters..

See how much more sleep you could get with our free, unlimited invoicing!

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SOURCES – GetApp, Financial Times, Pexels, StockSnap, SuccessFactors, UK Parliament, BBC, Independent, ContactMusic

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