The Seven Most Pressing Worries For Business Owners Today
Does any of this seem familiar to you?
1) Overwhelmed by non-profit beaurocracy? Well,
it seems a lot of bosses are according to MYOB in their latest
business survey in July 2005. They say..."Government red
tape is the primary concern of small business entrepreneurs in
the UK" (MYOB - 'Mind Your Own Business' July 3rd 2005)
2) Apprehensive about your books and balance sheet?
Many feel the very same thing..."Less than half of small
businesses feel completely in control of their business finances
with the smallest companies having the loosest grip. In
fact 3% admitted that their finances were completely out of control."(MYOB
July 3rd 2005)
3) Concerned over new stricter Tax Regimes for small
business by the Inland Revenue? You're right to be...
A recent study by Abbey Tax Protection of more than 2,500
claims between 1997 and 2005 found that nearly 50 per cent of
investigations are undertaken into traders with less than
£50,000 in turnover. Colin Davison, chief executive
of Abbey Tax Protection, said: “Revenue investigations
are on the increase and their attitude is hardening.
There is no respite for the small cash businesses, who continue
to be easy prey for the Revenue inspectors.”
(Times Online, July 7th 2005)
4) Worried by relationship strains or failing health
due to business? You're not alone... Dr. Kathleen
Hall, an Atlanta-based stress-management expert and author of
Alter Your Life suggests entrepreneurs face new concerns from
heart disease and hypertension to impotence and insomnia
and not just worries over cash flow,employee turnover, and insurance
premiums etc. Moreover... "chronic stress impairs
memory, increases aggression, depression and anxiety - not exactly
a prescription for winning new clients or keeping employees happy."
("Don't Let Your Startup Kill You" - Loyalka; Business
Week Online, JUNE 17, 2005) Not very good for loved ones either.
5) Uneasy about spiralling Health Care Costs?
In the USA "Health-care costs have been the No. 1 issue
for small business owners since 1986, but now two-thirds of those
interviewed cite it as a critical problem" according
to The National Federation of Independent Business ("NFIB
Member Testifies About Health-Care Crisis"- April 20th
2005)
6) Trouble keeping up with the avalanche of technical
innovation and new information we all face on a daily basis? Computer
security is a perfect example - take the wonder of Wireless connectivity
to the Internet. Great fun granted, but because wireless default
settings have the security turned off... "That makes
it all too easy for your neighbors or someone in the parking lot
of your office to get a free ride with almost no effort whatsoever,
siphoning your bandwidth and perusing your files if they desire."
says David Lidsky tech specialist at Fortune Small Business.
He also adds the reason no one turns it on is because "you'd
have more fun sticking your face in a blender than configuring
them." It's difficult to do correctly for us non techies
but again, it's important... "You're using the air to
transmit information, and you can't control where it goes,"
says Chris Bolinger, a wireless networking product manager at
Cisco in the same article by David (David Lidsky in the Mar. 2003
Issue of FSB Magazine) All well and good but how do we
keep up with it all?.
7) Kept awake by the biggest worry of all? It's an important
one to overcome...
"No. 1 on the Brits' list of worries was - unsurprisingly
- money, with 51% feeling that they were not
in full control of their company's finances. One problem is that
many entrepreneurs start out knowledgeable and passionate about
their product or service but lack experience in handling
day-to-day business functions." From another
section of the same Business Week article entitled "Don't
Let Your Startup Kill You" (Loyalka; Business Week
Online, JUNE 17, 2005)
Finally here's something that hits us all. According
to Karen Kerrigan the President & CEO of the Small Business
and Entrepreneurship Council "Businesses are
feeling the squeeze of higher energy prices. Along with rising
business expenses..."(Friday, June 3, 2005 - Small Business
Briefings). She's seems pretty accurate too - In March
2005 Goldman Sachs shocked Wall Street with an announcement of
global magnitude. Their analyst Arjun Murti (Managing Director)
predicts a 'Super Spike' for oil at around $105.00 a barrel. Oil
has already passed a landmark $60.00 a barrel and here in Europe
petrol does seem on an inexorable upward climb at the pumps. Add
to the fact that plastics are its primary output cost rises in
myriad areas could be around the corner. Yet another thing for
busy business owners to juggle with I suppose.
If what you've just read concerns you, don't worry.
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Anne Walsh
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