Helping Your Small Business Stay Afloat Amidst a Tumultuous First Year

Posted by Amitava Sarkar on May 6th, 2016

Overseeing a small business is essentially several full-time jobs rolled up into one. Keeping track of money, supervising your staff and addressing employee concerns requires a tremendous amount of fortitude. Although these tasks tend to get a little easier as time goes on, it generally takes a while to become acclimated to them. As such, your first year in business is bound to be tumultuous one. Between building up a client base and tending to the aforementioned responsibilities, your plate is going to be consistently full.

In light of all the tribulations associated with owning a business, it’s no wonder so many small and mid-sized companies close their doors within their first year. Getting a small business off the ground represents a considerable challenge in any economy, and making one thrive is seldom easy. If your first year is shaping up to be a test of endurance, there are numerous steps you can take to relieve your burden and set the stage for long-term success. Small business owners who are determined to see their enterprises survive past the first year are urged to consider the following tips.

Set Achievable Goals

After entering the fray, many small businesses make the mistake of flying blind. Even if the CEO has a number of far-off goals in the pipeline, goals of this nature are essentially meaningless signposts unless they’re supported by a plethora of smaller short-term goals. To get your business to where you want it to be, sit down with your staff and make a list of long-term goals. Then, for each of these goals, create a list of short-term goals that will help you achieve them. Furthermore, set realistic timelines in which to achieve these goals. It’s much easier to reach your desired destination with the help of a detailed roadmap, and a comprehensive list of goals and sub-goals can get you there in a timely manner.

Consider Executive Coaching

Not all small business owners are experienced CEOs – in fact, many of them are not. If overseeing your company has made you feel as though you’re in over your head, look into the executive coaching services offered by KEYGroup. In addition to helping you hone your skills as a CEO, KEYGroup will help you identify candidates who are qualified to take on executive roles within your organization. Small business owners who are tired of wearing multiple hats are sure to appreciate the many perks of executive coaching.

Enlist the Services of a Financial Manager or Interim CFO

A staggering number of small business CEOs have little to no experience managing money. As a result, company finances are often mismanaged and/or poorly allocated. To ensure that your business is able to make the most of its resources, enlist the aid of a dependable financial manager or hire an interim CFO. After going over your earnings reports, payroll records and receipts with a fine-toothed comb, these people will be able to identify significant areas of waste and offer up practical suggestions regarding how to eliminate them.

Small business ownership is a road fraught with tears, sweat and hard work. However, if it’s a road you’re determined to walk, there’s no reason you should have to suffer unnecessarily. Putting the previously-discussed tips to good use can make your company’s journey to success considerably less bumpy.

About the Author: Nancy Cleres is the owner and CEO of a midsized web marketing company in Philadelphia, PN. When she found herself in desperate need of executive coaching, she got in touch with KEYGroup, whose knowledgeable coaches helped guide her business through a trying first year. Thanks to KEYGroup, Jill was able to recruit qualified candidates to assume her company’s executive roles.