Three Common Business Challenges

And How to Overcome Them

At the Tri-Lakes Chamber of Commerce, I interact with hundreds of business owners yearly. From networking events to one-on-ones in my office, I see entrepreneurs at every stage of their business. While the freedom of owning a business can be satisfying, there are also common challenges that can wear on you over time. Recognizing these challenges early is key to overcoming them and achieving success. Here are three of the most common business challenges and ways to overcome them.

Hiring the right employees is crucial to the success of any business. The first challenge for most businesses is deciding when it’s time to hire the first employee, or grow past the first employee. Once that decision is made, the next challenge is deciding who that person will be.

To hire well, start by knowing what you want and need in the position. Understand the difference between the two and be logical in assessing the requirements of the position and whether each candidate has what it takes. Be honest about the job and its challenges, and you will find those who thrive in those situations.

As a business owner, it can be easy to neglect yourself and your loved ones because you are singularly focused on achieving success. However, it’s important to prioritize balance and make time for yourself and those who matter most.

Schedule time with loved ones as if it were an important meeting with your biggest client. One successful public relations consultant promised to be home with her family every night by 6 pm so they could have dinner together. Her family knows they have her undivided attention for three hours, which helps her maintain balance. Figure out what part of your day works for this important activity and then prioritize it.

When you own a business, it’s important to stay up-to-date on industry trends and technology advancements. This can be a challenge when you’re juggling multiple responsibilities. To stay on top of your industry, attend conferences, read industry publications, and network with other professionals. It’s also important to prioritize time for learning new skills and technologies. Consider hiring consultants or taking online courses to help you stay current.

Being a business owner has its challenges, but you can overcome them with the right mindset and strategies. By hiring well, prioritizing balance, and staying current on industry trends, you can set yourself up for success. Remember that recognizing and addressing challenges early on is key to achieving your goals as a business owner.