On the surface, most small businesses have wildly different challenges. A florist needs to decide how many cut orchids to order; a wine-bar owner has to make the call about how many staff to schedule for the Friday lunchtime rush; and a boutique owner must decide which handbags to mark down for a winter sale. According to a survey conducted by the Chamber for Commerce and Industry Queensland (CCIQ), however, most small business owners share a number of the same pain points.
Here are the biggest challenges small businesses face — and some painless solutions from Square.
Cash flow
Bringing in a steady stream of cash can be dicey, particularly for new small businesses. Fortunately Square has features that can help: fast transfers and online invoices. When you accept debit and credit card payments with Square Reader, we transfer the funds directly into your bank account quickly, regardless of where you bank. Square Invoices is a simple, secure and effective way to get paid quickly by giving your customers a secure way to pay online. This means less time chasing outstanding payments and a much faster cash flow.
Operating costs
Business owners want to ensure that they’re progressing their venture towards lasting wealth and profit — but maintaining stable operating costs is also critical. In addition to renting a storefront, buying inventory or equipment and paying wages, there are costs you might not have thought of. If you accept credit card payments, you’ll likely experience an uptick in sales, but most merchant service providers come with hidden fees and costs which can stymie your business’ growth. At Square we believe in clear, straightforward pricing. To help you accept face-to-face payments faster, Square Reader is the smallest, most mobile and most affordable debit and credit card reader in Australia. And with one low charge-per-card transaction fee and no recurring monthly fees, you’ll always know what you’re paying. But don’t take it from us. Luke Mutton, owner of Sun Moth Canteen & Bar in Melbourne, says, ‘Square’s low set-up costs mean we were able to re-invest back into the areas of our business that mean the most to us.’
Managing a team
Great employees are the lifeblood of any small business. That means hiring great people and keeping them happy so they stick around. Small businesses who participated in CCIQ’s research noted finding good employees as one of their top challenges. Business owners need to manage their employees effectively in order to keep their best talent. Having the right tools helps, too. Square has a list of valuable partners whose integrated apps work seamlessly to help you manage employees, track time and communicate effectively. One of our newest app partners, Deputy, is a great example. Better team management can also help increase productivity — another one of the key challenges facing Australian small business owners.
Time management
No one can add more time into a busy day, but many small businesses wish they could. However, Square can help you get to know your business from the inside out and identify what’s critical for your attention and what’s not. Use our powerful analytics dashboard to help monitor your business and make informed decisions. Our graphs and data make it easy to learn about what items are selling well and when, which allows you to invest in staff when it’s most crucial. You can also drill down with daily sales reports in multiple locations and keep your finger on the pulse of your latest sales, wherever you are, with the free Square Dashboard app.
Building and growing a business is full of challenges, but it’s also incredibly rewarding. No matter what stage you’re at, or what challenges you face, Square is here to help you succeed.
