Running your own business is a dream come true. But it also comes with its own set of challenges — from scheduling staff to managing stock and dealing with customers. While a coffee shop might have different obstacles than a clothing store, some pain points are universal. Here are the biggest challenges small businesses face — and some painless solutions from Square.
Keeping the cash flowing
Chasing payments and waiting for cheques to clear can make maintaining a steady cash flow difficult. Fortunately, Square has two features that can help: fast transfers and online invoices. When you accept credit card payments with Square Reader, we transfer the funds directly into your bank account. Square Invoices is a simple and effective method to get paid quickly by giving your customers a secure way to pay online. This means less time spent pursuing outstanding payments, and much faster cash flow.
Controlling your operating costs
Business owners want to ensure that they’re making a profit, but maintaining stable operating costs is also critical. In addition to renting a storefront, buying inventory or equipment, and paying wages, there are other costs you might not have considered. If you accept credit card payments, you’ll likely experience an increase in sales, but most merchant service providers tack on hidden fees and costs, which can stunt your business’ growth. Square has no monthly fees and a low charge-per-card-transaction fee, so you always know what you’re paying.
Managing a team
Great employees are the lifeblood of any small business. That means hiring the right people and keeping them happy so they stick around. Finding great employees can be a major challenge, however. Check out our tips on finding and hiring talented people. Business owners also need to manage effectively to retain their best employees. Having the right tools helps, too. Square has a list of partners whose integrated apps, such as Deputy and Humanity, work seamlessly to help you manage employees, track time and communicate effectively. Better team management can also help increase productivity — another one of the key challenges facing Canadian small business owners.
Managing your time
Constant demands on time can spread business owners too thin. Square can help you get to know your business from the inside out and identify what needs your attention and what doesn’t. Use our powerful (and free) Dashboard app to help monitor your business and make informed decisions about what items are selling well and when. It can also help you decide when and how to invest in new staff, and you can drill down with daily sales reports in multiple locations to keep your finger on the pulse, wherever you are.
Building and growing a business is full of challenges, but it’s also incredibly rewarding. Whatever challenges you’re facing, we’re here to help you succeed.