The Top Pain Points for Small Businesses — and How Square Can Help

Running a successful small business is no easy feat. And there are some aspects of it that are more difficult than others. Of course, these pain points can vary from business to business, but according to the Small Business Credit Survey (by the Federal Reserve Banks of New York, Atlanta, Boston, Cleveland, Philadelphia, Richmond, and St. Louis), there are a few challenges that small businesses have in common.

Below are what the survey found are the top pain points for small businesses — and how Square can help.

Cash flow

Maintaining cash flow can be tricky, especially when you’re just starting out. Twenty-two percent of businesses surveyed reported that cash flow was their number one most pressing issue. Square has a feature that’s specifically targeted to help with this: Instant Deposit. With Instant Deposit, you can get the money from sales into your bank account in minutes (at 1% per deposit), which will help you stay in the green.

Costs of running a business

The funds it takes to keep the lights on came in as the number second most common pain point for small businesses surveyed — with 19 percent citing it as a top challenge. Square Capital can help. Learn more about Square Capital.

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Hiring and/or retaining quality staff

To be successful, not only do you have to hire great people, you also have to keep them around. But unfortunately, 17 percent of small businesses cited employee management as a top issue. Retaining your best people requires good leadership skills, yes, but it also involves running a tight ship. Square has two tools that can help with the day-to-day business of managing your team. Square Employee Management has built-in timecards, automatic tip reconciliation, and even sales reports so you can spot (and perhaps reward) your top performers. And Square Payroll, which is designed for hourly employees, makes it easy to to pay your employees faster.

Revenue and sales

Revenue and sales was the fourth most common challenge for small businesses surveyed, with 13 percent marking it as problematic. Growing your business requires providing a great service or product, but it also requires an in-depth understanding of your sales numbers. Spotting trends and growth patterns helps you be more strategic about where to invest time and energy — and where not to. Square provides robust analytics that give you insight into nearly all aspects of your business. You can check historical sales data, for example, to get an idea of what’s selling the best and when business is at its peak. You can also get more granular with daily sales reports across all your locations. And if you want to keep a pulse on what’s happening in real time, the Square Dashboard app lets you track your sales from anywhere.

Although building a small business from the ground up is one of the the hardest things you can do, it’s also one of the most rewarding. That’s why Square has tools specifically designed to help small businesses overcome the most challenging hurdles.

Square, the Square logo, Square Capital, and others are trademarks of Square, Inc. and/or Square Capital, LLC. Square Capital, LLC is a wholly owned subsidiary of Square, Inc., d/b/a Square Capital of California, LLC in FL, GA, MT, and NY.

All loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank. Member FDIC, located in Salt Lake City, UT. The individual authorized to act on behalf of the business must be a U.S. citizen or permanent resident and at least 18 years old. Valid U.S. bank account and Social Security number or Individual Taxpayer Identification Number are required. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. Loan eligibility is not guaranteed. All loans are subject to credit approval. Square Capital, LLC is a licensed servicer and debt collector with the following License Information. FW1118

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