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.
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 transfer. With instant transfer, you can get the money from sales into your bank account in minutes (at 1% per transfer), 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.
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