Four Business Challenges that Small Business Owners Face

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What business challenges do you face? Does your business have a plan to navigate challenges?

Guest, Becky Daniels, owner of Daniels Business Solutions, shares how you can create success by preparing a business roadmap that navigates the challenges encountered by small business owners and entrepreneurs.

Mindset Minute

Let’s start with our new Mindset Minute(ish) from past guest Pumehana Palmer. You can find here on Instagram and TikTok sharing more of her fantastic nuggets!

Letʻs Meet Our Guest

Becky is a recovering engineer who has systems for her systems. She helps service based business owners in the $500,000 – $5 million annual revenue range to create a clear path to having a growing and more profitable business.

Her firm offers everything from Factional CFO services, controller services, and bookkeeping services. Professionally, she loves nothing more than to see the business owners she works with achieve their goals and find more calm in the madness of business ownership.

Personally, she loves nothing more than cheering on her Tennessee Volunteers with her husband and 3 daughters.


Espresso Shot(s)

Want a quick summary of what we discussed during today’s show? Check out the four challenges we address below. We’d love to hear your thoughts on these topics!

Small Business Challenge 1- The business relies on the owner or it all falls apart.

Q: What is the solution?

A: Make sure you are paying yourself so you know what your value is and have a concept of costs for long-term growth. Also, hand off the parts of your business that are not required to have YOU be front and center so you can grow the parts that do!

Small Business Challenge 2- They can’t grow their business without more money, but they can’t get more money without growing their business.

Q: What is the solution?

A: Make sure you know the true cost of your products and services. Becky gave clear numbers when she says that the cost of services should be no more than 40% of what the business is paid. The other 60% is what should be allocated to overhead, growth, and profit!

Small Business Challenge 3- They don’t have a simple way to understand what is working in their business and what is not.

Q: What is the solution?

A: You have to be looking at the same metrics over time. And make them metrics that mean something! The two metrics Becky highly suggests are the front and back end of customer acquisition costs. How much are you paying to get them into your marketing sales funnel and how much nurturing do you have to do once they are part of it. She suggests making sure you apply “expected lifetime values” to these new clients!

Build a business that serves you and your family. Not a business that you and your family have to serve – Becky Daniels on the 15{ish} Minute Coffee Chat #15ishMCC Click To Tweet

Small Business Challenge 4- They don’t have clear goals other than “get more business.”

Q: What is the solution?

A: Goals need to be honest and real. If your true goal is to be able to go to your kid’s soccer practice then your plan needs to include that as part of it. Also, prepare for the worst and best-case scenarios so that no matter what happens you aren’t left without a next step to take!

Toolkit

Upcoming Webinar on Growing Your Revenue, and Keeping More of It –

Head over to Beckyʻs link to be part of her next workshop. Click here.

Find Our Guest

www.danielsbusinesssolutions.comhttp://www.danielsbusinesssolutions.com

https://www.linkedin.com/in/becky-daniels-business-solutions/

Tip Jar

This episodes Tip Jar is brought to you by Caroline Beasley MBA, CPA of Caroline Y. Beasley CPA

100% Deduction for Business Meals from Restaurants in 2022

As COVID restrictions begin to lift, what better way to show your clients some appreciation than coffee, lunch, or even dinner? And as if you needed more incentive, the Consolidated Appropriations Act 2021 (CAA for short) has enacted a temporary 100% deduction on restaurant meal expenses!

From January 1, 2021, through January 1, 2023, your business lunches ordered from restaurants are fully deductible at tax time. What a great way to support local restaurant businesses and treat your clients. Bon appétit!

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Meet Anna + Selena – a duo of fun-loving small business owners, digital experts, and strategic smarty-pants that offer resources and services to small and medium-sized businesses.

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