SmartCompany recently published an article titled ‘We asked SMEs what keeps them up at night: Here’s the most common response.’
Excerpts from the article:
“While almost a fifth are regularly thinking about cashflow and how to keep it steady, one quarter of the fifty companies on this year’s spend their nights worrying about people associated with their business.
Expansion plans are also among the top worries for 20% of the group, while one lucky business says “nothing” keeps them up at night….
Beyond one word answers, here are four key areas that the leaders of the companies on this year’s list spend their time thinking about.
How to put others priorities before your own
A business isn’t simply answerable to its founders, and the number one challenge that these fast-growing businesses experience is balancing the sanity and welfare of the leaders, with the motivation and support for all other people in the business….
Speeding up expansion
The big growth figures on offer can sometimes mean bigger challenges, and Smart50 founders tell SmartCompany they spend their nights working out how to speed up the transition towards their final goals, while also maintaining that attention on their staff.…
Dealing with people problems
Finding quality people to bring into the business is one challenge, but for all the support company founders try to give, one of their top worries is resolving people problems and dealing with under-performance…
Keeping the offer enticing
It turns out that having an established business with a strong track record isn’t enough to keep worries at bay; in fact, it was the Smart50 businesses with some of the longest histories that had the most intense concerns about the quality of their product slipping.
This group of company founders put a strong focus on reviewing and maintaining the quality of their customers’ experiences, particularly as the businesses have changed and expanded…”
The article includes a graph of the responses. In order, they were:
- People management (24%)
- Expansion (20%)
- Cashflow (18%)
- Quality of Product (14%)
- Unknowns of business (12%)
- Other (6%)
- Everything (4%)
- Nothing (2%)
By the way, these are successful business owners, who think about how to do business better. So all small business owners have things that keep them up at night. I believe that having a mentor and being part of a mastermind group is key to working through these concerns.