Every small business owner experiences their fair share of adversity in the first few years. No matter the industry, you work tirelessly to acquire financing, manage cashflow and build a strong customer base.

While these aspects of growing a business can be extremely trying, there are plenty of other challenges as well. And in some cases, you may be limiting your growth without realizing it. In this article, we bring attention to other common challenges founders face and present ideas and information to mitigate them.

Time Management, Productivity and Disorganization

During the early years of any business, you face long to-do lists daily. It gets overwhelming, and many struggle with prioritization and organization. A common trap some fall into is getting bogged down and spending too much time on the wrong tasks when there are more pressing matters.

Considerations and resources:

• Delegate tasks you struggle with to other employees or explore the possibilities of artificial intelligence (AI) and digital tools.
• Tend to routine responsibilities on the same day every week at around the same time — for example, pay all your bills every Sunday night.
• Avoid multi-tasking; this is the easiest way to get distracted and overwhelmed.
• Read Tips to Plan Your Day Effectively as a Small Business Owner.

Founder Dependence

Many small business founders (owners) find it difficult to relinquish certain responsibilities, even as the business grows and hires more employees. This over-reliance on one or a few people within the organization can limit growth in several ways and present serious risks if they, in the event of an emergency or other serious matter, are unavailable.

Considerations and resources:

• Make major efforts to hire the best employees and grant them more autonomy as time goes on.
• Take days off to see how things operate in your absence and build trust with your employees.
• Read The Path to Business Freedom: The Importance of Reducing Owner Dependency.

Balancing Quality and Growth

Quality is what makes a business successful, but as it grows, it can be hard to sustain while keeping up with higher demand. Some focus too much on maintaining their quality, which stunts their growth. Others sacrifice their quality and attention to detail to service their growing customer base and bring in more revenue.

Considerations and resources:

• Never sacrifice the quality of your customer support.
• Another reason to stress hiring the best employees is to have workers you can rely on to maintain consistent quality.
• Read Growth Versus Quality, the Balancing Act Your Business Needs to Master.

Supply Chain Issues

Depending on the industry, a backed-up supply chain can be one of the most damaging challenges a business faces. Not getting the materials you need to operate and/or the products you sell leads to unhappy customers and unforeseen costs.

Considerations and resources:

• Look into shipping insurance and the kind of policies best for your situation.
• Work with multiple suppliers and vendors if you’re able; while one may experience issues with their shipments, another may be right on time!
• Check out NetSuite’s guide to mitigating supply chain risks.

Government Regulation

Changes in tax codes and legislation can significantly impact a business in any industry, and it can be hard to stay current. One small mistake by misunderstanding or being unaware of new regulations can have serious consequences.

Considerations and resources:

• Always follow and stay up-to-date with the 12 major types of regulations.
• Be aware of which departments will impact you the most — such as health if you own a restaurant — and always be caught up on their latest policies.
• Read Surprising Laws That May Apply to Your Small Business.
• Visit the U.S. Small Business Administration (SBA) website for more support and information.

Additional Considerations and Resources:

Here are a couple more tips with useful sources:

• Find a mentor – Seek the help of someone who is in your industry and familiar with the challenges of growing a business. They can offer advice and likely have helpful connections that would be difficult to make otherwise.
• Take care of your mental health – As a business owner, you will have a lot on your plate, and it’s easy to get caught up in work. Look for signs of fatigue and burnout, know when it’s time to take a break and find ways to relax when you get overwhelmed.

Starting a business will always be an uphill battle; there is no way around it. However, any owner who is proactive and mindful of risks before they happen can focus on more urgent matters of growing their operation.

If you liked this article, learn more about how the American Business Coalition can support you by visiting americanbusinesscoalition.info.