You Know What Your Problem is?

A study conducted by the National Federation of Independent Business (NFIB) asks the question, "What is the biggest problem facing small business owners?"

This is not a question that is easily answered without some thought. Different businesses have different problems, and place higher priority on some of these problems than others.

The general consensus, however suggests that business costs are the biggest problem. In particular, health insurance and energy costs.

  "For four years, the economy provided a good, stable foundation for small business owners to do business, but as it started to take a negative turn over the last several months, they felt the effects of rising costs of doing business as reflected by these results," said Bruce D. Phillips, Senior Fellow at the NFIB Research Foundation. "As the economic outcome remains uncertain, small business owners are searching for innovative ways to reduce expenses and increase sales."

The study polled respondents on 75 different possible business problems, and had them rate each one on a scale of one to seven in terms of severity. Half of the top ten problems were cost related.

If business costs are indeed one of your biggest concerns, you’re probably always on the lookout for ways to save your pennies. Our video Anchor Abby Prince has a video up with a few tips that could help.

I’d also like to add that managing your time (and your employees’ time better can be a huge money saver as well as saving your customers money in order to get to spend more with you.

Do you even consider business costs the biggest problem you face? If not, what do you consider it to be?