This week is Small Business appreciation week, so we thought we would look into some of the issues and challenges that small businesses face. Lots of people believe it would be nice to enjoy the perks (freedom, financial, autonomy) of owning their own business, but being a business owner today is anything but a walk in the park. A host of forces, local, national and global, challenge business owners to be resourceful or close up shop. Here are a few of those challenges business owners face, and some ideas to overcome them.

Naturally, the first big challenge that comes to mind is recovering from the Covid-19 pandemic. Loss of revenue during Covid, wether it be from total shut down or loss of employee productivity from being sick, is a major problem. Generating enough revenue in a post-pandemic environment can be difficult. Inflation and complying with Covid-19 safety protocols also are top concerns.

Capital for growing or starting a new business venture is a concern. There are various ways of securing small business loans, from family and friends, to conventional bank loans. Many entrepreneurs believe the self-fueled growth model is the best and less-risky way.

Recruiting and retaining key employees is another challenge. It’s not just about finding someone willing to work (although even that can be hard to do these days), but finding (and then keeping) the right person for the job. In a historically tight U.S. labor market, businesses are fighting to recruit and retain the right people.

Small businesses have to remain vigilant to oppose increasing governmental regulations that have a disproportional impact on them, that choke off business growth, draining small businesses of funds. The cost of these regulations to smaller businesses with 50 employees or fewer are nearly 20% higher than the average for all firms.

Surprisingly, small businesses are at a higher risk of cyber attacks. Most small businesses do not own or operate the higher quality software protection, so make sure your IT person gets you properly protected.