By: Kandi Mensing
Small businesses owners are a unique and talented breed of people. Think of farmers; they understand agriculture, financing, operations, management, and mechanics. They oftentimes do their own accounting, ordering, hiring, and general management of the business, not to mention the day-to-day labor involved in their operations. They are even their own mechanic, fixing the machinery. It is the same in most small business environments; ownership is involved in so many tasks that it is hard to be a master at all of them. The marketing aspect can be tricky for owners of small businesses because if the business is not marketed appropriately, they are not positioning themselves to gain market share and succeed as a profitable, healthy operation. Not being a master in accounting can result in unaccounted for money as well as noncompliance with IRS regulations. The same goes with operations in the personnel arena. If an employer is not in compliance with human resource regulations, the resulting fines can be tens to hundreds of thousands of dollars. Additionally, not having the knowledge on how to effectively motivate and manage the personnel can cause the customer or client experience to be adversely affected. This could also prove to be detrimental to production quality and efficiency in any environment. Not all small business owners exercise the same strengths and weaknesses. Every small business owner should take the time to determine their own strengths and weaknesses. They should then focus on maximizing their strengths while at the same time figuring out ways to improve upon their weaknesses. Perhaps recruiting talent that appropriately compliments their own strengths and weaknesses is the most viable and beneficial option.
Small businesses owners are a unique and talented breed of people. Think of farmers; they understand agriculture, financing, operations, management, and mechanics. They oftentimes do their own accounting, ordering, hiring, and general management of the business, not to mention the day-to-day labor involved in their operations. They are even their own mechanic, fixing the machinery. It is the same in most small business environments; ownership is involved in so many tasks that it is hard to be a master at all of them. The marketing aspect can be tricky for owners of small businesses because if the business is not marketed appropriately, they are not positioning themselves to gain market share and succeed as a profitable, healthy operation. Not being a master in accounting can result in unaccounted for money as well as noncompliance with IRS regulations. The same goes with operations in the personnel arena. If an employer is not in compliance with human resource regulations, the resulting fines can be tens to hundreds of thousands of dollars. Additionally, not having the knowledge on how to effectively motivate and manage the personnel can cause the customer or client experience to be adversely affected. This could also prove to be detrimental to production quality and efficiency in any environment. Not all small business owners exercise the same strengths and weaknesses. Every small business owner should take the time to determine their own strengths and weaknesses. They should then focus on maximizing their strengths while at the same time figuring out ways to improve upon their weaknesses. Perhaps recruiting talent that appropriately compliments their own strengths and weaknesses is the most viable and beneficial option.
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