Regardless of size, most businesses face many of the same challenges every day. Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations.
Yet as Wasp Barcode’s State of Small Business Report revealed, the prioritization of these items can vary dramatically from one organization to another. Here are the top five challenges facing SMBs today.
1. Growing revenue.
Growing revenue was cited as the top challenge for businesses employing between 11 and 100 workers, while hiring employees was of top importance to businesses with 100 to 499 employees. This could be related to the fact that SMBs still have difficulty in capturing funds from lending institutions. Big businesses, meanwhile, think of challenges in terms of growing their customer bases and dealing with HR issues.