--- title: 5 Common Challenges Most Small Businesses Face description: Running a small businesses isn't easy. The following 5 small business challenges are particularly common... image: https://blog.cmp.cpa/hubfs/Blog_Images/5_Main_Challenges_For_Small_Businesses.jpg --- - [Contact Us](https://cmp.cpa/contact-us/) - [Bill Pay](https://cmp.cpa/my-account/) - [File Drop-Off](https://app2.gettruss.io/firm_drop_offs/new?auth_token=MTQyNyZ6OW1HeHh4NWhRbXNIRDF6RmU3OVZXRGJRUkV2aU5ZSGN0OXprNUtH&firm_user_id=3261) - [Client Portal](https://app2.gettruss.io/client_portals/sign_in?client_portal_name=CMP-CPA) [![CMP](https://blog.cmp.cpa/hubfs/Cookmartin-Dec2015/CMP-Logo.png "Cook Martin Poulson, P.C.")](https://cmp.cpa/) - [Home](https://cmp.cpa/) - [About](https://cmp.cpa/company/) - [Meet the Team](https://cmp.cpa/company/meet-the-team/) - [Community](https://cmp.cpa/company/community/) - [CMP Celebrates 40-Years In Business](https://cmp.cpa/company/news/) - [Careers](https://cmp.cpa/company/careers/) - [Reviews & Testimonials](https://cmp.cpa/reviews/) - [Services](https://cmp.cpa/services/) - [Tax Preparation](https://cmp.cpa/services/income-tax-services/) - [Financial Audits & Reviews](https://cmp.cpa/services/financial-statements-audits-and-reviews/) - [Business Valuation](https://cmp.cpa/services/business-valuations/) - [Estate and Succession Planning](https://cmp.cpa/services/estate-succession-planning/) - [ERISA / 401K Audits](https://cmp.cpa/services/erisa-audits/) - [Crypto Tax Accountant](https://cmp.cpa/services/crypto-tax/) - [Federal R&D Tax Credit](https://cmp.cpa/services/rd-tax-credit-services/) - [Utah R&D Tax Credit](https://cmp.cpa/services/utah-rd-tax-credit-services/) - [Bookkeeping and Payroll](https://cmp.cpa/services/bookkeeping-and-payroll-services/) - [Accounting Software Solutions & Consulting](https://cmp.cpa/services/accounting-software-solutions/) - [Retirement Plan Services and TPA](https://cmp.cpa/services/retirement-plan-tpa-services/) - [Cost Segragation Studies](https://cmp.cpa/services/cost-segregation/) - [Outsourced CFO](https://cmp.cpa/services/cfo-outsourced-solutions/) - [Industries](https://cmp.cpa/industries/) - [Farm and Ranch](https://cmp.cpa/industries/farm-ranch-accountant-service/) - [Real Estate and Construction](https://cmp.cpa/industries/real-estate-construction/) - [Retail and Wholesale](https://cmp.cpa/industries/wholesale-and-retail-accounting-services/) - [Nonprofit](https://cmp.cpa/industries/non-profits/) - [Manufacturing](https://cmp.cpa/industries/manufacturing/) - [Healthcare](https://cmp.cpa/industries/healthcare/) - [Technology](https://cmp.cpa/industries/software-technology/) - [Internet Marketing/YouTube](https://cmp.cpa/industries/internet-marketing-youtube/) - [Resources](https://cmp.cpa/resources/) - [Videos](https://cmp.cpa/videos/) - [Tools](https://cmp.cpa/resources/#tools) - [Important Documents](https://cmp.cpa/resources/#import-doc) - [Important Links](https://cmp.cpa/resources/#import-link) - [FAQ](https://cmp.cpa/resources/faqs/) - [Problems We Solve](https://cmp.cpa/problems-we-solve/) - [Blog](https://blog.cmp.cpa/)   Wasatch Front  [801-467-4450](tel:8014674450) |  Cache Valley [435-750-5566](tel:4357505566)[tel:8017428119](tel:8017428119) | Southern Utah  [435-269-4540](tel:4352694540) ![Salt-Lake-City-Utah.jpg](https://blog.cmp.cpa/hs-fs/hubfs/Cookmartin-Dec2015/Salt-Lake-City-Utah.jpg?width=1106&name=Salt-Lake-City-Utah.jpg "Salt-Lake-City-Utah.jpg") # 5 Common Challenges Most Small Businesses Face September 19, 2016 By [Richard K. Poulson](https://blog.cmp.cpa/author/richard-k-poulson) Thousands of businesses are created every year, but only a few manage to survive the first few years. According to Harvard Business School professor Shikhar Ghosh, about [3 out of 4 startups fail](http://www.wsj.com/articles/SB10000872396390443720204578004980476429190). ![5 Common Challenges Most Small Businesses Face](https://blog.cmp.cpa/hs-fs/hubfs/5%20Common%20Challenges%20Most%20Small%20Businesses%20Face.jpg?width=804&name=5%20Common%20Challenges%20Most%20Small%20Businesses%20Face.jpg) Why is the failure rate so high? Competition, administrative issues, fluctuating markets, and several other issues mean success is often elusive. Creating a business is a risky investment and there isn’t much room for error – all it takes are a few mistakes to ruin a small business's chances for success. The following challenges stand out as the most common troubles small businesses face: ## 1. Relying Too Much On A Few Clients So, you just landed a huge client. It might seem like your business is heading in the right direction. They throw a lot of money your way, they’re reliable about paying you on time, and it’s a great boon to your business. However, this can lull you into a false sense of security. When most of your revenue comes from just one or two clients, your business is unstable. If one of those clients pulls out, you could suffer a serious financial blow. Client diversity is key to the long-term health of your business. It's important as a business owner to understand client acquisition and how and where your best clients find you. Be sure to check out our blog post: [5 Effective Ways to Get More Clients Using the Internet.](https://blog.cmp.cpa/5-effective-ways-to-get-more-clients) ## 2. Employees are Burdened with Too Many Responsibilities For most [small businesses, payroll](https://blog.cmp.cpa/how-to-do-payroll-for-small-business) is the single biggest expense so they try to cut down on cost by hiring just enough people to operate. Although you shouldn’t hire more people than you need, you also don’t want to stretch your employees too thin. Giving an employee too many responsibilities, or any responsibility they’re not equipped to handle, creates stressed or resentful workers and more errors. In a highly competitive business world, it’s important to please not only customers but also your workforce. Errors might drive consumers to your competitors and a poor work environment could cause a high turnover. You need to do everything you can to leave a good impression. You might have to bite the bullet and hire more staff to keep your standards up. ## 3. Keeping Up with Documentation Small businesses often make the mistake of leaving [accounting services](https://cmp.cpa/services/income-tax-services/) out of their budgets. However, maintaining detailed and accurate records is one of the most important aspects of any business. It’s unrealistic for business owners to take on the burden of such detailed documentation, and record-keeping mistakes often lead to tax trouble and regulatory fines. This problem is further complicated if you are in a highly regulated industry, such as medical care. [Your business plan](https://www.sba.gov/starting-business/write-your-business-plan) should consider the implications of and margin for keeping up with necessary documentation. Hiring someone with expert knowledge is often the best way to ensure your business meets all its deadlines and requirements. ## 4. Growing Too Fast Businesses look to growth (new client acquisition) to track success, so how could growing quickly be a bad thing? Growth is great when you’re prepared for it, but most small businesses can’t make a smooth transition. If you’re not ready to scale up, growing too fast can lead to disaster. You might miss deadlines, products can go out of stock, and your reputation might suffer. The solution here is to balance quality with growth. Set a quality standard and commit to it. If you can’t produce your expectation in quality, and you’re not heavily capitalized to grow, you may have to turn down work. While this can be disappointing, it’s better than having customers who aren’t satisfied with the goods or services you produce. ## 5. Cash Flow is Key Most people don’t realize how many expenses businesses have and where all the money goes. [Bookkeeping, payroll](https://cmp.cpa/services/bookkeeping-and-payroll-services/), taxes, insurance, office rent, utilities, supplies, equipment, maintenance – the list of overhead expenses is nearly endless. Cash continuously flows so managing it is key to operating any business. Collect on your receivables promptly to make payroll, pay taxes and insurance and keep track of cash flow to make sure your operation runs smoothly. [![Free Guide What Every Small Business Owner Needs to Do To Keep Their Financials Organized](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/1853761/85f5d1ee-90cf-4c90-a056-e8a5676d0d95.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/1853761/85f5d1ee-90cf-4c90-a056-e8a5676d0d95) ## Conclusion These are just some of the issues that come up after [starting a business](https://blog.cmp.cpa/starting-a-business-in-utah/). We know how confusing it is, so if you have any questions about running a small business, feel free to contact us and ask. [![Questions? Click HERE to Get in Touch. No Obligation. No Pressure.](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/1853761/61b89cb5-9c96-44f0-a607-f0d7461b4325.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/1853761/61b89cb5-9c96-44f0-a607-f0d7461b4325)     *This content is for educational purposes only and may not apply to your specific tax situation. Tax laws are complex, subject to change, and depend on individual circumstances. Consult a qualified tax advisor before relying on this information.* [![Richard K. Poulson](https://blog.cmp.cpa/hs-fs/hubfs/Blog_Author/richard-poulson.jpg?width=160&height=190&name=richard-poulson.jpg)](https://cmp.cpa/team/richard-k-poulson/) About Richard K. Poulson Rich is the kind of man everyone likes to have around. He is totally committed to whatever he is doing, whether it is working on a client’s estate plan, business valuations, or vacationing with his family. His goal is to help you add value to your business. You can feel comfortable with the outcome of any project if Rich is involved. You know he will be honest, give the project the time it deserves, and you’ll always get the best he has to offer. 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Trusted By: Trusted By: - ![](https://cmp.cpa/wp-content/uploads/Fisher-1.png) - ![](https://cmp.cpa/wp-content/uploads/kaddas-1.png) - ![](https://cmp.cpa/wp-content/uploads/Renegade.png) - ![](https://cmp.cpa/wp-content/uploads/cvm.png) - ![](https://cmp.cpa/wp-content/uploads/evolution.png) - ![](https://cmp.cpa/wp-content/uploads/Baicor.png) - ![](https://cmp.cpa/wp-content/uploads/Cliffside.png) - ![](https://cmp.cpa/wp-content/uploads/Vista-Healthcare.png) - ![](https://cmp.cpa/wp-content/uploads/Spartan-Logo.png) - ![](https://cmp.cpa/wp-content/uploads/SWSP-Southwest-Spine.png) - ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Rancho-Markets%201.png) - ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Highmark-Consturction-Logo.png) - ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Chanshare-Farms-Logo.png) - ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Mebie%20Baby%201.png) ![](https://cmp.cpa/wp-content/uploads/Fisher-1.png) ![](https://cmp.cpa/wp-content/uploads/kaddas-1.png) ![](https://cmp.cpa/wp-content/uploads/Renegade.png) ![](https://cmp.cpa/wp-content/uploads/cvm.png) ![](https://cmp.cpa/wp-content/uploads/evolution.png) ![](https://cmp.cpa/wp-content/uploads/Baicor.png) ![](https://cmp.cpa/wp-content/uploads/Cliffside.png) ![](https://cmp.cpa/wp-content/uploads/Vista-Healthcare.png) ![](https://cmp.cpa/wp-content/uploads/Spartan-Logo.png) ![](https://cmp.cpa/wp-content/uploads/SWSP-Southwest-Spine.png) ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Rancho-Markets%201.png) ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Highmark-Consturction-Logo.png) ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Chanshare-Farms-Logo.png) ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Mebie%20Baby%201.png) ![](https://cmp.cpa/wp-content/uploads/Fisher-1.png) ![](https://cmp.cpa/wp-content/uploads/kaddas-1.png) ![](https://cmp.cpa/wp-content/uploads/Renegade.png) ![](https://cmp.cpa/wp-content/uploads/cvm.png) ![](https://cmp.cpa/wp-content/uploads/evolution.png) ![](https://cmp.cpa/wp-content/uploads/Baicor.png) ![](https://cmp.cpa/wp-content/uploads/Cliffside.png) ![](https://cmp.cpa/wp-content/uploads/Vista-Healthcare.png) ![](https://cmp.cpa/wp-content/uploads/Spartan-Logo.png) ![](https://cmp.cpa/wp-content/uploads/SWSP-Southwest-Spine.png) ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Rancho-Markets%201.png) ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Highmark-Consturction-Logo.png) ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Chanshare-Farms-Logo.png) ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Mebie%20Baby%201.png) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Richard K. Poulson", "url" : "https://blog.cmp.cpa/author/richard-k-poulson" }, "dateModified" : "2016-09-19", "datePublished" : "2016-09-19", "description" : "Thousands of businesses are created every year, but only a few manage to survive the first few years. This article outlines five common challenges that can hurt small businesses, including relying too much on a few clients, overburdening employees, documentation issues, growing too fast, and cash flow challenges.", "headline" : "5 Common Challenges Most Small Businesses Face", "image" : { "@type" : "ImageObject", "height" : 1000, "url" : "https://blog.cmp.cpa/hs-fs/hubfs/5%20Common%20Challenges%20Most%20Small%20Businesses%20Face.jpg?width=2000&height=1000&name=5+Common+Challenges+Most+Small+Businesses+Face.jpg", "width" : 2000 }, "inLanguage" : "en", "mainEntityOfPage" : { "@id" : "https://blog.cmp.cpa/challenges-for-small-business", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "height" : 86, "url" : "https://cmp.cpa/wp-content/uploads/CMP-Logo.png", "width" : 406 }, "name" : "CMP" } } ```