Business challenges of 2016

No matter where your business is in its lifecycle, there is no shortage of challenges that will affect its ability to grow. But there are ways owners can overcome these hurdles if they simply invest enough time and effort into planning for the future.

Here are three challenges 2016 so far that every business should consider if they want to achieve success:

• Cash flow

One of the greatest concerns for many small businesses continues to be cash flow, with the most significant negative influence being the time it takes to receive payments which affects how well small businesses can meet their ongoing expenses. Planning ahead and carefully management of cash flow can help ensure cash flow concerns don’t impact on a business’s long-term viability.

• Digital strategy

The ever-growing digital world continues to reward small businesses with a comprehensive digital strategy. Last year saw the introduction of mobile friendliness as a ranking factor for websites, due to devices like tablets and smartphones becoming the devices of choice for consumers browsing the web. Staying ahead of developments and trends, like making your business’s website is mobile friendly, will ensure your business will stay ahead of the competition.

• Succession planning

Succession planning continues to be an issue for small businesses. Family businesses, in particular, usually struggle to plan for the future, particularly in relation to preparing for the next generation. In 2016, small businesses need to spend time planning for the future in areas like succession and business continuity.