Getting a business off the ground is a significant accomplishment. However, getting your operation started can be a challenge. The next will be supporting its growth and success. In addition to managing your enterprise’s day-to-day operations, you will have to attend to matters such as reviewing and entering into contracts, hiring and terminating employees, maintaining payroll records, paying taxes, and other important tasks. Therefore, it’s important to consider these and other challenges your enterprise may face. Here are 5 challenges Florida small businesses face:
1. Planning for and Responding to Legal Disputes
The majority of businesses will be sued at some point during their existence. Further, a recent report shows that 36% to 53% of small businesses are sued yearly. In addition, 43% of small businesses are threatened with a lawsuit each year, and approximately 45% of small businesses are currently involved in litigation.
As these statistics imply, small business owners should take steps early on to protect against and plan for potential litigation. The best way to identify possible legal risks and develop protective strategies is to work with an experienced small business attorney. Your small business lawyer can help you identify risks and prepare for possible legal disputes. Further, if you are sued, your attorney can help you evaluate and manage the situation.
2. Payroll and other Recordkeeping
As a Florida small business, you must maintain accurate and detailed payroll and business records. These records are legally required and necessary. However, some small business owners find payroll and recordkeeping to be overwhelming. If that is your situation, you may want to consider hiring a payroll and accounting service.
3. Quality Control
When small businesses experience growth, they sometimes struggle with maintaining the same quality of product or service that they offered when their operation first started. This can be more of an issue when a business grows rapidly without a strategic plan in place.
It can be challenging for a small business to strike a balance between expansion and quality. However, it’s important to plan for your operation’s growth. You and your small business attorney can work together to identify ways to protect your product or service integrity and prepare for your entity’s success.
4. Finding and Managing Employees
As your small business expands, you may need to hire employees to support your operations. However, finding the right employees and overseeing their work can present its own set of challenges. For example, you may need to consider using non-disclosure and non-compete agreements with your workforce. There are also human resources matters to consider and payroll and timekeeping requirements.
You will want to consider these and other important employment-related challenges before and during your business’s growth. You and your small business attorney can review your staffing needs and determine the best solutions for these and other employment issues.
5. Financial Management
Small businesses often start with low capitalization. Ideally, in time the enterprise will grow and become more profitable. However, most experts will tell you that these entities will not earn a significant profit in their first year. Therefore, one of the challenges a Florida small business may face is remaining operational when funds are limited, and profits are low.
Once a small business is making money, the next challenge will be managing profit in a way that sustains growth. Your small business attorney can help you develop a plan for managing your finances now and in the future.
Contact an Experienced Florida Business Attorney
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with commercial leasing, business, and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.