Overcoming the challenges of starting your own business

Running your own business has many advantages, but with increased responsibility and day-to-day pressures, it also has its challenges. According to a recent survey by Xero, the majority of sole traders experience the same challenges during the initial start-up phases, and many are turning to digital technology to help ease their stress.

Challenge 1: keeping clients happy (58%)

With so many different tasks and responsibilities, many sole traders struggle to foster positive client relationships.

Challenge 2: lack of resources (55%)

More than half of sole traders have reported ‘resources’ as being one of their main challenges. When working alone, it can be harder to stay organised and maintain efficiency.

Challenge 3: marketing your business (53%)

Being a new business, it can be difficult to attract new customers without an established reputation.

Challenge 4: developing a routine (50%)

With no one to oversee your productivity or determine your work hours, it can be challenging for new business owners to set a daily routine.

How using technology helps

Despite many sole traders opting to go ‘old school’, those who have chosen to embrace digital technology have seen tremendous impacts on their businesses. With the rise of social media for example, online marketing has become a powerful tool that improves communication and expands market reach.

In addition, the use of technology can help to strengthen a business’ efficiency by minimising human error. It can also provide reliable storage that protects your business data.

How we can help

If you want to use digital technology to help you quickly and easily manage your business finances, we can help you to implement Xero bookkeeping software. We are a Xero-certified partner.

We can also provide your business with cost-effective bookkeeping support services. We service a diverse range of clients in South Australia, Victoria and New South Wales.

Contact us today for a free, no-obligation consultation to find out how we can help your business!