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Small businesses commonly contend with rising costs and cash-flow pressure, finding customers, hiring, bookkeeping, payroll and compliance, cybersecurity, and supplier risks. These are useful areas to check—not a universal ranking or a list every business will face. In the Federal Reserve Banks’ 2026 report on its 2025 Small Business Credit Survey, reaching customers and growing sales was the most commonly reported operational challenge, followed by hiring or retaining qualified staff; rising costs were the most common financial challenge. The survey gathered responses from 6,525 employer firms with 1–499 employees across the 50 states and District of Columbia, using a nationwide convenience sample rather than a random sample, so its findings describe respondents rather than every U.S. small business. Federal Reserve Banks survey report.
1. Cash-flow pressure and rising costs
Costs can climb faster than revenue arrives, leaving a business short of cash for payroll, suppliers, rent, or debt payments even when sales look healthy on paper. In the 2025 Small Business Credit Survey, 77% of surveyed firms reported rising costs of goods, services, or wages, tariff-related costs, or both. Also, 60% sought financing in the preceding 12 months. Among financing applicants, 42% received all the financing they sought and 22% received none. These are survey results, not a forecast of an individual firm’s costs or chances of getting credit. Federal Reserve Banks, 2026 report.
How to improve cash flow
- Review cash coming in and going out, including timing: compare expected customer payments with payroll, supplier invoices, taxes, rent, and loan obligations.
- Project near-term cash needs so you can identify a possible shortfall before a bill is due. Update the projection when sales, payment timing, or costs change.
- Compare recurring expenses with their expected business benefit. Where an expense is not pulling its weight, consider whether to change, reduce, or end it.
- Keep bookkeeping records current and use a balance sheet to track capital and help project cash flow. The SBA also recommends monitoring accounts receivable and payable, available cash, bank reconciliations, and payroll. SBA: Manage your finances.
Borrowing may help bridge a timing gap or fund a business need, but first understand the repayment obligations and whether projected cash can support them. The survey’s financing figures show why it is unwise to assume a business will receive the full amount it requests.
2. Reaching customers and growing sales
Finding customers was the most commonly reported operational challenge in the Federal Reserve Banks’ 2025 survey. The report establishes how often respondents cited the problem, not which marketing approach will work for a particular company. Federal Reserve Banks survey report.
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How to get more customers
- Define a specific customer group and the need your product or service addresses. A clear audience makes it easier to decide where to spend limited marketing time and money.
- Track which channels generate inquiries and which lead to sales. Count outcomes that matter to the business, rather than relying only on views, likes, or general awareness.
- Test a change—such as a different message, offer, or channel—against a baseline, then compare actual results before expanding it.
There is no evidence-backed tactic that guarantees growth for every small business. Results depend on the audience, offer, market, and execution.
3. Hiring and retaining qualified staff
Hiring or retaining qualified staff was the next leading operational challenge after reaching customers in the Federal Reserve Banks’ 2025 survey. Federal Reserve Banks survey report.
How to hire well and set up employment
- Write down the role’s responsibilities and essential skills before recruiting. Distinguish requirements a person must have from skills they can learn.
- Explain compensation, hours, duties, and expectations clearly so applicants can assess whether the role fits.
- Before bringing someone on, plan payroll and recordkeeping and learn the labor rules that apply to the business.
- Check whether a worker is legally an employee or an independent contractor; the label in an agreement does not by itself settle classification. The classification can affect tax and legal obligations. SBA: Manage your finances.
4. Incomplete or unreliable bookkeeping
Out-of-date or inaccurate records make it harder to see what the business owns and owes, keep tabs on cash, and make informed operating decisions. The SBA says, “Maintaining proper bookkeeping can help keep your business running smoothly.” It describes a balance sheet as a snapshot that helps track capital and project cash flow. SBA: Manage your finances.
What to keep track of
- Accounts receivable and accounts payable
- Available cash and bank reconciliations
- Payroll and other business transactions
- Records needed to understand capital and prepare financial statements
Choose help that fits the work
A CPA, bookkeeper, or online accounting service may be appropriate, depending on the work, complexity, budget, and need for professional judgment. The SBA notes that a CPA typically offers more tailored service, while a bookkeeper can handle basic day-to-day functions. A service’s scope varies, so confirm what it will do and what the business must still manage. SBA: Manage your finances.
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Manual records can also work for a small, straightforward operation if they are kept consistently and securely. A ledger book is an optional aid, not a substitute for records or processes the business needs for its tax, payroll, or reporting obligations.
5. Payroll and compliance burden
Payroll involves more than issuing paychecks: employers may need tax IDs, a defined pay schedule, payroll-tax reporting, and required records. The SBA’s general payroll guidance includes obtaining an Employer Identification Number (EIN), checking state or local tax ID requirements, setting pay periods, planning compensation, choosing how payroll will be administered, keeping required records, and reporting payroll taxes. SBA: Manage your finances.
Set up a payroll process
- Determine which federal, state, and local tax IDs and registrations apply.
- Set pay periods and decide how payroll will be administered.
- Plan compensation and establish a process to keep payroll records and report payroll taxes.
- Confirm worker classification and check the current rules that apply to the business and its location.
The SBA cautions that “Your legal obligations will depend on your business type and location.” Requirements also depend on the worker and the circumstances. Check current government guidance for your jurisdiction or consult a qualified payroll, tax, or legal professional when the rules are unclear.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.6. Cybersecurity and data protection
Phishing, malware, and ransomware can threaten business accounts, devices, and information. Cybersecurity steps should match the systems and data the business uses; no single product guarantees that a business is secure. The SBA recommends a combination of staff training, secure networks, antivirus software and updates, multifactor authentication (MFA), restricted privileges, access reviews, and regular backups. SBA: Stay safe from cybersecurity threats.
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Build a practical baseline
- Train employees to recognize suspicious messages and report them rather than opening unexpected links or attachments.
- Use secure networks, keep software updated, and use antivirus protection.
- Enable MFA where available, limit access to what each person needs, and review access when roles change.
- Back up important business data regularly and know how to restore it.
If the business lacks the capacity to maintain these protections or respond to an incident, consider dedicated IT support.
7. Operating inputs and supplier costs
Changes in supplier prices or delivery times can affect margins and the ability to serve customers. In the Federal Reserve Banks’ 2026 report on the 2025 survey, 48% of firms said they sourced at least some inputs from outside the United States in 2024, and a large majority of those firms reported price increases. Among firms with foreign inputs, 76% said they passed at least some higher costs to customers and 60% absorbed at least some. These survey figures describe respondents, not a recommended pricing or sourcing policy. Federal Reserve Banks survey report.
Manage supplier exposure
- Identify the inputs essential to delivering your product or service.
- Monitor supplier prices and lead times so changes are visible before they disrupt operations.
- Evaluate possible supplier alternatives against reliability, quality, and total cost—not price alone.
- Consider how cost increases affect margins and customers before deciding whether to absorb them or adjust prices.
The survey does not establish that one inventory or sourcing strategy works best for all firms. The right choice depends on the business’s inputs, customer commitments, costs, and ability to manage disruption.
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