As a consultant to small businesses I think the challenges are (in order of importance):
1. Poor Planning
2. Improper utilization of their resources
3. Use of Capital

In their planning small business owners do not allow enough time for goals to be accomplished and they do not consider all the costs. They under or over commit resources to tasks and their business planning is inadequate.

I have noticed that successful small business owners have tight control on their spending, focus on sales, and spend a lot of time planning their actions before they commit.

Def. would like the info-thank-you.

I am new to owning my own business, so my biggest challenge is trying to come up with a good strategy after sifting through all the bits of advice I have gotten from my friends!!