So, you’ve decided that you hate the idea of being boxed up in some job, and you want to build something that you can nurture and grow yourself. There are many benefits to running a small business, from independence to control, but there are many challenges too.
Here are five problems all small business owners face and how to overcome them:
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Managing Increased Market Demands
Growth is great, but it needs to happen at the right time and under the right circumstances. If you start expanding too early, you risk not being able to cope with big business that might come your way.
Maybe your goal is to develop more products, offer more services, or take your marketing to greater heights. You’ll have to conduct some serious market research to determine how your customers will respond to your expansion.
The serviced office route is another way to tackle this problem. It helps you cut down on costs while giving you the chance to make business connections. Serviced offices also give you a professional business address and base of operations, which is what you need to attract customers and high-quality recruits.
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Putting Together a Good Team
A business is only as productive as its employees. Not only do you need skilled team members, but those team members also have to be highly engaged in the business. It’s not just about competence either. It’s also about being in alignment with your objectives and working harmoniously to achieve them.
Taking on new recruits isn’t cheap, which is why you need to take extra care to ensure everyone you hire is suitable for the role and the company as a whole.
To even attract quality applicants in the first place, you need to work on your brand image and ensure you have a clear mission and values that talented employees can stand behind.
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Handling Finances
You may not have all the resources in the world, but even if you’re working with a very tight budget, you can still strike a balance. This means having enough money for your business and your personal life.
Try getting side gigs to raise capital, consider consulting with a business coach, and make use of financial management tools like accounts payable automation software to keep track of your finances.
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Leaning on a Single Pillar
Many business owners find it hard to delegate tasks that they’re used to doing themselves. However, you can’t always be there for your business. The same goes with your clientele – your business can’t rely on one major client to stay running.
Train someone to take over your responsibilities, and widen your client portfolio so you can scale and grow your business.
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Making Customers Happy
You’re probably not at the stage where you can give away free stuff, so generosity marketing is off the table. It’s also unlikely that you’ll be able to tend to every customer’s need and concern. However, you can keep them happy by sticking to the following protocols:
- Understand the motive behind every purchase;
- Find a unique marketing angle that suits your brand and your target market;
- Use this marketing angle to let your customer know what they’re getting into from the get-go;
- After fulfilling their desires, see how you can improve your offerings and the customer experience as a whole;
- Collect data that’ll give you an idea of how happy your customers are;
- keep working on your shortcomings as you go.
Get to Business
Now that you know what leads many small business owners to failure, you can start making the changes necessary to jump over those hurdles.
