Solutions to the 3 (Three) Biggest Problems Facing Every Small Business
The biggest challenges in starting a business don’t hit when you’re just starting out, but rather in the process of managing the business over a long period of time. As you know, there are so many problems a small business can face, but these problems are not unsolvable.
It was way easier to manage a business several years ago since businesses could market themselves in the traditional ways, unlike in this era where online marketing has taken over, and even the recession in the economy isn’t making things easy either.
If you’re currently facing any of the problems I’ve stated below in your business, you can begin using the solutions I’ve offered to save your business.
So, let’s get started!
1. The Problem of Money Management
This is a major challenge most small businesses face. It is unavoidable. Statistically speaking, 82% of small businesses usually shut down as a result of narrow funding. The challenge of maintaining regularity in cash flow is harder than ever in this recessionary times. Besides the fact that most businesses owners don’t have enough to constantly manage their businesses, they also find it difficult to keep track of money flowing in and out of their businesses – this being the hardest challenge a business can face.
For a small business, when your clients delay payments for either goods or services you’ve offered or unplanned expenses that can’t wait to be solved pop out of nowhere, money management becomes difficult.
Like I said earlier, these problems are not unsolvable. With the help of some money management tools, you can easily monitor every penny coming in and going out of your business, easily create a budget, automate payments, and even keep a record of your receipts. You can also use these applications to plan to set aside money for unforeseen expenses so that they don’t catch you unprepared. You can even create reminders for certain payments that shouldn’t be delayed.
Some of these applications can help you automate payments for your services so that your clients don’t have to owe you. I’d recommend Hiveage for this.
2. The Problem of Gaining Profitable Customers
You can only make more money when you can effectively find and retain profitable customers. The problem here lies in how you’ll find customers that will find your products or services appealing enough that they’ll be willing to pay you for it. Statistically speaking, 76% of small businesses are constantly fighting this issue.
You’ll need to identify your customer’s needs, then create a product that will solve their problems. To know what they want, you can simply ask them for their feedback, especially your current best clients. If this will not work for you, you can try researching your customer base to identify their needs, or even study the behavior of your current customer base. Doing this will help you to understand your customer’s needs better. You then go ahead to create a product that will solve these problems.
If you create a product that meets the demand of an existing market, it would be easier to make sales. Marketing costs would be lesser this way.
3. The Problem of Stress
A small business owner experiences stress in an attempt to do everything by themselves. Working long hours leads to fatigue and the pressure adds up over time. They become forgetful, cranky, disorganized, and would always find it hard to pay attention to their customers. They start to make mistakes and these affect their business negatively.
If you’re currently experiencing this, I’d suggest that you strategically break down every task that needs completion into smaller bits and share the tasks to your workers accordingly. Use your workers. Don’t assume you can do it all by yourself because too many workloads will reduce your productivity.
Regularly train your workers so that they will be able to perform better. A person without adequate training and proper experience who is not willing to even improve on himself will harm your business success.
In a case where your business has not reached the point where you can employ people to work for you, break down the task that needs completion into daily doable bits. This way, the workload will reduce, and you’ll be able to work easily with less stress.
You can also hire an Assistant on a part-time basis to help out. You can consider hiring a professional to help you out with tasks that are beyond your skill set. You’ll get more done within a short period of time with little or no stress.
There are tons of problems that could happen when managing a business. Challenges would keep arising. As long as you keep fighting your way through every challenge that faces your business, you will eventually be successful. Always keep in mind that no problem is unsolvable, and that, whatever you’re experiencing, there are people out there who have experienced something similar and conquered it. If they could do it, you can do it too!
What business challenge(s) have you faced in the past and how did you overcome it? What challenge(s) are you currently facing? Share with me in the comments.