4-Challenges Small Businesses Face
The fact is not unknown, that every small business goes through dozens of issues– however, as I analyzed it further, here are four of those you can take definite action on and set out ways to conquer them. Let’s get moving and try to decode them!
As a small business owner, if you are the kind who is trying to do everything on your own that will surely add up to fatigue; and long hours add to pressure. Fatigue, one of the most commonly overlooked small business challenges, does not only work on your physical or mental health but can leave you disorganized, forgetful and cranky.
You need to realize that in this whole deal you are not paying as much attention to clients as you should, and making mistakes.
Business owners have to pace themselves, which includes embracing strategic delegation. Some of the things in your entire sequence of business and operations isn’t always easy for “Do it yourself” kind of an individual (does it sound like you?). Start by identifying business elements that don’t require your expertise
You could also consider delegating tasks that are outside your skillset to specialists, such as accountants or legal experts – the results will likely be more professional and can save you endless headaches.
It’s important to get on top of these things, because taking time out not only important but critical for your health and wellbeing, not to mention family relationships
Golden mean of product and customer
What would be the best possible way you could give your product with equivalent quality, time and again and how does the customer feel taken care of? You can start by researching your customer base, and identifying the characteristics of your existing best customers (those with the highest volume of sales, and the most repeat customers). Make sure you integrate into this analysis. This will give you a direction to work out a module of good customer service. That will help you modify your product/ service accordingly.
Good product = satisfied customer = repeat customer = referral = more customers
Your in-house Engine
Your Employees are the in-house engine that operates, to give you that final product.
What should be the size, what should be the line of responsibilities and how to make sure they give their best every day is your responsibility. You need to have an outline to handle all of this.
Good companies foster a comfortable and relaxed atmosphere where their staff feels the comfort to talk to management. The reachability should be the same irrespective of the size of your organization/enterprise. You should also ask for employee feedback on their needs – this is not an option, it’s a must. Too many businesses don’t look at what their employees want (*remember sometimes the employees tell and sometimes they don’t. It still is your responsibility to try and understand their wants) It’s a blunder to assume everything is fine, then wonder why there is a high staff turnover.
Uneven Flow of Finances
Money problems in their various forms are top of most lists of company woes, and for small businesses the major worries are unexpected financial blockages due to deposits in some cases, outstanding bills that won’t wait to be paid, recovery of payment and uneven pattern of payments in spite of timely follow up and staff dedicated for the same.
Remember it is always a wise idea to take time out, planning for your expenses considering the contingencies, taking advice of Executive/ Business Mentor while planning such strategies for optimizing the monthly expenses and other growth related planning.
Setting reminders and inculcating the habit in the staff of setting reminders as well. Using smart tools; for calculation of VAT/GST as and when applicable. Always loop-in your tax consultant; in your financial transaction analysis; these can be some of the ways to bring back such issues on track.
With tenacity and forethought, I don’t see there would be any issue that cannot be overcome. As a small business entrepreneur you already have certain skills and you are doing a great job managing many areas; but in some areas where you feel you cannot manage alone; please do not hesitate to SEEK HELP.
As a response would like to know; What other challenges have you faced, and how have you overcome them?