Every new business faces adversity. These challenges help create business giants, or thin the herd. To be one of those business owners who lands on top, attack your issues before they arise. To help you rank among the giants, here are some solutions to the biggest small business dilemmas.
Money ranks number one as the biggest issue for most companies, whether just starting out or a long established corporation. Often these problems result from overspending, misappropriation of funds, or not raising enough during initial development phases.
Hiring a financial adviser or accountant is the smartest solution to your money issues. This person should only have the job of managing and monitoring the money. Therefore, hire an expert and not just a current staff member. Also commit to weekly checking your company’s gross profits and losses. Buy the latest and greatest book keeping software like Quickbook. Additionally, open a separate bank account for your business.
Crowdsource when you don’t want to take out a loan, and when you also want to build a community behind your product or company. Only take out a loan when absolutely necessary. Know all the consequences and perks of having a business loan.
Borrow money for a quick and easy solution to money woes. Ask a wealthy friend or family member to loan you some money to finance certain parts of your business. Draw up an official agreement to avoid future issues, and also consider offering them a stake or part ownership in your company. Use Western Union if you need the cash immediately ; eliminate some of the money wiring fees with coupons.
Lack of Planning
Many business owners have lots of great ideas, but they lack the planning skills to execute them. This unused skill often leads to disorganization and chaos within the business. Tackle this problem head on by writing a detailed plan. Before you start to seek investors, develop a detailed 10 year business plan that includes issues and your solutions, financial goals, and plans to grow your customer base.
Conduct a thorough researching phase on running a business, being a leader, and succeeding in your career. Research until you feel a complete confidence in your ability to run a company.
Working Too Hard
New business owners often obsess about overcoming business obstacles. This leads to long office hours, including on the weekends. Working too much has a lot of health risks such as heart disease and obesity, and it can lead to mental issues like depression and anxiety.
Find the right balance between working and having a social life. Hire an assistant to handle some of the day-to-day operations. Delegate more task to your employees. Make it a priority to go home early at least once a week, and to read or do one non-work related thing a day. Stay social to avoid fatigue and to keep the passion for your business.
Not Understanding the Customer
We all can envision our perfect customer, but it might not match reality. Start understanding your customer by finding out the exact identity of them. Interview customers to create a series of case studies, and survey your email subscribers.
After doing a lot of prep, start creating a Buyer Persona for your customer. This will help you cater your business to those customers, and then work to grow the business’s branding image.
Lack of Marketing Plans
Your marketing strategy plays a huge role in getting your brand seen by more people. A lack of branding tools limits your company’s growth. Hire or outsource a marketing manager who you can work with to develop a branding plan. Make sure to put a lot of thought and effort into your social media campaigns. This will probably be the bulk of your marketing strategies.
However, don’t forget to go beyond social media with local promotions, partnering with other brands, developing a relationship with influential figures in your field, and using affiliate marketing.