Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges every business faces whether they are large or small. These include things like hiring the right people, building a brand and so on. However, there are some that are unique to small businesses, one most large companies have grown out of long ago. Here are the three biggest challenges for small businesses.
1) Marketing and Customer Loyalty
Business owners and executives are spending more time figuring out how to go above and beyond to keep existing customers, while at the same time figuring out how to cost-effectively reach new customers without competing solely on price, which always ends up to be a race to the bottom. Smartphones, social media, texting, email, twitter and other communication channels are making it easy for businesses and individuals to get their messages out. Figuring out the right marketing channels is key for businesses to be successful in the future.
2) Finding the Right Staff
The employees that a business hire are the main factor when it comes to the growth and success that a business will experience in the future. Without a core team of quality and effective employees it is impossible for a business to stand apart, build a brand, and develop a unique customer experience. Each person being hired brings something unique to the business and it is important to seek out those with the best qualities. Making the wrong decision in the hiring process can lead to a lot of extra stress and issues that can hinder the development of a business. A bad performing employee will negatively impact the other employees they are around, could drive down sales, and could cost a business a lot of unnecessary expenses.
By hiring the right person, the business will move in a positive direction and will become more successful in the future. Managers and business owners need to be aware of the impact that an employee can have and consider their impact throughout the hiring process.
Uncertainty involves situations with unknown variables, information, and outcomes. Uncertainty cannot be measured or calculated. Since uncertain events are unique and difficult to plan for, they come with even greater downsides for unprepared businesses. During the dot-com era, companies invested heavily in expensive domains before understanding their value. When the bubble finally burst, several companies disintegrated, and thousands of employees laid off. Uncertainty cannot be measured or predicted. However, while uncertainty cannot be measured, the same approach may be taken in addressing related tasks and challenges. While a recession cannot be predicted, a business can take steps to protect the future of its employees and customers.
Risk can’t ever be avoided, but when businesses learn to prepare, risk can open up new business opportunities.
Turning Risk Into Opportunities
We are living in an era of constant change for the foreseeable future: change is the new normal. Preparing for and embracing that change by investing in the right kind of advice is the best way to meet these challenges head on.
If you’re one of the many business owners spinning numerous plates and tackling everything that needs doing single-handed, or indeed if you’re a consultant helping said business owners in areas outside their expertise, how does this top 3 list resonate with you?