Business

How To Overcome Problems For Small Businesses?

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Introduction

It is no longer news that small businesses struggle to gain traction. In fact, there are various statistics that point to the fact that 50% of startups fail in their first year of operation. We have also heard that about 20% of businesses face shut their doors within 10 years of opening.

Small business sector across the world is in the middle of a crisis. Fewer businesses are starting compared to the numbers in the past, new jobs are on the decline, and small businesses are not hiring people like it used to be. All of these represent small business health. A startup cannot just begin to hire staff without first gaining traction and achieving underlying success.

The good news, however, is that every day small businesses just like yours are overcoming all of these challenges. As such, we have put together the top 5 challenges that small businesses struggle with and how to over these challenges. Please, keep at the back of your mind that the solutions presented in this post are not a quick fix. It takes time and dedication to achieve success and sustainable goals.

Sounds good, right?

Then let’s get started

Challenge #1: Lack Of Money To Run The Business

How To Overcome It

One way to resolve this challenge is to start a business that has a good payback. For example, starting an online business is lucrative during this COVID era since the government has put measures in place to minimize contacts. If you notice, electronic shopping has skyrocketed in the last 2 years due to COVID-19. Bringing your products or services online will surely be successful. Once you have a good business idea, seeking for funding would not be too difficult.

In your region, there are local sources where you can apply for business loans. For instance, if you are in the East Bay, you can check the Good Local Money Guide for help. They connect local sources of funding with local businesses.

Challenge #2: Not Having Enough Time To Make Changes

How to Overcome it

This challenge requires three strategies to resolve it. First, admit that you can’t handle everything all at once, therefore prioritize your activities and focus on those that are most important. Every other task can wait until you complete the important ones. Second, hire a competent team. Having a team in place will take off some loads off your shoulder. In fact, you will even receive input from your team on how to resolve some of your business challenges. This will help you not to handle things all by yourself. Lastly, integrate sustainability into your projects. It shouldn’t be a standalone thing, but all-inclusive. Sustainability will help drive all your business processes even when you are not physically available.

Challenge #3: Employees aren’t engaged.

How to Overcome it

If you have employees that are not engaged, the best way to solve this challenge is to give them engagement opportunities. We have seen instances where business owners didn’t provide engagement channels to their employees yet they complained of their employees not being engaged. Three strategies that spur motivation in people are autonomy, purpose, and mastery. Allow your employees to have some levels of autonomy and mastery of their jobs, then you will see the best in them.

Challenge #4: Finding it hard to keep up with trends.

How to Overcome it

Your situation is understandable. You don’t have enough time to keep up with current trends. You are busy trying to grow your business. If this is true, you might want to check the solution to number two challenges that we have highlighted above. To further give you an insight on how to resolve this challenge, you can set up a

Business IT Support if you have the resources to follow up with market trends and keep you updated. If you’re on a lean budget, then you can set a day within the day to leverage and explore the internet. That way you would in line with what’s happening in your industry.

Challenge #5: Lack of support and limited options from vendors.

How to Overcome it

You have two options to resolve this challenge. One, look for similar businesses in the same industry with you and partner with them. Once you are able to grow and nurture the relationship, they will reveal or connect you with their vendors. Secondly, you can still work with your current vendor, but ensure you incorporate IT Support Services and your conversation should revolve around supply chain sustainability. You may even offer to work with the vendor on ways to further strengthen their supply chain.

Challenge #6: Educating customers about the benefits of purchasing products/services

How to Overcome it

Overcoming this challenge for small businesses is simple and straightforward. Investing in marketing will help you to educate your customers about your products or services. You can invest in radio jiggles, television ads, or traditional advertisements. More so, you can invest in social media marketing. If you are not a social media person, you can hire a social media expert who will walk you through the process for a fee. Your marketing should strictly focus on the benefits of purchasing your goods or services. If you have a non-toxic product, you can inform your customers how the product would be beneficial to their health and that of their family members. Additionally, try and be honest and transparent with customers. Remember, customers are king.

Challenge #7: Navigating state, federal and government regulations

How to Overcome it

To resolve this challenge, you need to first of all decide on your business structure. This will enable you to fully understand things like state and federal taxes, insurance, workers’ compensation, sales and unemployment taxes. Once you have a structure in place, reach out to experts to help you align your business so that you won’t contravene state and federal regulations for starting and running a business.

Final Thoughts

There you have it. Before you start that business idea, review the challenges we have highlighted in this post and learn how to resolve them. If you already have a business running, review the most pressing challenges that you are already battling with and follow up with the strategy or recommendations to resolve them.

If you are still having any issue, feel free to let us know your challenge in the comment section.

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