The 6 Biggest Business Problems for Small Business Owners
Have you ever heard someone saying that running a business is easy? NO! Why? Because it takes a lot of practice to attain the self-discipline and determination to even develop a thought of handling the small business problems and challenges.
Many have overcome this hardship and adapted the lifestyle of a Small Business Owner or Entrepreneur. If you are one of them then trust me, you have already started to make a difference in this world.
Being a small business owner is not a simple game to play but it’s a long run on an arcade filled with unexpected hurdles. It is a lifestyle of constant tension and pressure but when rightly managed, there is an enormous reward waiting ahead.
Sometimes it takes everything to get your ‘small business’ to the status of a ‘large firm’. You will learn to take those growing pains because that's what ENTREPRENEURS do. You will have to know and plan to counter these business challenges in order to grab that flying dream of yours.
We’ve had a look at 6 problems faced by small business owners and entrepreneurs, where you can take definite actions and conquer them with efficiency.
Let’s go to work.
6 Small Business Problems faced by Entrepreneurs
- Lack Of Proper Marketing
- Getting And Retaining Customers
- Money Management
- Maintaining Online Presence
- Time Management
- Social Media Management Tools
1. Lack Of Proper Marketing
One of the major business issues faced by small businesses is lack of proper marketing. When you establish your business, you are not provided with a notebook explaining all the A-Zs of marketing and mareting strategy for your business. It’s really important to consider the amount of competition you have out there, as they are outnumbering your expectations every day AND IT WILL!
You need to learn marketing in order to let people know that you exist -- and you are here to solve their problems.
Online marketing, offline, social, direct and more, marketing comes in all shapes and sizes. As per information from LinkedIn, social media marketing was the single most astounding popular skill in Australia in 2015, nearly took after by digital media marketing.
What if the successful personal brands on the Internet like Shama Hyder, Sam Hurley and Rebekah Redice had never utilized marketing?
It wouldn’t have been possible for us to see them on our Social Media news feeds every day.
One of the most effective marketing technique to solve this small business challenge is Influencer marketing. It allows you to reach your target audience by finding and connecting with Influencers on social media.
2. Getting And Retaining Customers
Gandhi revealed the importance of customers even before the modern marketing definitions were explained,
“A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us an opportunity to do so.”
Putting this valuable quote into consideration, you get the responsibility to attend your customers at any random times. Customers stay when they are taken care of. Each and every customer must be your priority even if they aren’t paying you big. Building trust and credibility with your customers will help you retain them.
Marketing and Promoting your product or brand will definitely get you new customers but It's not the only debate here.
Only the ones who come and stay with you will make your dream come true. Your customers will not pay if you impose your busy schedule on them.
89% of companies see customer experience as a key factor in driving customer loyalty and retention according to the infographic by Invespcro
3. Money Management
Literally, having a strong cash flow can keep your business running. It’s one of the most important ingredients to put in mind while you want to hit the top of finances, especially with your business revenue in order to make sure that you’re operating successfully.
Cash Flow is one of the huge small business problems arise when you don’t efficiently work with your accounts or don’t produce enough revenue from your customers. According to the 2015/2016 Global Entrepreneurship Report published by Babson College and several other organizations, over half of discontinued businesses stopped proceedings because of lack of profits or financial funding.
You shouldn't spend money foolishly, but running a business out of fear never works. It seems highly contradicting, but that kind of thinking can actually pool your business.
Even if you are receiving enough money from your customers, you are likely to go down on that revenue graph if there’s no money management. There are multi-talented that can create budgets, calculate VAT, generate online invoices and most likely helps feel strategized and relaxed.
Related: At Statusbrew, we carefully analyzed the revenue system and hiked our MRR from $20K to $100K in 18 months.
4. Maintaining Online Presence
There’s no denying it: Everyone has a presence on Social Media. If you and your business don’t have an online presence, you are already missing a huge piece of cake waiting for you to take it.
To sustain your business, you need people to know about you, you need people to give their opinion on what you do and how you do. There’s no better place than the internet to spread your brand awareness. It's an undeniable opportunity for you to share valuable content with your audience.
Your online presence will get you to new opportunities and markets, bigger audience and customer base and especially the loyal connections.
Start building your business on Social Media. Entrepreneurs, leaders and trendsetters are overtaking one another. Believe me, people are obsessed with growth and there’s no reason left for you to not be.
5. Time Management
While the time is infinite, the hours of a day are not. Indeed, running a business will exhaust you and consume more time than expected. Ultimately, being an entrepreneur cum small business owner makes you a multi-tasker and caretaker of all the small business problems.
This is a common experience for 90% of the business owners out there.
In case you don’t make an effort to manage your time, your knees are going to buckle and your business will have a hard time corresponding to that.
You are already running out of time in this fast-moving competitive world. The ones who are managing the time righeously are the ones who make difference.
6. Social Media Management Tools
In order to stay on top of everything as a small business owner, you need to focus on your online presence and put your business on the wavelength. Neglecting this fact can be one of your small business problems.
Growing on Social Media is not a one-day soccer game. It will take a lot of your time to generate results, at the same time, you cannot put all your time for just growing on Social media as you have many other tasks to take care of.
Using the right Social Media Management tools will positively save a ton of your time. Many small business owners and entrepreneurs are in love with everything that Statusbrew offers them -- from scheduling and publishing multiple posts, managing and engaging with the potential audience, finding influencers and generating business leads to super efficient customer success team. introducing back-to-back new features every week.
Need your word!
The winner is not the person who always succeeds, but the one who finds the right cure for all the problems that come on the way. The above mentioned small business problems go critical when not taken care of, putting yourself into the right process can get you timeless success.
Problems faced by small business owners are here. which one is yours?
We encourage you to go ahead, fight your small business problems and grow.
Have anything to say? Waiting for your feedback in the comment section below.