From their inception, most small businesses face struggles every day. Without the proper tools and resources, generating enough revenue is hard for any new business owner.
Before addressing any concerns you’re having within your business, you first must recognize and understand these daily business struggles.
Here are the The 5 Most Common Struggles Small Business Owners Face, and ways to overcome them.
5. Employee Retention- Are you struggling to attract and keep top talent that can help you move ahead in your business? Retaining quality employees is hard for any small business owner because of competition from larger corporations that are able to offer higher wages and employee benefits. Let your employees know they are valued by offering leadership training, internal recognition, and bonus structures that will let them know that they are valued and that you’re invested in their professional development.
4. Financial Strains - Do you find it difficult to finance needed projects to run and scale necessary business operations? Trying to budget for your business can be somewhat impossible. The money needed for marketing campaigns, developing new products or services, and staying on top of payroll can be a daunting task for most small business owners. In addition, investors are sometimes hesitant to invest in small businesses that do not have the equity or resources larger corporations have to compete in the open market. To help, start investing in business tools and operations that will help benefit your business with low upfront costs. Creating a strong social media presence, building business partnerships, and cultivating networking relationships can ease some of the costs associated with financial strains.
3. Adapting to New Technology- Are you finding it hard to keep up with the latest technology trend? As you know, technology is constantly evolving and when new technology is introduced, it can be expensive to implement into your business. Small businesses are left at a disadvantage because they may not have the financial or technological resources to compete with a larger company. Focus on the fact that you are a small business owner and you care about the community you live in. Although you may not have the technology that larger corporations use to get ahead, everyone loves supporting local businesses who care about the well-being of their community and its future.
2. Marketing Costs - Are you having a hard time deciding which marketing programs to invest in? Marketing and advertising are important for any business owner to help them reach new clients, and with many forms of free resources available on the internet, small businesses still find it difficult to reach their target audience without investing in other forms of marketing. With that being said, DO NOT UNDERESTIMATE THE POWER OF SOCIAL MEDIA! Millions of people use social media sites on a daily basis, and regularly posting interesting and informative content is a great way to make your business more well-known and your audience satisfied.
1. Lack of Communication- Do you ever find it confusing as to who is working on what project and when? Effective team collaboration can quickly clear up confusion and ensure everyone is on the same page. For a business to thrive, a solid communication system must be in place to meet deadlines and exceed goals. Improve the lack of communication with the use of on-line meeting and messaging apps, implement a Customer Relationship Management (CRM) system to track business operations, and proactively seek feedback from your team to clear up any confusion. Regardless of how you communicate, when there’s poor communication in the workplace it can lead to poor performance, low morale, and reduced profits for your business.
If you’re a small business owner or you want to be, you’ll quickly recognize that you are not alone in your struggles. Many small businesses fail each and every year due to a combination of these and other challenging factors.
If you need advice and/or feedback on how to conquer these struggles, give coaching a try. We’ve helped tons of businesses get back on track and back in the driver’s seat of owning their business instead of letting their business own them!
Call us to set up a complimentary coaching session so we can see if there’s a way for us to work together to build your dream business!
— S. Paul Moehring