Undoubtedly, if you are leading a small business then you seem to face a lot of problems. And, yes! The challenges and limitations that you intend to face are way too much than the ones that most of the established enterprises face. Well, your business is quite sure to be run into problems at some point of time and it is true enough that we’ve outlined such issues below.
But, interestingly, we took one more step ahead to include our inputs on how to face such problems and come out being even more stronger. Yes! I am talking about the solutions to such problems.
So, what are you waiting for? Just read ahead soon and thus you’ll get an idea of how to get rid of these huge problems and save your business from all the odds.
Here I go!
- Shortage of Time
According to a recent global survey, 46% of all business owners work 40+ hours/week, 57% of German business owners even do the same and so on! No matter in which corner of the world you live, or in which genre does your business belong to, you seem to work overtime most of the time.
And, it might be like this is one of the unavoidable problems that small businesses usually face. But, actually, it’s not the same! To stretch your time too thin is quite detrimental for any entrepreneur and being busy 24×7 doesn’t always signify success.
So, you need to take every stride toat work while making the processes more efficient, bringing in some extra work, and nevertheless delegating more tasks.
- Running out of cash
Whether you are owning an e-commerce business or a conventional one, to handle the finances is one of the trickiest parts of your businesses. Well, it is not only about tracking the accounts, expenses, and bank balances! Rather, it compounds the problem when you are not able to get a line of credit or funding.
To solve such money problems, you need to take the following strides:
- Start with a financial reporting structure if you’ve not already done so yet. For example, you can follow to begin the process.
- You must start documenting the way you’re going to report the financial guidelines and thereby develop a standard practice that you and all your employees will use.
- Take all the financial reporting into consideration and build a projection or forecast of all your financial data and objectives.
- Regularize the process of checking and monitoring your reports. Data and information don’t seem to be good at all if nobody analyzes the same!
- Check out the credit, investors, or other kinds of funding sources constantly to ensure that your business is always having a lifeline whenever things go financially wrong.
- The growing pains
If your business is experiencing growth then your business is certainly on the track. But, it is not enough! It has been vigilant enough to manage the growth and come up with something beneficial. If the growth is too fast then it can cause the death of an under-prepared business.
You ought to take care of the scalability of the products or services. How will the scenario change if you double up the extent of business that you’re currently doing? What to sacrifice to maintain that extent of growth? The sacrifices that you want to make are notable.
Moreover, one main thing that most of the businessmen don’t realize is some of the small businesses let the customers love them in its original form. But, when it starts making sacrifices then it loses its buzz. And, unfortunately, customer service and personnel management are more likely to be on the first go. These features can backfire and let your customers go away which further renders your business to fail during the most crucial period when you were trying to sustain.
- Limited connections
In this computerized era, if you’re still facing the problem of lacking in the number of connections then I must say that you are really, really not doing something right! Yes! When there is this wonderful thing called social media then this kind of problem shouldn’t even arise. You just have to register yourself to the websites like meetup.com, Linkedin Groups, Twitter Lists, Facebook Groups etc. and you’re done!
As the problems of small businesses are not same as other businesses so their solutions are even a bit different than the others. So, if you are facing any such problems then don’t accept defeat or feel like that only you are facing this problem. It’s because there are many like you out there! Each and every business faces its fair share of challenges. The best way to ride out the storm is to find the perfect solutions all the time!
Sanket Patel is Founder & Director of Blurbpoint Media. His passion for helping people in all aspects of online marketing flows through in the expert industry coverage he provides. He is expert in Web marketing, Search Engine Optimization, Social Media, Affiliate Marketing, B2B Marketing, Online Advertisement of Google, yahoo and MSN.