Top 3 Small Business Owner Challenges, and How to Solve Them
Very few of us start out in business thinking it will be an easy path, the lucky among us strike gold first time round, but for most of us- it just isn't that easy. There are many challenges for small businesses, and it's the pursuit of success rather than success itself, which will define our careers. We shouldn't let challenge deter us and there are some common challenges which can be easily solved.
1. You’re doing it all yourself
If you've got to the point where your business is starting to sustain itself, in all likelihood you're probably bogged down with admin and management. The next step towards growth, is to stop doing it all yourself and to give yourself a break. Our advice at this point is to hire the very best people that you can afford and take advantage of the extra time this gives you. Options include bringing in freelancers for key positions (or temp to perm to trial people) and by using outsourcing for non-core roles like finance and HR. This would free you up to get creative and start planning for the future.
2. You aren't sure what your cash requirements will be for the foreseeable future
The second challenge many small businesses face in that crucial early growth period, is that you're not sure what your income will be in the foreseeable future, nor what your outlays are likely to be. The solution is to sit down and do a proper cash flow forecast, this will enable you to get all your ducks in a line for the upcoming months and it will allow you to plan your next step in growth. If you partner with someone like AFP, we can offer advice and support on this- applying our expertise to the areas where it will benefit the most.
3. People don’t know you exist
You may have the best business idea in the world, your product or service may be incredible and your current clients rave about it... but how do you get the word out there? It might be the case that although your product/service is wildly popular among the people you already do business with, you haven't yet been able to reach that audience tipping point. Don't despair! You're on a great path, you just need to explore a few more options.
Social Media is a low cost way to improve brand awareness, and can also be used as an effective customer relations tool. Yes you can pay for ads, and digitally savvy entrepreneurs will know that you can make paying for ads really work, but you don't need to. Signing up and getting your profile in order does take time, but investing our own time is a currency we're familiar with.