In this pending election year, how have the daily challenges business owners face changed? I found a recent survey which addressed some key business issues. The business owners responses are presented below in no particular order. First, ask yourself how have things changed in your business in the past 12-48 months?
1. Finding Profitable Customers
The biggest challenge for any business, NOT just small businesses, is finding and keeping profitable customers- not just any customers, but customers that make you a profit.
2. Team Issues. . .
The biggest problem is finding, recruiting and hiring employees that can truly help your business grow. It's difficult to compete with the larger businesses for the same talent when you have limited funds.
3. Cashflow . . .
The biggest problem is when you have to invest your entire cashflow in client projects that last several months, which result in a huge growth in receivables. But when you should be celebrating, you find that cash is thin preventing further growth.
4. Focus on What You Can Control
Uncertainty continues to be the major challenge facing all businesses. The solution is to revisit your Strategic Business Plans; determine where course corrections are necessary. Then, focus on what you can control instead of what you cannot control.
5. The Elephant in the Room
Health insurance- the cost of which now exceeds my mortgage, never mind the $5K deductible. The potential is that business growth and innovation could increase when dollar $12,001 of an entrepreneur's income no longer equals dollar one of an employee's.
6. Make Friends with the Bouncer!
Remember standing in line for hours trying to get into a popular club only to be turned away by the bouncer at the door? Marketing your business on the Internet is no different. You can spend hours canvassing for friends, linking profiles, and even mastering the ad game. But if consumers do not have a sense that they can trust you, your product, or your service, they will turn you away. Your business friends guard the gates to a whole new world of consumers.
7. Asking for Help
The single biggest challenge for business owners is breaking free from the mentality that says, "I have to do it all myself." Business owners struggle with this continually. When they finally ask for help, they find that problems get cleared up in a matter of minutes that previously took days to solve.
8. To Social Network or Not
I work with business owners every day and one of the most common questions I get is "Should I be doing social media as part of my marketing?" The short answer is "YES!"
9. The Economy
The biggest challenge facing small businesses today is the lousy economy. It is difficult to get new customers and generate sales when people and businesses are not spending. This is why it is so important to distinguish your business (brand) as being "different and better" so people/businesses receive a strong benefit from doing business with you that they do not receive anywhere else. Just being another "me too" business in this economy will kill you.
10. Loosen Your Grip on E-mail
E-mail is an abysmal tool to rely upon solely for selling. Last year, your average customer spent 8+ hours per week plowing through their inbox– that's one entire business day! Furthermore, the amount of 1st class mail has dropped by over 46 billion pieces in the last five years. So what is the best way to stay in touch with your clients?
11. Too Many Hats!
Business owners notoriously wear too many hats! Not only does the business owner have to provide expertise, they also have to manage all aspects of the business. You're the accountant, the marketing manager, the schedule keeper, etc.
12. How to Hire a Millennial
Hiring Millennial generation employees can be a big challenge; their attitude and thoughts about work and their work environment are total different than the Baby Boomers. The difference ranges from continually checking Facebook and texting all day to pushing back against HR policies- while expecting a speedy promotion. Learn to hire them for their strengths; they handle social media, create grassroots marketing strategies and work well together to play off each others' strengths.
13. Business as ‘Usual’ Equals Death
The story goes . . . A business starts, struggles through all of the issues, and finally gets to a profitable and comfortable status. That's the challenge; the comfortable status is a death warrant! The next day everything changes, the market, the competition, the technology and now your company is behind!
Sam Stroup
Owner, Certified Business Coach
303.898.0737
www.focusedbizsolutions.com
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