Daily problems small businesses face

VV 9 Feb 2a

Running a small business is great fun – but there are a number of everyday problems that owners will come up against. Here are a few…

You’ll face many big hurdles when setting up and running a new small business – like finding a market and getting funding.

But there are also a number of less pressing tasks and issues that you’ll need to deal with eventually – from how you view your business and its future to dealing with rivals.

Here are some of the more common problems and how to tackle them…

Lack of objectivity
This is one of the biggest problems facing small businesses and one that is often ignored or forgotten about.

In your head, your business is your world. But just because it’s your baby, it shouldn’t be treated with kid gloves. You have to look at it like a business, which often means taking harsh decisions.

How to fix it…
Treat it like a writer treats their work – ‘Kill your darlings!’ This means you might have a great idea or product but if it’s not working in the context of your business you have to get rid of it.

Getting the right people
Especially when starting off, you need to make sure you’ve got good staff – but this can be difficult.

You’ll have not built a reputation, so getting good people in is a matter of convincing them to take a risk.  You have to make them believe as much as you do in your company’s potential.

How to fix it…
An alternative is to re-think your hiring policies. Instead of limiting yourself to a local pool of workers, you could employ remote freelancers.

Being productive
Anyone who has started their own business will know that a 9 to 5 lifestyle simply is out of the question – at least for the first few years.

And while you’ll be working all the hours you can, you and your staff might not be as productive as you like. This is because you probably won’t be able to hire enough people to cover all areas, so staff will be juggling a few roles.

VV 9 Feb a

How to fix it…
Switching from one role to the next means your mind is never fully on the task at hand – try segmenting and diarizing your workload. Take a day to do the finances, another to handle staffing etc.

Keeping customers
Sale targets, cash flow and keeping investors happy are important. But when it comes down to it, one of the big problems for small businesses that many owners sometimes overlook is simply retaining their customers.

From keeping current customers happy to stopping them moving to a cheaper alternative or bigger rival, it is a battle that you should tackle daily.

How to fix it…
Use social media to interact with your customer base. Whether you’re responding to problems raised by them or just chatting with your followers, by being friendly and approachable you’re more likely to keep your current customers.

 

Posted by the Secret Businessman