Small business problems make entrepreneurship feel like a lonely roller coaster ride.
At full speed ahead, you learn to weather the ups, downs, loopy loops, death drops and slow climbs back to the top of owning and operating a business.
Though the challenges often strap us to our seats as we brace for the inevitable, knowing you’re NOT alone with your problems is crucial.
Somewhere, in a different park, someone is bracing themselves for the same bumpy ride as you.
According to Forbes, small business owners often run into these seven problems:
- Financial Constraints
- Lack of Technology Utilization
- Skill and Efficiency Gaps
- Ineffective Marketing and Customer Engagement
- Market Competition and Regulatory Hurdles
- Attracting and Retaining Clients
- Navigating Long-Term Goals
We confirmed these observations through a recent polling of women business owners.
When asked how often do you encounter this thought in business: “If I don’t do it, it won’t get done,” most said they have the idea all the time.
When asked to rate their stress level, the average score was a 6.
When asked where they believed they needed the most help in their business, several mentioned “administration” and some form of marketing.
And when asked about rest and vacation, several respondents admitted to not taking one in over two years.
Mitigating common small business problems
Many solutions to standard problems are not groundbreaking ideas.
The biggest obstacles to garnering results are often timeless challenges such as initiative and consistency.
To alleviate financial constraints such as cash flow, take a deep dive into spending habits and cut unnecessary expenses.
If able, consulting with an accountant or implementing money management software in the business never hurts.
To address the lack of technology, rip the band-aid and embrace the tools that will make your life easier.
This can be done by designating a team member to train others on using the new tech or through tutorials reviewed on your own time and pace. YouTube is a great resource for self-education.
To close skill and efficiency gaps, invest more time in finding team members who possess the skills you need.
But be realistic, no one team member can know everything there is to know about their field. Continuing education opportunities can also be added for existing team members who want to develop new skills to pursue promotion within the company.
When addressing ineffective marketing and customer engagement, again, be realistic.
Don’t expect a marketing assistant to have expert-level knowledge in all areas of marketing— that’d be impossible for one person to manage and maintain.
A content marketer isn’t necessarily a graphic designer and a social media marketer may not be a technical writer.
Unlike the required marketing experience the company below listed for one position, the one listing should be distributed among a marketing department or between two to three marketing roles.
To help with competition, research, research, research. Marketplace vendors such as Fiveer provide such services.
To attract and retain more clients, consider hosting an in-person or virtual event to produce more business leads or host a contest with a prize your audience finds irresistible.
To keep long-term goals at the forefront, write them down and connect with an accountability partner. Revisit your goals with them every few months to ensure you stay on track.
Need more help thinking up solutions? Click HERE to schedule a Brainstorm Blast!