Small Business Challenges – 3 Strategies to Kicking Your Business Up a Notch
Recent studies and surveys have indicated some of the top challenges that small businesses or solo entrepreneurs are facing today.
More than half of the respondents in research conducted by Industry Canada believe that growth is the most important issue they face. Growth categories include attracting new customers, recruiting qualified staff and having the time to manage growth. Competition came in as the next highest concern.
1.Growth New businesses start out focusing on making a profit in order to establish and sustain themselves through the first few years. One way of increasing the bottom line is many business owners will try to do everything themselves within the company to save money. While this may work for a while, it will ultimately impede growth. Time and energy of key staff is better spent on finding ways to attract new customers and increase sales. Everything that isn’t growth related should be delegated. If you are not sure what this entails, you may want to hire a business coach to develop a growth and marketing strategy.
2. Employees Another important challenge is labour shortage; finding, recruiting qualified staff and retaining them. Employees will remain with an employer who shares decision making as a group, communicates openly, praises publicly and criticizes privately, gives them the necessary tools they need to perform and then empowers them with responsibility to get the job done. Listen and address staff concerns. Foster an environment of team spirit and accountability and you will see happy, engaged staff who go the extra mile in performance and customer relations.
3.Competition Every business has competition. It’s what drives the economy. In order to develop your marketing edge, it becomes critical that a business knows their competition. There are a number of factors to think about when examining your marketing approach.
Consumers are more knowledgeable and selective than they have ever been. They demand more. With the internet at their disposable, a quick search is all it takes to educate themselves and do a price comparison.
Most businesses have a web site. Is your web site attractive, friendly, and informative? Does it entertain your customer and give them a reason to return and visit again?
Do you have an internet marketing specialist taking care of the complexities of web site positioning for maximum exposure and traffic? To change the momentum of your business, you need to pause and take time to prepare a plan. Identify goals and objectives with measurable time lines. What are your Key Performance Indicators that will help you evaluate results? Get external advice and a fresh perspective. Seek professional help where needed. Spend all your time on growth activities, employee relations and marketing opportunities,delegate day-to-day administration, and you will see outstanding results.
By: Erika Martlew