Overcoming Common Business Challenges
Part of running a business is facing up to and overcoming common business challenges that come your way. Whatever they’re related to, regardless of their complexity, the chances are that you’re not the only one to be facing them. Your response though will most likely be unique and that’s what counts.
Identifying that you have a problem involves developing a solution to solve it.
Let’s look at several of the most common challenges a small business owner may face, and how you can work towards overcoming these common business challenges. We’ll also identify the ways in which we, as a digital marketing agency, can help you solve your business challenges through outsourcing.
7 Common Business Challenges We All Face
Picture this: you’re running a race and up ahead you see some hurdles. The first hurdle is short enough for you to jump over. The second you can dodge (barely). The third covers the entire track and you can’t see a way over or around it.
Do you stay where you are, hoping that others in the race can’t cross it either?
Or do you seek out some help, such as borrowing a ladder from the tradesman fixing the nearby fence?
The truth is, we’ve all had, are having, or will have plenty of business challenges. The way we handle these dictates how successful our business will be. Dodge them and they could come back and bite you on the bum. Ignore them, and your competitors will leave you behind in the dust. Actively seeking help in crossing them, will place you in the best position to achieve success.
Here are seven of the most common:
- Finances – being short of funds sucks, there’s no other way to put it.
- Marketing – getting your brand out there and noticed is hard work.
- Competition – with so many businesses providing similar products or services, how can you survive?
- Regulations – knowing, understanding, and following the rules and regulations within your industry and in general business can be highly confusing and stressful.
- Staff – where can you find reliable and trustworthy staff to help you?
- Time management – you’re super busy and short of time already. How can you fit everything in?
- Uncertainty – where is your business and your industry heading in the next one, five to ten years? How will it survive with all the changes and challenges?
Regardless of how many of these challenges you face, it’s important not to panic. You can overcome them.
How to Solve these Problems
Let’s look at how you can overcome these common business challenges. We’ll address each one individually, with some possible solutions to consider.
- Finances: It seems that there are always five places to put each dollar. Rent, business insurance, wages, app subscriptions, new supplies, and advertising costs can be huge. The key to managing your finances involves setting a budget and cash flow forecast. If you need help with your finances, Heidi, our Xero expert can help you overcome this challenge.
- Marketing: You need to get your product or service noticed by the right audience in order to have the best chance of converting leads into sales. But who, how, where? We can help you by ensuring you have a solid marketing strategy in place and if you are short on time, we can implement it for you.
- Competition: Knowing who your competition is and what they are doing is important. But knowing why you are better is far more important. As part of the marketing strategy, we look at this and ensure your messing is on-brand and on-point.
- Regulations: Try to find others in your industry you can trust to discuss the rules and regulations. Often there are industry associations or networking groups you can join. A business mentor or coach who specialises in your industry is a great solution for many.
- Staff: Should you hire an employee, or would you be better with a contractor? Speaking with an HR specialist will help you overcome this challenge.
- Time management: Creating a daily schedule can reduce the overwhelm many of us feel. We’ve put together a handy weekly marketing planner that has been designed with you in mind. Check it out here.
- Uncertainty: Developing a business plan will remove any uncertainty about where your business is heading. It will also help guide you through uncertain economic times. Team your business plan with a marketing plan and you’ll have a great foundation for business success.
If you are still struggling and looking for extra support in overcoming these common business challenges, please reach out to us.