Six challenges faced by business owners
After spending the last few weeks meeting and chatting with small business owners around Essex, it became clear that they all seemed to face similar challenges everyday.
As I expected, they are all poor and there is a sustainable sense of the owner of this company or the director that they must be ‘directly’ and on each side of their business. But, as they say to me, they might know all about their business but sometimes they need expert support and guidance to ensure their company grows and increases profitability.
Some of the challenges they face include:
Customers are in the heart of any business. Without customers and income is produced, the business is a good idea. One of the main challenges they face is how interesting, maintaining and maximizing their customers?
For me, the key to winning a new business and ensures customer retention not only provides great products or services but adds great customer service experience. Strategies need to be developed to ensure the growth of this customer and maximize income from existing customers.
Many business owners are not marketing experts and need strategic suggestions when it comes to developing business positions, marketing plans, campaigns, and thinking about the channels they want to promote their business.
The challenge is to allow business to tell the story in a way that allows business to grow and build customer involvement. Bringing experienced marketers into business both at home or as a consultant to help develop this strategy can allow business owners to focus on what he does most.
For many business owners, there isn’t enough time a day. All owners are stretched for time. Creating more time means sometimes say no and focus on what’s important for business success.
This is where business owners often seek external advice from business mentors or consultants to make them focus on what is important for business development.
It is very important for small or medium businesses to manage their cash flow effectively but sometimes managing P & L seems to be a ‘third or fourth day command for some business owners.
Get good financial advice from a consultant who takes the time to analyze business performance, see age debtors, analyze client profitability and place effective financial planning measures at business risk mitigation sites that enter into financial matters.
Business planning seems a little reflection for some business owners that I talked to, they work more ‘quickly’. Annual planning must begin at least four months before the end of the financial year and must begin with a formal annual budget, understand the profitability of each client / customer, growth opportunities, business development planning and overhead analysis needed to serve their clients / customers, markets and grow businesses, produce Great customer experience and provide a sustainable profit margin.
Business owners who successfully create wealth and grow their business because they understand how to build a culture where sustainable profitability is given.
Many business owners do not cross all processes involved in running a business so that the challenge is to make the process involved in running a simpler business. This is where external consultants or expert support can prove to be very useful.
Failure to manage processes such as sales, marketing, business development, build customer loyalty, operational management, HR and employee development can cause a failed business. Throwed in all business functions is not the best way for business owners to grow their business.