Challenge 1: Managing and Understanding Finances
Any business needs enough money to stay afloat. Not every small business has the luxury of multiple cash reserves on hand. This often ends up with a company founder working a job on the side while also attempting to maintain a business. Without focus from the business’ founder, the risk to fail is great.
What to Do
Managing money is certainly a challenge and can take a lot of time and energy away from tasks at hand. This is especially the case when the company founder splits his or her focus between running the business and earning money for it by other means. In these cases, a professional bookkeeper can help manage the business accounts and allow the owner to see exactly where money should go.
Challenge 2: Staying Balanced
When managing all of the tasks required to run a small business, it can be hard to maintain an equal balance between growing the business and maintaining a quality service. It can prove difficult to grow without sacrificing the seemingly smaller aspects of a small business, such as personal relationships with clients.
Paying personal attention to detail – including to clients – is ultimately the deciding factor in quality of business and, in turn, business success.
The answer here is compromise: unhealthy perfectionism and poor work both prove to be huge problems on their own. It’s up to businesses to navigate the process of scaling up without harming the brand’s promise to its customers.
Challenge 3: Attracting Customers – and Keeping Them
When small businesses are faced with limited finances, it can be hard to do enough outreach to attract or retain customers, especially in comparison to larger companies with higher advertising budgets.
Solving the Problem
The answer is strategy. Online marketing is crucial to your business including SEO, social networking, and email marketing. By creating high quality content and sharing it through multiple sources, you are creating an online brand presence and can show customers what differentiates your brand from competitors.