Small business owners are bombarded with challenges on a regular basis. From an employee quitting to a supplier changing the way they make deliveries, it may seem like it never stops. However, a look at some of the challenges small business owners face and a few potential solutions might make life a little bit easier.
Challenge #1 – Competing with Larger Companies
The number one challenge any small business faces is competing with the largest players in the industry. The issue usually comes down to the finances. Most small businesses cannot spend money like larger corporations can. This limits the amount of marketing and many other parts of the business.
Competing with the larger companies is very important, especially in the digital age we live in today. There are many things small businesses can do to compete on a level playing field. Here are a few potential solutions.
- Go Mobile – Over 50% of internet searches are done on a mobile device and the number is much higher on a local level. Taking your business mobile can help you reach more customers with less cost.
- Using Social Media – A free form of advertising with the ability to reach millions of people, social media is one of the fastest ways to even the playing field.
- Eliminate Unnecessary Overhead – Today’s entrepreneur doesn’t need to spend thousands on a huge office space or on many other traditional business expenses.
Challenge #2 – Dealing with Employee Turnover
Often, small businesses have a serious need for every employee they hire. Larger corporations may be able to get along without specific people for a short or long amount of time, while small businesses depend on that person daily. Handling an employee quitting or out sick can be very difficult. It often means more work for the business owner until they replace the person or they come back to work.
One solution to this issue is using a virtual receptionist service. This type of service can help out by answering the phones when nobody in your office is available to answer them for you. They can take messages, forward calls to any number, screen calls and take care of some of your daily tasks. A virtual receptionist can help take some of the work off your plate and you can use them every day or just on an “as-needed” basis.
Challenge #3 – Handling the Growth
Many small businesses grow much faster than expected. This can be difficult to deal with, if you’re not prepared. Sometimes, fast growth kills a business because it can no longer provide the quality of product or service it was once able to provide. However, this issue can be remedied.
Sometimes, you can outsource tasks when going through a growth spurt. For example, if you’re used to answering your own phones, writing your blog posts and handling order fulfillment, you may want to outsource some of these tasks.
When you start to grow faster than you can handle, you can hire a virtual receptionist to handle all the phone calls and a writer to handle your blogging. This allows you to continue providing quality as you handle all the order fulfillment.
Even with employees helping you with many of your day-to-day tasks, growth can hurt your business. But growth is a good thing and needs to remain as a good thing. Outsourcing can help you continue to grow while you figure out a more permanent solution to handle your new business.
Other challenges small businesses faces include:
- Dependence on the Owner – This can only be solved by the owner delegating more duties until the business doesn’t depend on them as much.
- Money Management – Managing your cash isn’t always easy. It can seem like a full-time job and hiring an accountant might be a good way to save time.
- Dependence on Single Clients – Businesses can be destroyed by depending too much on one or two clients. This is solved by diversifying and continually marketing for new clients.
These are just a few of the many challenges small business owners face. Using services, such as a virtual receptionist or a content writer can help in many ways. It can also be very beneficial to take advantage of technology and new trends to compete with larger companies.