For every business owner, challenges represent an opportunity for growth. Initially, however, issues can seem like large obstacles to overcome. The most common challenges facing business owners include:
1. Marketing
You may have a great idea, service or product, but it can be difficult to determine how to get your message “out there.” How can you reach the customers most likely to work with you? In a world of social media, many platforms and ever-changing markets, it can seem like your message can get easily swallowed up. Of course, it’s easy to spend a lot of money on advertising, but how can you be sure it has an impact?
2. Customer Loyalty
Your customers have options. In a virtual world, the next service or product is only a swipe or click away. With “the grass is always greener” or YOLO (“you only live once”) mentality, customers may want to try a wide range of options instead of sticking with your solutions. Determining how to encourage customers to select you again and again can feel daunting.
3. Cash Management
The right cash flow means having enough reserves to get through tougher times, invest in your business and have enough for vendors, suppliers, marketing and all overhead. Knowing how much inventory to keep, whether to invest and how many assets to keep liquid while maintaining a healthy cash flow may feel like you need to have a crystal ball. In fact, strategic forecasting can help you determine where your money goes today and where to find sources of cash for your company.
4. Employees
Your employees, once you have some, are your biggest asset. However, there’s no denying that they also represent challenges for new and small businesses. From finding the right talent and investing and retaining the right workers to insuring your employees and keeping them motivated and productive, being an employer means wearing many hats. In addition, some employers lose sleep over employee illness, injuries, absenteeism or dishonesty at work.
5. Competition
Today, your competition is not just the shop around the corner. It’s also the big multinational corporation with virtually unlimited assets and a lobbying group. It can be an overseas operation that does not abide by copyright or labor laws and can sell a similar product or service as you for half the price. It’s painful to pour your heart and soul into opening a business only to find that someone else is trying to take away your hard-earned customers.
How to Solve Business Problems Strategically
Fortunately, while business owners have many challenges, they also have many viable solutions that can address the issues as well as actually propel growth. Where you see a problem, there may actually be an incredible opportunity for progress and profit.
No matter what questions and concerns you’re facing, you probably don’t want to handle it by yourself. You need a professional who has been where you are and who has helped others overcome similar problems with great results. That’s why you need Coachfirm. Business coaching from Coachfirm lets you develop an action plan to leapfrog over your challenges and succeed. Contact us today to find out how we can help.
