13 Deadly Challenges your Small Business face TODAY (Overcome them)
Posted by MichealHAlexander on June 13th, 2020
Today, you’ll finally overcome all those challenges that threaten your Small Business.
Life is full of challenges: Small Business owners are bravely living risks every day (and the situation hasn’t probably got better with recent events).
However, while some people tend to fail because they lack the capacity to handle these challenges… Those like you can overcome anything.
Entrepreneurship is not as glamorous or easy some try to make it seem… But it is fun and rewarding. The following challenges might occur to you if:
You want to start a new small business.
You are running one already.
Having the idea of what they represent from the start to the back-end phase will give you an edge.
Challenges Small Businesses Face Now (and Their Solutions)
Small Business Challenges #1 – COVID-19 Pandemia
This truly got us surprised, huh?
I know we’re all tired about reading and hearing about the “Coronavirus” on the… EVERYWHERE, but stick with me for a second and you’ll understand what that means for your business. Small Business Challenges 2020
“A National Small Business Association member survey found that ¾ small-business owners are very concerned about the economic impact of COVID-19.
Almost 50% already seen reduced customer demand.
And 38% aren’t confident in the financial future of their business, up markedly from 15% in January”. – As seen on Forbes.
Most affected businesses by Social Distancing are:
Without a doubt, this is an issue for all World’s population, where global growth is estimated to be cut 1.5% in mid-2020.
With all of this, we all have ONE question flying through our heads:
Is it possible to prosper, without ever going out?
In BZoomed, we dedicate to study the numbers, so you don’t have to.
You can bet that what happening now is more beneficial than what you might think. It is your golden ticket if approached correctly.
Detect what is the challenge that you’re struggling the most, and immediately test its solutions. If nothing gets results – we’ll be here to talk at any given point you need it.
Small Business Challenges #2 –Understanding Prospective Buyers
The second spot on this list goes for the Market Research, because of how important it is and how little Entrepreneurs take it into account.
That is caring about and talking to the right audience.
Right now, your challenge is to keep a company from falling to the ground; but at the same time, your customers are presenting new needs and challenges – that if solved, then your own challenges disappear.
SUMMARY: Don’t focus on your Needs and Desires. Focus on theirs, to get yours.
There’s not a specific mind trick to read their thoughts, and know why they suffer…
But the insights for this can be received from a lot of parts.
While some prefer to learn about their customers through long and boring surveys (that may work if done right), we prefer to execute geo-locational based technology to do understand where our customers go, live, and buy.
But the takeaway is, do not speculate.
You better ask what they need, test, receive feedback, and improve.
Small Business Challenges #3 – Cash Flow Management
Lack of capital was already the #1 challenge for almost every Small Business in the world… But 2020 made it worst.
I won’t judge if you weren’t financially and strategically covered for a situation like this… But I will if even in the worst-case scenario, you don’t look forward to solving it:
Small Business Challenges #4 – Employees Productivity and Communication
Recruiting was already complicated… That’s something that challenges small business owners when just first starting.
But it seems like you and I suffer the same dilemma –
“What should I do with my Employees? Fire or keep?”
Experts always agree on one thing: Keep those key employees, even if it means losing more money (because you are continuing to pay salaries).
You probably can’t keep them all, but there are ways to do it while the storm runs.
If you’re fast enough, you can recover business’ productivity with Remote work.
That also means being smart, selling or canceling useless brick-and-mortar or office expenses… And again, implement telecommuting.
That would represent a huge advancement in the way you’re running your business because it gets you in a very creative and strategic zone where you never have been before: More work, Faster, on Flexible terms.
Now, communication. Not everyone is ready to work from home. But with available tools like Slack, you can be up to know how everything is going.
Trello and Asana are perfect for project management.
Zoom & Skype are you go to calling tools to that, reunite.
They’re all FREE.
Small Business Challenges #5 – Fierce Competitors
While some cry, other sell tissues – This applies to every industry and market.
It is true. Fortune 500 and other large-sized companies might have some current advantage now, but you can bet all of them are struggling.
Including 95% of your business competition.
“In nature and business, it’s not the strongest of species that survives, nor the most intelligent, but rather the one most adaptable to change.” – Charles Darwin.
That’s Natural Selection. If you want to learn more about it, you can check it out here.
(Natural Selection Analogy as Cluster: Now, this is why the Business environment looks like a Jungle, now more than ever).
How harmful it would be for you to think there’s no War with other similar Businesses – but the biggest partnership Rolodex?
Not harmful at all.
Start by enlisting 10 Owners or Presidents, 10 Influencers or Celebrities, 10 TV, Media channels, or Newspapers/Magazines – All in your same ecosystem.
Connect, say “hi” online. Send a letter. Whatever it might take to be on their Radar.
Be open to offering value first, and Reciprocity will make its “thing”.
Don’t wait much to do it…Go for it now.
“The best time to plant a tree was 20 years ago. the second-best time is now”.- Chinese Proverb.
Small Business Challenges #6 – Designing a Remarkable Website
A website is your storefront on the world wide web. There’s not 100% need to be there… Oh, but you should.
That can probably mean the best investment in your life, getting 100x income returns in the first years. However, it is far from easy to create a user friendly or suitable website…. Especially when you are just starting.
But the risk does worth it. These are some of the many benefits:
Expand your Local Reach & Market – Once you are online, there’s no local barrier that stops you.
A new prospect from around the globe is learning about our Company’s solution, getting encouraged to do business together at this moment.
That would be something you’ll like?
Automated Lead Acquisition and Sales Generation – Imagine how productive would your Small Business be if open 24/7 – 365 days of the Year… Educating customers and improving services will hardly get better than this.
Save Money out of Ineffective Methods – More impressive is, that you will actually save money by investing in a professional website.
In the end, you are probably still spending on brochures, catalogs, and other printing promotional methods that just don’t drive enough results.
There are over 100 FREE ways to promote your small business online ;).
Otherwise, without a user-friendly business website, visitors may lose interest in your business in general.
Small Business Challenges #7 – Promoting & Getting Traffic
The website is ready, everyone on the team (or just you) is eagerly wishing to see the sales skyrocket… Until you find out you also have to promote it.
It is necessary that you promote if you want your business to grow. Sadly, small businesses find it very difficult to do for some reason.
For example, the monetary cost, the time it takes, and complex processes.
But believe me – What you need is easy to get: Traffic.
Traffic is what we call the waves of people navigating throughout the Internet.
After all, they’re people, with problems and desires. Among the hundred million that are searching for solutions, somewhere, you can also find your Prospective Ideal Buyers.
Actually, they will find you. But you have to make it easy for them.
How? That’s a whole subject for another day… But some of the following challenges are specifically related.
But if you are stuck in the Promotion phase, and you like shortcuts – Then Click Here to talk with me, personally… I’ll dedicate my time to get you unstuck.
Small Business Challenges #8 – Reputation Management or Marketing?
That quote “Desperate times call for Desperate Measures” is so accurate that it hurts.
This is the main reason why we all should save good money and stay away from fear and anxiety… It all just peaks down from now on.
At least that’s for Businesses who do wild crazy things because of Desperation.
And what happens when you do wild crazy things? Your reputation gets wrecked.
You want to be on the other side:
Where positive word-of-mouth flies across your presence (Brand mention)
Reviews say only good things (bad are sometimes unavoidable, and useful)
Research Data indicates that consumers are more apt to make a purchase if they can see what other people are saying about the product, service, or company.
“In fact, according to their data, 97% of participants said customer reviews factor into their buying decisions.
92% of consumers hesitate to make a purchase when there are no customer reviews, and 94% read reviews when they are available.”
Please, as hard as things are getting: don’t even think about being the Robin Hood of your Niche… Mocking the “rich” to “give it away to the poor”
In the end, you’ll only be seen as seeking wealth for your own.
They all know it. That’s a Goliath movement to hit the ground even harder.
Small Business Challenges #9 – Social Media
Even if a couple of “Advisors” told you to cut the marketing budget in times like these… DON’T do it! (Unless it wasn’t giving any results).
First of all – Do you even Measure, bro?
Although Marketing and Advertising are the 2 main growth tools a Small Business has – done wrong, might cause great loss.
After all, with Social Media, you aren’t losing a single dime. All the most famous platforms are available for FREE, to everyone.
CONFESSION from someone that is making money with Social Media: you can be successful at it, but not as you currently do.
Don’t sell hard. Instead, practice Social-Selling.
Identify who your Perfect Prospect/Ideal Buyer is, and create a strong relationship.
Jab, Jab, Jab with genuine conversations – then, Right Hook! with your Offer.
Exactly like boxing… Once your rival gets dizzy of rapid hits, then a hook will surely get him/her to the floor. (Please, do not physically hit your customers).
Only you know your exact Business model, and what your numbers are. And we don’t assure a Get-rich-quick opportunity with Social Media…
But can get you big results with, or without out. Grab a 30-minute consultation if you’d like to learn how.
Small Business Challenges #10 – Creating Valuable (Intent-based) Content
There are so many Frequently Asked Questions related to this topic.
What is “Content”? How does Valuable Content look like and why is important?
Content might be an Image, Video, Infographic, an Article, or even just a single email or text.
Do you remember that time when you saw a recipe online and went to buy the ingredients to surprise your palate?
Or, that Facebook / Instagram post that “promoted” a sweet artifact you needed to have because of how awesome it looked?
That’s the exact same thing it’s happening right now. Just with an article.
If you have gone up to this point, it’s highly-probable that:
So the content does that: help your thought process and get you unstuck with new answers.
They are your most cost-efficient way to reach out to prospects in your Market, driving them to buy what you got.
But this, my friend… Has a bit of science:
The 3% Rule: this universal Marketing & Sales law establishes that only 3% of your prospects are ready to buy NOW. It doesn’t even matter how much you push the sale. (That will actually be worst, by scaring them away)
Prospects are prospects, but just that…Yet. It’s exactly like in dating:
There are several stages that define if you Know > Like > Trust that person.
Rush into the sweet ending ($$ in Business) and you’ll get kicked in your intimate parts.
This is how you do it correctly → Guide them through the process with Intention.
And I would dare to say that 95% of small businesses fail to understand this.
Even more, not doing it correctly. But you are not part of that group anymore.
Small Business Challenges #11 – Research & Improvement
Staying home to just watch movies on Netflix or Playing video games is a terrible waste that not many can handle.
I personally advise that you don’t do that… Even if you are not in a “Catastrophic” situation right now.
Instead, you could save your Business and guarantee future success by dedicating some minutes per day to research your Market:
Also, establish improvements to every stage of your Value Chain.
Position yourself so you can get back when the crisis is over.
Stay calm and keep on track.
You cannot choose if a Global emergency happens, but you choose to Adapt and evolve or stay the same.
Small Business Challenges #12 – Fidelization – It takes time for people to get connect with your products
Rome wasn’t built in a day. So, growing your business in the digital world may take longer than you thought.
It can take months for people to get familiar with their problem…
To understand it has a solution… And then, to be aware that your Product / Service is that solution.
That’s not encouraging, right?
I know. But let’s make it clear: that would be the worst-case scenario.
Sometimes they come randomly from the shadows, purchase, and love your business immediately.
And only you can make that possible, by facilitating an awesome experience to whoever your client is.
Gifts, Support, Empathy, and Contents are just among the long list of activities you can use to convert “just customers” into happy, loyal clients – and hopefully referrers/promoters.
Small Business Challenges#13 – Glass-Ceiling (Lack of Scalability)
There are some extremely-profitable levels for all Businesses to get, after satisfying customers’ needs… But it seems like not many reach that point.
It’s known as the main source Virality to happen – Referrers or Promoters.
That 20% of clients who drive 80% of your Revenue.
Although your business can reach a good number of local & internet users… Being truly omnipresent isn’t so easy. Biggest Challenges for Businesses
And a lack of affiliate marketing or affiliate networking is really a big problem.
Many small businesses are not capable to set up remote branch teams all across their targeted spots. Or just isn’t the time yet.
But if you feel it is (like, truly confident), there’s one thing to make it happen:
(BONUS!) Small Business Challenges #14 – Uncertainty
Stress and Emotional breakdown are challenging but unavoidable consequences in 2020. With a probably large rate of business owners (99%) suffering from it.
It isn’t easy to raise up a family, or to handle a small team of employees… Imagine those who’re doing both, at the same time.
And a comic superhero will not come up, flying and solving our super-problems.
Is there something you can do so far to gain clarity back into your day-to-day?
Of course, dear Business owner.
Logical Solution: Take a piece of paper, a pen (or a .docx file in your PC / Laptop), and sit down.
Write down what do you think will happen throughout the next months – and create a plan from that.
When I say “Write down” it is actually, spit as much as you possibly can.
If you’re scared or anxious, even better. Relief from this now.
Ask yourself questions like:
Here is where you can input all the solutions from this list into one single sheet.
And only use real numbers, data, and statistics. While your guts feelings help you to move forward, they won’t do much for planning a strategic business plan.Also See: Small Business, Business Challenges, Social Media, Small Businesses, Up, Small, Even
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