Small business woes – How can they succeed?

Starting your own business can be a heady rush of excitement and hard work. Unfortunately though, despite the initial optimism and dedication, some small businesses do not achieve financial success. In fact a number of businesses fail in the first year.

What challenges do small businesses face?

Hurdles to success

Financial stress starts creating a burden with small businesses as often cash flow becomes an issue. The major financial worries are clients stalling payments, unexpected expenses and outstanding bills that won’t wait to be paid. This affects the ability of the company to pay employees and their creditors.

Especially with the onset of the Covid 19 pandemic, businesses have had to reconsider how to make their businesses successful with curfews, lock downs and shortage of staff. However, all is not lost! There are grants and loans which are available to businesses to help them absorb the financial impact of the pandemic.

Some companies found it helpful to diversify their products to meet market demand, for example dressmakers and others in the fashion industry starting manufacturing masks that were not previously in their line of products.

One man show

Another problem which is faced by small businesses, is the reluctance of owners to relinquish any control over the company. Although it’s tempting to try to do everything if you’re a small business owner, long hours add pressure.

Fatigue, one of the most commonly overlooked small business challenges, can leave you disorganized, forgetful and inattentive to clients. Business owners have to pace themselves, which includes embracing strategic delegation. You can start by identifying business elements that don’t require your expertise, such as mailing, and take on an assistant, even part-time, to help out – after all, it’s an investment that frees you up to do what you do best!

You could also consider delegating tasks that are outside your skill set to specialists, such as accountants or legal experts – the results will likely be more professional and can save you endless headaches.

Online Presence

Some companies ignore the power of having a digital presence and as a result they lose out on potential sales. Small businesses must ensure that they have an online forum to engage with their customers.

Asking for feedback in traditional ways might work for a time, but it is essential to pair that with astute use of a company’s social media page. Create Google Alerts, blog posts and use Twitter hashtags to keep up with what’s trending so that as a small business owner you keep your consumers engaged and coming back for more!

So what’s your take? I would love to hear your thoughts! Drop me a line below!

Teri Ann Renee Paisley

Gleaner online writer

Tags: finances, pandemic, small businesses, success