Most business owners do not understand challenges in business. Their focus is always on growth which is not a bad thing. But on the other hand, not preparing for the worst can shut down your business completely. This article is about understanding the issues of business in real time. If you want to start a company or run a business already, you should know this. I have been doing software business for more than a decade. I not only have my own experience but also my friend entrepreneurs experience to share. As a result I acquired good knowledge of how business works and how to solve business problems.
Challenges in Business
Out of everything I have learned, here is a list of challenges that you can face and the technique to overcome.
Not Enough Business
This is the first problem new entrepreneurs face. In fact this is the starting point of any business failure. Business promotion expenses are rising everyday. You can use some free marketing tools. You can promote business on social media like Facebook and twitter. In addition, you can use Instagram also if you have sharable content.
This is among the most common business challenges entrepreneurs face in modern times. If you do not get your money on time, you will struggle. As a result, your commitments will fail which is not good for any business. Here I consider that you are not at fault in delivery of goods and services. Yes, there are some genuine reasons but in many cases it is due to intention. Clients put payments on hold even after successful delivery of product or services. They just want you to work a little more because the payment is stuck. In other words this is exploitation but clients do not realize. In addition, if you have competition in business then the situation becomes more critical. Read our article on how to manage payment delays to understand this topic and solve it in the real world.
Money is the primary reason for business failure. There are many people who talk about motivation, self assessment and a lot more. But, in reality if you do not have enough money, you cannot survive. Smallest of business needs money and the cash crunch is real. When you create a list of challenges in business, keep this among priority. Keep maximum possible liquidity available to make sure your business keeps running. You can also make use of cost cutting techniques to maintain cash for a longer time.
Challenges in Business that cause slow growth
All the reasons mentioned above are the ones that are common. Here is a list of some that delay your growth.
Slow Growth due to Not Promoting the Business
In business, promoting a brand is very important. If people don’t know about the company, why will they buy from you? You can make some customers, without promoting the brand much. To sustain growth in future you keep investing in marketing. You can also make use of free marketing tools at the beginning. Most entrepreneurs are too busy in managing the business that they forget business promotion. They do not even consider business promotion expenses. Due to this, they keep banging heads on the same door but nothing changes. As a result, one day they realize that there is no money available for promotion. With marketing you can also sell products in the international market and increase business reach. There are few low cost marketing techniques you can use to make the brand famous.
Marketing Cost of Small Business is among top Business Challenges
Your need to increase sales in business continuously to sustain long term growth. This comes only when the customers are aware about the brand. Marketing is the first step towards informing customers that your business exists in the market. This is where the challenges in business begin. Most small businesses work with limited budgets. Due to this, small business marketing cost is not affordable. As a result, you will face difficulty in attracting more customers which leads to business failure.