Often, many small businesses face these challenges. These are addressed and are provided with a few solutions. For all the solopreneurs and small businessmen, the following ever-useful advice. The difference between reacting and responding is an important one. While one reacts to things, he or she can essentially tackle the issue in the short term only. Upon responding to a problem with a calm and a rational mindset, one can look at the larger picture.
A latest survey found that majority of the small business owners plan only for the short term and react to the short term needs only. Building a sustainable business, either small or big always requires a long term plan and a perspective towards a greater goal and a clear view of the larger picture. While no one can predict the future and prepare for it, one can always aim for a specific goal and greatly benefit from the profound sense of aim and a well defined objective. Everything depends on your perspective. Have the right perspective, you’ll make the right choices and decisions, always.
When you are starting up as a small business owner, you are assumed to wear multiple hats and be the jack as well as master of all trades. You are your own designer, strategist, salesman, lead generator and your own financial advisor.
To perform efficiently in all these demanding job roles, one must learn to be reasonably skilled in all the required fields. In the internet era, it is relatively easy to develop a brief idea and knowledge about anything and everything. Nevertheless, applying those many ideas and plans requires time. Planning your time wisely between all the time consuming activities and eliminating the activities that can give you little or no growth is vital. The Eisenhower’s decision matrix is a great model to schedule your tasks, and if you follow it, you’ll never spend your time doing any unnecessary task ever again.
When you are running your small enterprise, it is often hard and challenging to pick the right person who matches your requirements. At the same time, choosing the wrong candidate and then replacing him with another one is a painstaking as well as an expensive process. So should you hire people or should you try automating the tasks that demand an employee?
While tech savvy business people should try automating tasks which require another employee, the others, whose requirements cannot be merely automated must employee the right candidate by following this mantra — hire slow, fire fast. Most business people pursue the opposite. They hire people very quickly without giving much thought to how well can a particular candidate fit in their business. But when it comes to firing, they’re often reluctant to fire a candidate. Their fear of undergoing the process of hunting a new person often prevents them from firing an under performing employee. This must change. Hire slow, pick the right one. Fire fast, get rid of any negativity in your business.
Marketing is one of the most neglected phase when it comes to small businesses. It is estimated that nearly half of the small businessmen consider themselves just above average when it comes to marketing. The reluctance to better your marketing skills poses a great threat to the growth of your business.
Building a product or establishing a great service is just the first step. The final step is making the sale. In order to make the sale, people should be aware of your brand and its services. To make this happen, you must place much emphasis on marketing your business effectively. Take courses in Marketing and Growth Hacking. With the advent of MOOCs, many reputed blogs, coaches and business mentors teach you the skill of marketing. Educate yourself in this field.
Branding and Awareness:
Many profitable ventures and businesses have built their success on top of this— customer retention. Retaining your customers is one of the key to a succesful business. When you are a small business, it is often hard to generate leads as quickly and as hugely as other big businesses with a huge staff do.
What you need is customer retention. Customers are retained when they find your business trustworthy. A business alone cannot be an anchor that pulls people back from time to time. You need to establish a brand of your own so as to draw attention to yourself. The more you brand yourself, the easier it is to grow virally.
Viral growth occurs when your customers stay with you and bring you new customers. All of this growth revolves around your ability to brand yourself and create your brand awareness.