Recent studies and surveys have indicated some of the top challenges that small businesses or solo entrepreneurs are facing today.
More than half of the respondents in research conducted by Industry Canada believe that growth is the most important issue they face. Growth categories include attracting new customers, recruiting qualified staff and having the time to manage growth. Competition came in as the next highest concern.
1.Growth New businesses start out focusing on making a profit in order to establish and sustain themselves through the first few years. One way of increasing the bottom line is many business owners will try to do everything themselves within the company to save money. While this may work for a while, it will ultimately impede growth. Time and energy of key staff is better spent on finding ways to attract new customers and increase sales. Everything that isn’t growth related should be delegated. If you are not sure what this entails, you may want to hire a business coach to develop a growth and marketing strategy.
2. Employees Another important challenge is labour shortage; finding, recruiting qualified staff and retaining them. Employees will remain with an employer who shares decision making as a group, communicates openly, praises publicly and criticizes privately, gives them the necessary tools they need to perform and then empowers them with responsibility to get the job done. Listen and address staff concerns. Foster an environment of team spirit and accountability and you will see happy, engaged staff who go the extra mile in performance and customer relations.
3.Competition Every business has competition. It’s what drives the economy. In order to develop your marketing edge, it becomes critical that a business knows their competition. There are a number of factors to think about when examining your marketing approach.
Consumers are more knowledgeable and selective than they have ever been. They demand more. With the internet at their disposable, a quick search is all it takes to educate themselves and do a price comparison.
Most businesses have a web site. Is your web site attractive, friendly, and informative? Does it entertain your customer and give them a reason to return and visit again?
Do you have an internet marketing specialist taking care of the complexities of web site positioning for maximum exposure and traffic? To change the momentum of your business, you need to pause and take time to prepare a plan. Identify goals and objectives with measurable time lines. What are your Key Performance Indicators that will help you evaluate results? Get external advice and a fresh perspective. Seek professional help where needed. Spend all your time on growth activities, employee relations and marketing opportunities,delegate day-to-day administration, and you will see outstanding results.
By: Erika Martlew
Posts Tagged ‘Business Owners’
Small Business Challenges – 3 Strategies to Kicking Your Business Up a Notch
March 22nd, 201012 Profit Boosting Business Tips
March 13th, 2010
In the face of falling demand and intense competition every order has to be fought for. Getting it right isn’t an option; it is a survival strategy. Business owners often become complacent leading to a haemorrhage of lost orders that can cripple a firm. Most failings are avoidable. Here are twelve tips to help you survive the crisis.
Take the advice of your media advertising representative. They want you to succeed. A small advert placed frequently works better than the occasional larger one. Always use USP (unique selling points). Special offers for example. If you live in a bi-lingual area it doesn’t cost much to make your website bi-lingual. You wouldn’t put a notice on your door: ‘English Speakers Only’ would you? If the wording of your website or brochure is amateurish you will invite ridicule, not orders. Make better use of e-mails. They are real sales boosters when you know how. They have at least ten advantages over the telephone. I will list these shortly or e-mail me if you miss them. Poor signage is a no-no. How often I have heard it said: ‘But our customers know where we are.” Hello! The new ones do not. An attractive high visibility sign will be seen by hundreds, perhaps thousands a day. First impressions count. Sales are lost when potential clients telephone an answering machine. A telephone answering machine cannot answer questions, which is why most people call in the first place. Be polite; listen and respond transparently. If you are in business then being a sales person comes with the territory. Improve your people skills; be pleasant, informative, highlight the advantages of your service, and ask politely for the order. Never ignore a spouse or partner. If you don’t get the close right you won’t close. Be a pully-pully salesperson: Ask the customer; ‘Which would you prefer?’ or ‘Would Tuesday be alright or might Wednesday be better for you?’ Clients are offended and inconvenienced by poor timekeeping. If you are unavoidably delayed call them; explain; invite their understanding or suggest an alternative in order to avoid inconveniencing them. Customers are not stupid; do not treat them as though they are. Explain what has gone wrong, what is necessary to put it right and why. It is infuriating to be given a bill without a break down. If you do so you invite the allegation that you are cheating or over-pricing. Again, transparency keeps customers happy. Happy customers are your best sales staff. A man bought a business. The first thing he did was ask for a list of dormant clients. He discovered most had left due to poor service. By informing them of the change of ownership and addressing their concerns he learned lessons. Best of all he enticed most back. Always leave two or three business cards in your customer’s home or premises; where they can be seen. Respectfully ask your customer to recommend you and ask if they have friends or family who may be interested in your service. The most important rule of all: Always thank your client for their custom.
By following these basic rules you can double, even treble your turnover without it adversely affecting your outgoings.
Business Capital Sources For Free
March 9th, 2010
The main goal of any business venture is to survive. Technically speaking, money is the backbone of a successful business establishment. A business can not run without fuel from capitalization. Every business owners are so aware of the fact that starting up or expanding a business must have a solid foundation which is financing. Funding a business is one of the greatest problems for those who desire to be business owners. Adding up to the difficulty is the present economic turmoil hitting the world today. Some business owners are choosing to close down rather than to pursue on operation. However, for the more aggressive and positive entrepreneurs, closing down a business is not helpful at all. Instead, looking for capital sources is the most appropriate thing to do. There is actually free business money for business capitalization and expansion.
Free business money is in form of government grants. The government is offering and entitling every qualified taxpayer and business owner to eligibly accept free business money. Government grants are for real. Some people might be reluctant about such programs offered by the government since there are no public disclosures or even advertisements for their availability. This could be the reason why most people are not aware of government grants for financing a business venture. Also, one reason is that the budget does not allow a specific and exact date of release. The distribution of free business money is only for qualified applicants. Nevertheless, if your application hasn’t been successfully approved, there are still many programs which can consider your application.
Government grants are programs which serve as a homage for loyal taxpayers. The government is constantly allotting budgeted amounts for potential applicants. Whether you are just a novice businessman or even if you’re already a business tycoon, government grants are always reachable. The application process is quite easy to undertake provided with a good sense of compliance and direction as well. You must also forward the correct requirements to avoid delays and hassles. In time, you will be able to be granted with enormous amounts for the capitalization of your business if you are a determined applicant.
It is also important to equip yourself with the proper knowledge on the application process, its terms and conditions, requirements and the category you should fall into. There are many categories of free business money and one must be suitable for you. There are also websites that guide you through the application process and the people to consult. Know whether the sites you are visiting are really revealing the most proper stand during the process.
Your embarkation to the most profitable business starts with planning and budgeting. Government grants are always open to help you out with financial constraints and unavailability. Should there be any hesitations regarding these programs, you can always get in touch with your local administrator or seek for legal advice from a tax lawyer. These people should be able to help you out in facing your business dilemmas. The source of fund must be well prioritized in order to get your business going.
By: Christina Gruble
