Ever wonder if your small business problems are unique or – if instead – your peers are also dealing with the same pains? Look no further – we have the answer. We spent months interviewing more than 100 small business owners, consultants, and organizations to find out what topics related to running a business have been the most frustrating. Work your way down the list and take a wild guess now as to what was the most common issue.
Issue #1 – HR/Employees. Mentioned as the third most common pain, dealing with employees is a big headache for several owners, especially those running service-based businesses. Not only do owners find it difficult to find good employees, they also struggle to keep the good ones. When employees are your biggest asset, it’s extremely deflating to invest time and resources into a trainee only to later watch them leave for a higher paying employer – especially if that happens to be a competitor.
Issue #2 – Marketing. With technology changing everyday and an overwhelming array of existing platforms, it’s no wonder that not having a solid marketing strategy was our second most common challenge. With a need to decipher through many different digital and print options, promoting your business effectively in a noisy space is no longer a simple feat. Unfortunately, due to these many complexities and relatively high cost of marketing services, many owners choose to not do much at all. Instead they rely solely on “trial and error” or word-of-mouth marketing. This makes it difficult to accurately measure results.
Issue #3 – Financial. Without a doubt, the number one most common problem faced by nearly all owners was… financial problems. It’s impossible to predict how much capital will be needed to fund a brand new business venture so it’s no surprise that many owners miscalculated their initial funding needs. As a result many find themselves deep in depth or under-capitalized.
For the more seasoned business owners, financial woes are more commonly tied to cash flow concerns. Some projects require a heavy upfront investment in both labor and resources while the payment for those services may not be delivered until 30, 60, or even 90 days after the job has been completed.
There you have it, the top 3 problems faced by current small business owners in the NWA area. Is your business currently in a rut or struggling to overcome issues like these? We are fortunate enough to live in an area that is extremely kind to entrepreneurs so reach out to one of these two FREE resources. Both exist solely to help small business owners succeed: 1) ASBTDC and 2) Startup Junkie Consulting.
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