9 Biggest Problem Faced by Small Business with Solution
As people try to start small business known as Entrepreneurship for their better well-being and fulfill the demands of life. But small business at start face many problems like Omismedia which face problem at start as lack of customers, no awareness in people and lack of marketing strategies but time to time it struggle to manage and resolve all the issues that occur in its small business.
Top Challenges Faced By Every Business Owner
- The management of Cash flow.
- By hiring of employees.
- To manage the time.
- By deliver delegating tasks.
- Resistance to change.
- Adoption of marketing strategies.
- Lead generation.
The management of cash flow:
A proper cash flow is very helpful to run a small business. At start a person who run a small business have to pay all the bills all alone. He has to pay all the employees he hire for the work to start. If customer not give a good feedback and not pay a handsome amounts of products then the business going to be in loss.
The solution of cash flow is to proper budgeting. A down payment for all products is also a better option. You are not necessary to pay all the bills and payment, through down payment you have to pay your own bill only. Another solution is invoice management. You can take your payment by the customer within given days i.e. 20 days.
By hiring of employees:
The most difficult in small business is to hiring the candidates. By examine the resumes of candidates, taking interviews and select the real one who deserve the job is all very difficult. After getting good candidate, to offer good package is also important task.
The best solution for this problem is to deliver ad that give information about what type of qualification business need, what type of duties candidates have to perform and how many pay is given to them.in terms of interview, best one is walking interview in which entrepreneur take candidate in a working site and ask about his interest in job and what he knows about the demand work of a job. Try to seek real reference for the candidate rather than the one who only use your relation for the candidate to be selected. Client-boss relation must set with honest to run a business.
To manage the time:
Some people start a small business but not give proper time to their business so it goes in loss. They try to make more and more new business but not give proper time to any business and fail to manage their time.
Try to manage time it only get manage when you make goal list. You should make a list of all targeted goals done in a lifetime then break this goals into yearly goals then break into monthly then weekly and then day to day work. As many sub goals formed so it could be easy to manage time for specific business.
The problem in small business is that when you do something it get messed and you get no time to redo it. You have to do other task as well and in this way of getting short time you get really anxious and all the work get messed.
The solution of this problem is to find good employ whom you give your extra work to him. Next you have to become ultra-specific about what you want to be done. Make a list of your work and put those work which have priority. Try not to make assumptions just do it and take help from the employ.
Resistance to change:
One of the biggest problems for the small business is they become rigid and not bring any change or any kind of innovation so it lead to defame and in loss. They not bring new ideas and new strategies and stick to old ideas to run the business from which small business get suffer.
The solution of this problem is very simple. Try to bring new ideas and innovations in your business. People eagerly waiting for something new. They get bored from the same thing use again and again. New innovations readily catch the attention of the customer.
Adoption of marketing strategy:
The problem lies for the loss of a small business is the adoption of poorer marketing strategy. If you don’t know about how to implement the marketing strategies then your business will definitely go in a loss.
The solution of this problem is to make proper strategies for the development of a small business. Make advertisement for the business. Spread awareness about the business in people. Make web pages and use internet media for the flourishing of the business. Give free trials and start coupon schemes for the loyal customers. It will help to run a small business.
The problem for the small business to have small capital to give shares or to invest in other businesses.
Try to take bank loans or from friends and family. Try to make new and new customers in this way, word of mouth is the best option to make many customers.
Not take advice of expert:
The problem small business face is no taking of expert advice. If you take all decisions by yourself and not take any suggestions from the expert then many difficult tasks have to be done by yourself and many problems occur which lead to failure of your business.
Try to take expert and professional advices from the expert who knows about your business and have a good command in that area of business. Take advice from that person who is honest and remain loyal with your business.
When you start a business and it goes in failure you feel discourage and self-doubt take place which is a problem for your business.
A good support of family and friends will help you to overcome your self-doubt and for the progress of your business.