Many of us can agree that running a business is no easy thing to take on. You are constantly in the thick of things whether that is driving sales, marketing your business or simply managing staff and customer expectations. It can be exhausting which often means when you get a few hiccups in the road they can really steer you off course. However, many of the business hiccups we face are extremely common which ultimately means there is always a solution to the issue or better still ways to avoid them entirely. I wanted to share with you some of those business hiccups any business can face whether starting out or well established and share exactly what you can do about them. I hope it helps you out if you ever find you and your business in a tight spot.
Gaining and keeping clients
Gaining clients is hard enough, but sometimes keeping them can be equally as challenging. From ensuring that you are seen through digital and physical avenues right through to the customer service you and/or your team provides can be the difference between a successful business and one that is about to fail. Word of mouth is one of your biggest assets, after all, it can be difficult to get someone to shout about a good service, but they most certainly will tell anyone who will listen about a bad service. Make sure you do all you can to advertise and gain the clients but then once you have them provide the quality in the product and/or the service you give.
Not having the right marketing strategy for your business
Marketing is a key aspect of any business, so getting the strategy right is essential. One huge common problem businesses can face, would be either not having the right strategy in place or focusing on the wrong sorts of advertising opportunities. It is all well and good posting to your social media channels, but if you don’t do it at the right time or engage with your audience, it can be a pointless task. This is when it is important for you to ensure you have the right team in place, where you have analysed and researched the audience and target market to ensure that your marketing matches the requirements.
Cash flow disasters
Cash flow is huge to any business, and if you have more going out than coming in then it can be a big problem. The main issues businesses have is invoicing out to their clients or customers, and then providing a thirty-day payment window. Some businesses will pay whereas others will leave it until day thirty to pay to keep their own cash flow levels where they should be. Thankfully, this can be resolved with companies like Business Factors. These sorts of businesses can take care of the invoices for you and pay them directly so that your client then pays them within their payment window. You have the cash flow you need to keep your business running, and you are still honoring payment terms to your customers and clients.
Having the right team in place
It is always essential to have the right team in place in your business. These people are at the forefront of your business. They may be working in your retail stores, they may be in the offices greeting clients or simply dealing with people over the phone. But if they don’t provide the right level of service you want to give to your customers then they potentially could be letting your business down. Staff turnover is a huge hiccup in any business as it costs money to recruit and train new staff. So ensure that you make the right decision first time by interviewing extensively, asking the right questions and gaining an understanding of the type of person they are to ensure they match your ethics and business plans.
Starting a business is far easier these days, it can be as simple as getting your domain name and registering your business online, and away you go. Staying in business is a whole new world, and now with the ease of starting a business, you will find that there is an increase in competition. This is when you need to really focus on your business’s unique selling point. Is it the product? Is it you or your staff? Is it how you actually conduct business? With customers being able to easily change their provider with a click of a mouse, it is now more important than ever to focus time on customer retention as well as gaining new clients.
We are in a time where world politics is hitting the new every day. The western conflict between the US and North Korea, Brexit between the UK and the European Union, is well underway. New presidents, new leaders, they can all have an impact on the way business is conducted each day, and at times this can be worrying. It is always important to ensure that what goes on around you does not primarily affect your business strategy and growth.
A big challenge for any new and existing business to conquer is that of risk management. Identifying them, assessing them, and ensuring that the risk elements do not affect any customer or business matter can be daunting, and often predict hiccups within your business journey along the way. Problem-solving is always going to be key to your business. Whether that is solving a customer issue effectively or analysing the potential risk element of different marketing or advertising strategies. You will always problem solve. Understanding that will help within any aspect of business hiccups and issues moving forward.
Business and challenges go hand in hand. There is no right or wrong path to take with any business, but understanding the main factors and preparing in advance for any issues that may arise will always be your saving grace, and certainly not your downfall. I hope that some of these suggestions for the most common business hiccups help you in the future.