Running a small business can be challenging to say the least, but what are the things that are really getting in the way? In our assessment, the BizMI (Business Measures & Indicators), we asked business owners what were the biggest challenges they were having with their small business.
Here’s what they told us:
- Raising capital from investors. Having the money to fund or grow a business is a huge obstacle for many small business owners, particularly when it comes to identifying investors. Business owners must have a clear concept, the right management and team, as well as a strategy for repayment when seeking out potential investors. They should also have a good understanding of how the money will be used and how it will support business growth.
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———— - Finding the right financing solution. Not only are businesses challenged with finding money, but they are also concerned about finding the right financing solution. In other words, every shoe doesn’t fit. Business owners have to be diligent about finding the right match when it comes to trading ideas for dollars.
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———— - Refining the business concept and having a business plan that can give a clear picture of the model. Clarity is Key and it’s important for business owners to have a definitive route to how they will make money. The business plan is the supporting document in which business owners can determine their goals as well as who they’re selling to.
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______ - Marketing products and services and getting in front of enough clients. You can have the best business, product or services, but if no one knows you exist then it does no good. Marketing is the life blood for building interest, engaging prospects and retaining clients. Likewise, keeping a consistent pipeline of potential prospects is critical to sales success. Having a solid marketing plan along with consistent outreach strategies can help resolve this challenge.
————– - Creating a strong brand and consistent message. Brand consistency is often a challenge for smaller, newer companies that are still refining who they are and what they do. Once the company clearly understands their vision and mission, they can then embark upon the task of creating a supporting message.
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When it comes to business, some of the major challenges remain the same. It still boils down to money, strategy/planning, and marketing.
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Biz Practitioner
Sheronde Glover is a speaker and strategist and the CEO of The Business Practitioner. Sheronde helps organizations, leaders, and teams re-energize with purpose, passion, and action using the ACE (Aim. Change. Excel) framework. Ready to ACE it? Contact us at 678-250-4192.
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