As an entrepreneur, I can very well understand how difficult it is to stay in business in this competitive world.
Achieving success is just another story after survival. The most crucial stage of any business is its initial stage. Wouldn’t it be better if you get to the common hurdles faced by small businesses? It will help you as well, right?
In every enterprise board meetings, business hurdles are always the hot topics and - big big worries for many struggling entrepreneurs. Answering the repeated questionnaires and based on my research, I have analyzed the most generic difficulties any small business can face.
According to you, what must be the biggest challenge? No it’s not finance. It’s People. More than a 60% of small businesses find hard to retain qualified employees ‘the pillars of growth and survival’ of any business. In my opinion, the best solution to overcome this situation is to follow the new buzzing trends in HR and by making your employees feel special.
Another significant challenge most commonly faced is the state and the federal regulations. Many entrepreneurs found it difficult and uneasy to abide them to the fullest. There is a smarter way to become a profitable company even after following the business ethics; but there is a way! Get acquainted with the right knowledge at the right time.
Economic uncertainty, technology and access to adequate capital are other problems but not the challenges. It can be trounced any time. Some of the small businesses, who have utilized all their lifelines, may find this situation troublesome. Take adequate measures by consulting your advisors. The more you talk to the professionals, the more suggestions and solutions you would get.
Some of the common mistakes you shouldn’t be doing:
- Mixing personal and business credit cards
- Neglecting quality of work
- Stopping to innovate
- Pay all the bill on time
- Neglecting investors and external capital
What you should focus on:
- Promoting inventory systems
- Get expertise in technical fields of your business
- Use the latest technology and social media for your business growth
- Interaction with your employees
- Mindset for next big leap