Small businesses are essential for local culture and are a major part of communities of any size. However, with competition from large corporations who can afford to make their products and services more affordable for consumers, it’s sometimes tough to be a small business. There are 4 major challenges you may face as a small business owner but thankfully, there are solutions.
Ample funding is one of the greatest challenges a small business faces. In fact, studies show that 82% of businesses go under because of poor management of finances. Thankfully, there is a way to avoid being in this percentage - seek expert advice. No one expects you to have it all figured out all by yourself. With the assistance of financial advisors, you can create a system of monitoring the incoming and outgoing cash flow to ensure you always have enough to keep operations running smoothly.
Another beast of an obstacle is adequate marketing - in fact, 76% of small businesses struggle with this important element so do not feel discouraged if you struggle with properly marketing your business. Consumers are so saturated with information on a constant basis that it is difficult to retain their attention. In order to be successful in marketing, you should make a plan with specific-to-you information:
· Identify your target audience
· Find out what platforms your audience uses to gain product/service information
· Make profiles and accounts on these platforms
· Research and understand your niche
· Make messaging brief, concise, and relevant
· Have a consistent and timely flow of information
· Respond to both positive and negative comments/feedback in a timely fashion
Once you have successfully identified these key elements, marketing will feel more like a conversation with your consumers which is the best and easiest way to keep their attention and loyalty.
- Retaining Customers
As mentioned, one way to retain customers and their attention is through marketing and a presence on popular platforms. However, there are other successful ways to keep consumers coming back for more. On top of consistent and creative information, create interactive opportunities to keep your targeted audience engaged. For instance, does your consumer-base respond well to sales, holiday-themed decor, loyalty or frequent shopper programs, social media competitions, giveaways? Whatever it may be, a little research can help you determine how to keep your customers coming back time and time again.
- Leadership and Teamwork
You cannot be in multiple places at once which is precisely why it is crucial to have a management team you can rely on. This person or team needs to be as passionate as you are about the business and the brand to be successful. However, it starts at the top. You not only need to play to everyone’s strengths (i.e., a salesperson should not be leading the marketing strategies and vice versa) but also be a motivating example of hard work and loyalty. To be a good leader, you need to listen to feedback, make valuable improvements, be available to your employees, and be willing to allow them to grow. The right team will feed off your drive and enthusiasm which will show in their efforts to make the business successful.
Transworld Business Advisors Houston is staffed with advisors who not only assist in the buying and selling of businesses but can also assist with the keys to making a business successful in the Houston area. If you are concerned about how to keep your business profitable, contact your Transworld Houston today. With the right tools, your small business can become a household name in your community and hopefully, grow beyond your community.