Blog
Challenges faced by small businesses
Date12 Mar 2021
Fact Number 1: Statistics show that a shockingly high number of small businesses do not make it past the first year.
Fact Number 2: Most of the challenges businesses struggle with can be fixed easily by following the right approach.
On this note, we will discuss some of the common challenges faced by small businesses and how they can break free from this cycle in this article. When we look at the statistical figures,survival rates might seem discouraging, but sometimes all it takes to fix these problems is to change your perspective, take a step back and look at the whole picture from a fresh angle. It also helps to take some time to reinvent the business model and take a more sustainable approach towards "humanizing" the whole scenario. Employee experience and customer experience are key to the success of any business, and you might be surprised at how simple it is to break free and get a fresh look at things.
One of the first challenges faced by any small business is expanding the client base. How can a business survive if there are no takers for the service or product offered? Agreed, this is not as simple to fix as some other challenges and that this is a most critical concern, but this is not the end of the line either. One of the first things you must do as an entrepreneur is to spend some time and energy defining who your ideal customer is. If this is done right, you will know what is important to your customers, what their preferences might be, and where tofind them online. This is half the battle won.
Next, you can come up with a well-aimed digital campaign that positions your business right in front of your ideal customers, and you already have a plan to enhance the customer experience. This strategy is also closely related to increasing brand awareness, which can be viewed as the second big challenge faced by small businesses.
No brainer alert! Your customers cannot become your customers if they are unaware of your business. Here is where it really pays to partner with the right digital agency. Get your PR right. Great public relations strategies are not about paying to be in a news spot or blogging site. It is about bringing out the brand in such a way that your prospective clients see you and relate to the humans behind the brand. Good questions to ask yourself in this context are "what is my story?, Why are we doing what we are doing?, what problems are we solving for customers?".
PR also includes knowing who is covering your industry, building relationships, and showingyour business in the right light. Another good path to follow when you are building brand awareness is to run a consistently high-quality blog. Blogging is an organic and very desirable way to attract attention. You can also explore co-marketing options and partner withanother brand to benefit from that existing customer base too. This increases the visibility manifold. Building an email list that keeps you on top of your customer's minds and reminds them of your business is vital too.
Some words of wisdom to conclude: No challenge is insurmountable. Plan your finances. If you identify a block in the business process that is holding you down, pull back and take a fresh look. Simplify your approach and focus on the humans involved. Always keep employee experience and customer experience as your priority points. Take complete ownership of your brand and project it as you would your own story. Put digitization to work for you and embrace the advantages digital solutions can bring to your business, big or small.
Fact Number 2: Most of the challenges businesses struggle with can be fixed easily by following the right approach.
On this note, we will discuss some of the common challenges faced by small businesses and how they can break free from this cycle in this article. When we look at the statistical figures,survival rates might seem discouraging, but sometimes all it takes to fix these problems is to change your perspective, take a step back and look at the whole picture from a fresh angle. It also helps to take some time to reinvent the business model and take a more sustainable approach towards "humanizing" the whole scenario. Employee experience and customer experience are key to the success of any business, and you might be surprised at how simple it is to break free and get a fresh look at things.
One of the first challenges faced by any small business is expanding the client base. How can a business survive if there are no takers for the service or product offered? Agreed, this is not as simple to fix as some other challenges and that this is a most critical concern, but this is not the end of the line either. One of the first things you must do as an entrepreneur is to spend some time and energy defining who your ideal customer is. If this is done right, you will know what is important to your customers, what their preferences might be, and where tofind them online. This is half the battle won.
Next, you can come up with a well-aimed digital campaign that positions your business right in front of your ideal customers, and you already have a plan to enhance the customer experience. This strategy is also closely related to increasing brand awareness, which can be viewed as the second big challenge faced by small businesses.
No brainer alert! Your customers cannot become your customers if they are unaware of your business. Here is where it really pays to partner with the right digital agency. Get your PR right. Great public relations strategies are not about paying to be in a news spot or blogging site. It is about bringing out the brand in such a way that your prospective clients see you and relate to the humans behind the brand. Good questions to ask yourself in this context are "what is my story?, Why are we doing what we are doing?, what problems are we solving for customers?".
PR also includes knowing who is covering your industry, building relationships, and showingyour business in the right light. Another good path to follow when you are building brand awareness is to run a consistently high-quality blog. Blogging is an organic and very desirable way to attract attention. You can also explore co-marketing options and partner withanother brand to benefit from that existing customer base too. This increases the visibility manifold. Building an email list that keeps you on top of your customer's minds and reminds them of your business is vital too.
Some words of wisdom to conclude: No challenge is insurmountable. Plan your finances. If you identify a block in the business process that is holding you down, pull back and take a fresh look. Simplify your approach and focus on the humans involved. Always keep employee experience and customer experience as your priority points. Take complete ownership of your brand and project it as you would your own story. Put digitization to work for you and embrace the advantages digital solutions can bring to your business, big or small.
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