If you’re here, there’s a good chance that means you’ve started a small business, which is incredible. We know this can be one of the most rewarding things you can do, and also quite terrifying.
Growing a company can face a range of challenges. As a small business grows, different problems and opportunities demand different solutions, and what worked a year ago probably wouldn’t work now. And let’s not even begin with the havoc this pandemic has brought upon us.
So how do you manage your small business from becoming the one of every two that does succeed? First, it’s to know what typical challenges your business will likely face as it grows and be prepared to meet those challenges head-on.
Say hello to online
This was actually one of the few good things to come out of this craziness. Taking your small business online doesn’t just save your ability to interact with your existing customers, this opens your business up to new potential customers, even international ones if that’s your goal!
Just as you would need people in your store, you now need people in your online store! It makes sense. This is where other channels like email and social media help.
Knowing the unknown
If there’s one thing we learned from the pandemic, it’s that you never, ever know what the future has in store for you.
One of the big things that the last two years have taught us is that it’s nearly impossible to plan for the unknown. I mean, that is kind of obvious, it IS the unknown.
But it is possible to take a step back and evaluate the present. So let’s play a game. It’s called “If You Knew Then What You Know Now.”
Go back to 2019, before the pandemic hit. How would you do it differently living through these past two years? Take the time now to figure out where you can find the best guidance for your business. It’s best to familiarize yourself with these things and identify helpful resources now rather than in your time of need.
A great place to start is creating a Rainy Day Fund.
Employee safety, first!
Find resources and talk to fellow business owners for advice and solutions on how to handle employee wellness and benefits. If there is one thing you can always count on as a small business owner, it’s that you are not alone in your journey.
Making new customers
Of course, the most important thing, and sometimes the toughest, is bringing in new customers to your business.
Once you’ve built your buyer personas, you can start creating content and getting in front of your target customers in the places they spend online and with the messages they want to listen to.
So we now know who we want to sell to… but do THEY know who YOU are? There are strategies for spreading the word about your brand and building an excellent reputation that you can start right away. There are many ways to spread brand awareness, including PR, co-marketing, and blogging.
In time, a business may boom beyond growth expectations. But, as demands for your business increase, without the proper systems in place, you’re more likely to come up short and fall short of those demands. This is why you must scale up your business , and we can’t stress this enough, WITHOUT sacrificing the qualities that made you such a hit in the first place.
Financial fails
Let’s just admit that we can’t be good at everything. And a lot of people struggle with understanding finances.
If this sounds like you, hire a bookkeeper or accountant to work with you on monthly reporting. You need to review and understand your finances monthly. Then, add up all your expenses each month to know the minimum gross sales required to cover your costs.
This challenge can be overcome by using online invoice softwares or better budgeting systems and effective cash flow management . Virtually small business owner has cash flow problems. One simple tip is to keep a strict track of your money, where it’s coming from, and where it’s going.
Every business will be different, but you’ll want to use business credit wisely, cut costs where possible, and manage cash flow by staying on top of invoices and bookkeeping. Business accountants and financial advisors can help you analyze your financial situation and help you make good decisions.
Mind the haters
“Isn’t it super risky?”
“Won’t it be time-consuming?”
“What if you lose all your money?”
Raise your hand if you have heard at least one of these questions? Heck, maybe all three in one way or another.
This challenge appears a little more cryptic than the rest. When starting a small business, many have a personal cheerleader cast of friends and family. And as much as they want you to succeed, they also genuinely don’t want you to fail. But, unfortunately, this sentiment can often come off cynical and not supportive.
These opinions can really take a long-term lease on your headspace-no one needs that. And when you do kill it, it doesn’t entirely end. You still get the “Oh, you were lucky!” Oh yes, it must be luck, not hours of blood, sweat and tears you devoted. Simply luck! *Insert eye roll here*. I digress, but this can distract you from your goals and leave you with self-doubt.
We believe in the right time, the right place, and hard work. Don’t pay attention to the naysayers.
Wrap up
Being an entrepreneur in a startup is extremely difficult. Every day you’re faced with reasons to doubt yourself, which will sometimes make you think about throwing in the towel.
Remember your purpose and why you built your company, and always stay focused on reaching the goals you’ve set out to attain.
You got this!
It’s that time to sign off, and I hope you come back next week for our next blog to help upgrade you and your website.
Originally published at https://www.bookmark.com on June 8, 2021.
