Having met with many local entrepreneurs recently, it is clear they all face 6 core challenges on a day-to-day basis when it comes to setting goals.
Issues with time management, productivity and focus are themes that came up repeatedly.
This makes it difficult to find the time need to set their goals.
They all know about their business but require expert support and guidance to ensure their company grows and increases profitability.
6 Key Challenges Faced by Entrepreneurs:
Acquiring New Customers
It starts with setting goals.
Customers are at the heart of any business.
Without customers and the revenue generated then the business becomes just a good idea.
One of the main challenges they faced was how to attract, retain and maximise their customers?
The key to winning new business and ensuring customer retention is providing great products and services but also adding a great customer service experience.
A strategy needs to be developed for ensuring this customer growth and maximising revenues from existing customers.
Having A Integrated Marketing Strategy
Many business owners are not marketing experts.
They need strategic advice when it comes to developing positioning, a marketing strategy, campaigns and communication channels.
The challenge is to enable the business to tell its story in a way that enables the business to grow and build customer engagement.
Bringing an experienced marketer into the business to help develop this strategy can allow the business owner to focus on what he does best.
Having More Time
For many business owners there are simply not enough hours in a day.
All owners are stretched for time.
Creating more time means sometimes saying no and focussing on what is essential for the success of the business.
This is where business owner often seek external advice.
A business coach or consultant will help them focus on what is critical for the success of the business.
Taking Control of Cash Flow
It is imperative for a small or medium-sized business to manage their cashflow effectively.
However, sometimes managing the P&L seemed to be the third or fourth ‘order of the day’ for some business owners.
A business coach or business consultant will take the time to analyse business performance.
They will look at revenue and costs, looks at aged debtors, analyses client profitability and puts effective financial planning measures in place.
Business Planning seemed to be a bit of an afterthought for some of the business owners I spoke with, they were working more ‘on the fly’.
Annual Planning should start a minimum of four months before the end of the financial year and should start with a formal annual budget.
This strategic planning should include:
- Understanding the profitability of each client/customer
- Growth opportunities
- Business development planning
- Analysis of the overheads required to service those clients/customers
- Marketing strategy and planning
- Build a great customer experience
- Deliver a sustainable profit margin
Successful business owners create wealth and grow their business by understanding how to build a culture where sustainable profitability is a given.
Having Clear Systems And Processes
Many business owners are not across all the processes involved in running a business.
The challenge is to make the processes involved in running a business simpler.
This is where an external consultant or expert support can prove highly beneficial.
Failure to manage processes such as sales, marketing, business development, building customer loyalty, operational management, HR and employee development can lead to businesses failing.
Being stretched across business functions is not the best way for business owners to develop their business.
About The Author
Mark Pettit helps successful entrepreneurs create a vision of their ideal future and then build a plan and path to create it. By having this clarity, his clients are able to expand their freedom and multiply their revenue and growth.
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