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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.

Increasing Profitability

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.

Ready to Transform Your Future?

How would you feel if you had clarity on the 3-year vision for your business and a plan and path to create it?

Imagine if you could wave a magic wand and simplify everything so you only focused your time on the things you do best and you love to do?

How would it feel is you had the focus and growth focused accountability structure to be able to achieve your biggest financial goals whilst expanding your freedom?

If you want to transform your future whilst enjoying increased happiness, confidence and profitability then book a Breakthrough Call with me today!

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About the Author Mark Pettit is a leading 1:1 business coach to ambitious entrepreneurs who want to free themselves up to jump to the next level of time freedom and business growth. He is the founder of Lucemi Consulting, a coaching and consulting company. Visionary, creative, and generous, he is a hero to entrepreneurs seeking to work less, do more of what they love and multiply their revenue and profits. www.lucemiconsulting.co.uk