Are you running and growing a small business?
Wouldn’t it be nice if your small business could provide you the money you want and need, the freedom to do things you love and enable you to help your family and community?
These are among the wishes of small business owners but the reality tends to be different. In this article, I am highlighting 5 of these challenges and what can be done in each.
1. Too much work to do
Finding new customers, looking for funding, delivering to customers, ensuring good are available, paying bills, making sure you are in good books with the bank, following up payment, looking for more jobs or contracts, applying for support….an entrepreneur’s job just seems to be never done. It can be exciting at the beginning but after a while it gets old.
The solution: You need to a system and a team to help you.
2. Unmotivated workers
As you start to build a team to solve the first challenge, you now have people problems.
Why can’t they just work hard? Do I really have to constantly motivate them? Can’t they just care about the business as much as you do? Don’t they know that if we don’t make money, they won’t get paid? This is one of the most frustrating things as you start having workers. It would be nice if there was someone else worrying about and caring about your business as much as you do.
The solution: build systems that make it easier to for them to know what to do and for you to measure their input.
3. Not Enough Money
Another challenge of growing a small business is money. You now have people and this means that, in addition to your regular bills, you have salaries and wages to pay. Cash becomes a challenge.
Being your own boss has a nice ring to it but the truth is most small businesses cannot pay the owner what he/she truly deserves to be paid. You are making the money but you have to order more stuff, pay salaries re-invest etc…there just doesn’t seem to be enough money to go round.
4. Lack of Personal Freedom
You might have started this business so that you can be your own boos and have some freedom but frankly speaking, you don’t have that freedom because so much depends on you.
With a growing team and growing customer base, there is a lot more work for you to do. You have to see that important customer who prefers to deal with you and not your workers, check on that payment, see if your worker did the work correctly, make sure important bills are paid.. it can easily become overwhelming.
Creating an organizational strategy and sufficient onboarding and training of your team could be very helpful with this challenge
5. Inconsistent Buying From Customers
One moment you have a lot of people buying, the next moment, it’s dry. This can indeed be frustrating.
The solution is to have a marketing system in place that will constantly fill up the pipeline with prospective customers all the time.
If any of these ring true for you, I invite you to attend my upcoming seminar: Manage and Grow Your Small Business that will be held on 1st December 2017 in Kitwe. For more details, whatsapp 0961022655.
Find me on Facebook: Personal page.
I also offer both group and one-on-one business coaching and consultation. If you are interested, send me a message and we can arrange for an initial free consultation.