Starting a business is a big achievement, we all know that, but maintaining one is the real challenge. According to the U.S. Bureau of Labor Statistics, about 20% of small entrepreneurships fail by the end of their first year. That being said, it’s very important to identify and overcome the most common struggles, so you can take actions before they happen, or at least be prepared for what you’ll face.
Some of the possible issues a business can face are:
- TECHNOLOGY INTEGRATION
As new technologies are released, small startups must adapt to them to survive. The problem is that sometimes they do not have the funds to change the entire system and new technologies do not work well with older programs or applications. This can result in double data entry and business’ inefficiency, that automatically will lead to problems.
- BRAND AWARENESS
When you’re starting a new project, it can be frustrating to “look” for customers. However, if your potential market doesn’t know who you are, they can’t buy from you. The good news is there are several ways to spread brand awareness, let’s explore two of them.
- QUALITY BLOGGING
Blogs are one of the easiest ways to generate quality, interesting content. Not only does it helps drive traffic to your website and convert that traffic into leads, but it also helps you establish authority in your industry and trust among your prospects. You must identify the information your customers are searching for and answer their questions in a simple but engaging way. - CO-MARKETING
You can partner up with another brand to gain new potential contacts alongside your organic marketing efforts. Usually, both companies promote a piece of content or product and share the results of that promotion. Find a partner in the same branch, make a win-win proposal and hopefully both of the businesses will get noticed.
- LACK OF STRATEGIC IT PLANNING
Business and IT leaders are generally disconnected and small enterprises aren’t the exception. This is a big mistake, especially if you plan to grow significantly in the next few years. You need to implement an IT infrastructure that adapts to the needs and plans of your company.
Also, keep in mind that hackers are getting more sophisticated and small startups are under attack now more than ever. You need to think about your confidential information and customer records. Technology can truly make the difference between a successful and worthless project. A safe project and a vulnerable one.
- HIRING THE RIGHT PEOPLE
A team that understands your company’s vision and supports your efforts is vital to achieving greatness. Hiring is often one of the biggest challenges for small businesses, and the cost of onboarding has an average of over $4,000 per new hire for most businesses. So if you don’t hire the right people, your turnover will be very expensive.
In this case, it’s highly recommended to create candidate personas for your job candidates. This should be done for every new role and will save you a lot of money and time. Also, you can take advantage of outsourcing firms. Usually, small businesses outsource their payroll processing, accounting, IT, and many other important functions.
A great way to avoid these struggles is to to take your small business to the next level
S-FX.com Small Business Solutions offers professional business consulting services that will boost your company’s growth. You’ll have the opportunity to develop a business plan, create a market strategy or implement the right IT infrastructure. With us, the options are endless and results are always guaranteed.
So what are you waiting for? Let’s get started… Contact us and let’s make your startup grow!
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