This Is Why Your Small Business Is Struggling

It isn’t easy for small businesses. This is something that most entrepreneurs and small business owners already know. However, there is one thing that many owners don’t know but wish they did. And that is why exactly their business isn’t quite cutting it. Usually, it is because of some of the most common mistakes that many business owners make time and time again. Here are the most common, and how you can avoid them.

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You’re Too Focused On The Big Picture

There is nothing wrong with focusing on the big picture, of course. But there is something wrong with it being your one and only focus. You shouldn’t just be looking into expanding your international reach. It is also important to ensure you are also considering your company’s local appeal. The best way to do this is to look at your local brand and to make sure it appeals to those clients and customers in your local area. If you don’t have time to do this in-house, you can always outsource your brand analysis by using a company such as chatmeter.com.

You Have Insufficient Capital

Many small companies find enough capital to get their business up and running. However, they fail to think about how they will finance their company after the first few months. This is especially important for small companies who are offering niche services and products. It can often be slow to build up your sales. While you are working on this, you need to make sure that you have enough money to keep the business ticking over until sales start to take off. You can always find more capital for your business by getting a business loan: fundingcircle.com/uk/businesses/

You Haven’t Thought About Your Location

Location is everything to your company. You need to place yourself somewhere where your clients, customers, and employees can reach you. Ideally, you should be looking for office space in town and city centers. This will make the commute employees a lot easier. And it also makes it easy for clients to come in for meetings. However, there is one obvious downside to this. The cost! Office rent in city centers can be very expensive, which is another reason why you should focus on getting enough funding for your company.

You’re Not Using The Internet Properly

These days, it is imperative to have an online presence for your business. Websites are extremely important as many customers look for businesses and companies online. You need a slick website on which potential customers can easily find your contact details. To make sure as many people are finding your site, you need to increase its SEO. You can do this by having a company blog in which you post articles with lots of keywords. Make sure you are also using social media as well. This is a quick way you can get your brand out to international and local audiences.

Hopefully, you will now be able to expertly avoid these common small business problems!

Is Your Business Cashing in on Success?

Whether you have a one-person business or you employ others, you no doubt want to have a business that is around for many years to come.

For some older business owners having been around the block once or twice, being in business for many years can seem like paradise or torture, perhaps a little bit of both.

Meantime, newer business owners are oftentimes just looking to get through those first several years, especially given the fact that many new businesses fail within the first five years.

While there are a number of ways to build the successful business blueprint, some are more prudent than others.

One thing that is for sure, smart business owners know that keeping John Q. Public happy is at the top of the list of priorities. Without customers to buy your goods and services, you wouldn’t even have a business to begin with.

That being the case is your business doing all it can to cash-in on success? If not, what are some ways you can go about improving the situation you presently find yourself in?

Money Oftentimes Dictates Tempo

To borrow from a sports analogy, tempo oftentimes dictates how a game will turn out.

For example, if you have two basketball teams playing quite different styles (one likes to run and score often, the other plays a more deliberate defensive type of game), something has to give.

The same holds true in the business world.

Some businesses can pretty much go at whatever pace they so choose, not having to worry much about their finances. Others, meantime, have to go at a more deliberate pace, knowing they’re on rather constricted budgets.

If you find your business in that latter group, you likely lose some sleep at night, worrying about whether or not you will have enough money to survive from year to year.

There are a couple of ways you can cash in on your business needs, among them:

  • Knowing when you need help – First and foremost, do not be afraid to reach out when you need financial help. Some small business owners will be timid about this on several fronts, notably wondering how they will ever pay back the money they receive, be it from those close to them or a company providing fast-cash payments. If you opt for the former, be 100 percent sure you have everything in writing. Sure, you may think that such an agreement with family or friends is fine on just a verbal basis, but you are so wrong. Many families and friendships for that matter have been temporarily or permanently ruined over financial disagreements. If you have one or more people close to you loaning you money to help your small business prosper, be sure to draw up a legal contract. If you opt for the latter (working with a professional provider), be sure to go over all details of the contract, making sure you understand each and every paragraph on there. Also be sure you look around to see which financial provider can best meet your needs. Not only do you want affordable rates, but also a provider where customer service is second to none;
  • Be fiscally responsible – Managing your money properly seems like a no-brainier when running your business, but you may be surprised how many business owners end up spending money on this or that, getting little or nothing in return. Yes, you do need to spend some expenses on things such as marketing and advertising, but did you know there is essentially free marketing and advertising out there in the form of social media? Properly using social media can go a long way in bringing new eyes to your brand. Simply make sure you have a viable presence on sites such as Facebook, Twitter, Instagram, even You Tube. If you spend a fair amount of money traveling to meet with clients and even potential business partners, consider less expensive ways to go about this, including teleconferencing etc. Finally, review your spending habits from year to year, seeing if you’ve gone significantly above and beyond your budget. If so, look for ways to get back on track.

Being a successful business owner in 2016 and beyond isn’t easy, but it also doesn’t have to be something that keeps you awake night after night.

When you practice smart business habits, you too can cash-in on all the success that awaits out there.

About the Author: Dave Thomas covers business topics on the web.