Starting a business is a dream many wake up to. Today’s article is about the most pervasive problems in small business and how to solve them.
Before starting any business, however, one needs to have a good plan, passion, determination, and readiness to keep going.
Small businesses are startups for large entrepreneurial organizations. Most organizations often start with even a single employee.
It then grows as transactions take place. With the best team and good bookkeeping, the business booms fast.
As a business owner, it’s also good to reward employees and customers; this creates motivation for both teams.
It is said, “the customer is always right.” This means that you should put the customer first then the product second.
Also to be advantaged; always know your customer to help you provide for what they always need and will help you keep them coming.
What defines a small business
It is a small enterprise; has few employees and has a low-income revenue as compared to medium businesses.
It can be privately owned corporations, partnerships, or sole proprietorships that are small in size and have less income revenue.
Accounting software for small business
Small businesses too need accounting. Accounting is the process of keeping the books right and making sure every dime is used well.
Accounting can be tiresome especially if the business owner has no one else to keep the records straight.
However, this doesn’t have to be the case anymore. Why? Because there is accounting software that reduces the workload!
Accounting software? Yes…
Introducing Jisort: web-based software for Digital platform automating transactions; in Microfinance Institutions, SACCOs, Banks, Cooperatives, Credit Unions, Lending Organizations, and other MFIs. Fully integrated with Mobile Money and Banks.
Jisort is used to produce business statements and generate reports as well as keep the clients’ data safe.
Jisort is an easy-to-use and all-in-one platform that is affordable. Besides one can manage all their clients in one place.
You need no tiring anymore.
Best website builder for small business
Every business requires a website. A website is a tool that will help you reach many clients at a go.
A website also will help you post updates and much other business-related information.
Here is the best news, get a free website now! How?
At OLITT, the creation of a website is FREE! Besides, it easy to create one that barely takes 10 minutes to go live.
OLITT provides a codeless platform that is easy to use. It has a drag and drop tool to help one create; no need to have design skills.
Here are the most pervasive problems in small business.
1. Choosing what to sell
This is the first step in the creation of a business. One needs to know what is in demand, how to supply it, and when.
Yes, products are always second but before startup one needs to put it first. Get to know what your customer needs before starting to sell.
Different products have different rates; don’t just start selling expensive products even without knowing if they are needed.
It’s best to startup with the best quality product.
2. Market Inflation
The market is not easy to predict. Some small business owners try starting a business without the right timing.
Timing is key. Before diving into the market world it’s essential to have the right information to help you build.
Don’t purchase products since they are cheap and hope to sell them at a higher price. Get to understand how the market operates.
3. Cash flow
Cash is the major issue in small businesses. Without good records, money can easily disappear and cause a downfall for a business.
Cash is the driving force of every business. One needs a good financial plan for their business to help them grow.
Reinvesting in the business is the best idea to keep it growing. Also, have the right person working on the books.
4. Marketing and Advertisement
This is the best strategy to increase your market reach. Marketing helps the business get recognized and get new customers.
Advertise your small business don’t assume that it’s only the large businesses that require marketing.
One needs a good marketing strategy to help them turn the viewers into sales; one that converts and keeps bringing new clients.
5. Government regulations
The government at times is responsible for small business problems. At times they set policies that prevent smooth transactions.
Sometimes also the government incurs the small businesses through taxes. The permits and licenses cost small businesses.
Some restrictions put in place affect the business and its productivity. Without money, the business can’t thrive!
To be on the safe side it’s important to have registered the business, got the right licenses, and keep paying taxes.
6. Time management
Time is a serious problem in small businesses. One may lack time especially when they manage the business alone.
It also becomes tiresome managing all the business requirements alone. Time may not be enough to address all the needs at once.
One however needs a good team. Also, one needs to have activities planned and scheduled to save them just going to work just like that.
7. Hiring new employees
The team is the most important extension of the business. One needs the best team to enable them to grow.
Don’t just hire because of the rate they need. It’s important to remember cheap is expensive; also don’t hire too expensive.
Have criteria to test your employees for the service they will provide.
The above are just but the 7 most pervasive problems in small business. There are many other problems small startups encounter.