Business owners face struggles every single day but it’s their dedication to the sector and their dreams that ultimately keeps them going. This guide looks at 5 of the biggest struggles of being a business owner and what you can do to face them.
Small business owners tend to have a hard time with accounting and this can lead to poorly managed finances and eventually debt. Chasing up invoices takes time and as far as many business owners are concerned, this is time that’s better spent running the company.
This can be a huge mistake, as it often leads to unpaid invoices and eventually, a money drought. Being assertive and on-the-ball is a huge part of getting paid on time but you can also help to combat this issue by investing in online invoicing software. This will allow you to set auto-reminders for sending invoices and will alert you when payments are overdue.
No Target Market
Running a business can be pretty exciting, which is a great thing, but it can also see owners rushing into things. Not having a clearly defined target market is a common problem for many small businesses and leads to owners trying to market their goods to everyone.
Even if this is your end goal, it’s not a good place to start. Take a day or two to sit down and write out who your primary and secondary target audience is and why. If you can, do this with someone else as a fresh and unbiased perspective can really help you to get a grip on the problems with your current situation.
You Lose Leads
Losing leads can have a detrimental effect on your business and will stop you from moving forward and making your company more customer-friendly. Business owners tend to lose out on good leads because they are too busy doing other things, like trying to secure new clients or worrying about their business image.
To combat this, make use of CRM and analytical tools more effectively and actually dedicate some time to understanding search trends that led potential customers to you.
The Learning Stops
Business owners spend years learning about business management and their sector and then when they finally set up their business, the learning stops. There is a good chance that your sector isn’t the same as it was a couple of years ago. In fact, it probably isn’t even the same as it was a few months ago.
Keep up-to-date with your sector by going to seminars, talks and subscribing to relevant journals. It does take time but it is time well spent if you are serious about moving your company forward.
Fear Takes Over
It can get tough for business owners when they are trying to run a company, keep up with accounting and build a client base all at the same time. That’s when fear of failure kicks in and you start to make decisions and run your business simply to keep it afloat.
It might sound silly but it’s really important to remind yourself every day why you are choosing to run a business. What drove you to this? What makes you a great business owner? Remind yourself that you aren’t afraid of taking risks and learn to love what you do again and again.
A good business owner makes a change first and a profit second.