Let’s be honest here for a moment, running a business is no easy thing to do. You are constantly in the mix of everything, spinning many different plates and spreading yourself thinly across your business empire – it can be quite a lot to deal with.
With all of that going on, and it being an exhaustive process, it is understandable that along your business journey you are going to face a few hiccups on the way. It is inevitable unfortunately. A lot of what we can face as business owners is actually quite common: Many entrepreneurs will face one or all of these issues at some point during their business venture, and it is how they overcome it that makes the business a success or a failure.
In this article we wanted to share with you some of the common business hiccups any of you can face right now, and hopefully by highlighting them give you an incentive to nip them in the bud or overcome them once and for all.
The impact of the impending UK Brexit from the EU
No matter where you are operating your business from, the impending Brexit (which means the UK leaving the EU) is going to have some form of impact on your business and especially so if you are a business operating in the UK or EU. It has much to do with sourcing and trade, and Brexit can mean that personally you are going to be affected. It is one of those things that you don’t have much control over, and all you can do is keep an eye on the media and news channels, but come April 2019 the action will have been completed. Try and prepare as best you can in terms of rising costs just in case.
Gaining clients and being able to keep them
It is all well and good starting a business and having an idea but if you can’t gain the clients and customers and then ultimately keep them, then you could be causing major issues for your business in the future. It can often be about retaining clients, and the way you treat them. People buy from people, so use that to your advantage.
Do you have the right marketing strategy in place?
Marketing is a fundamental aspect of your business, and so having the right strategy in place is going to be important. If you don’t then how are you going to reach out to potential new clients and customers and make the sales you need to keep your business going? There are so many different avenues to explore, from having a strategic digital marketing plan in place to thinking outside of the box and focusing on different areas like your local community.
Is your branding right?
Your brand is your businesses first impression, so does it speak to your customers and say the right message? When people first start out with a business, they tend to rush the decision of branding. They are so eager to get going, and while there is nothing wrong with that, you may want to start relooking at how you brand your business and how you want people to see it. Think of the colours, the logo, the brand message. You will also want to make sure that this equates in to your digital platforms.
Cash flow could cause you headaches
Cash flow can be a huge problem for some businesses, and so you may want to start thinking about how you manage that more professionally. Invoices out from your company normally come with a courtesy thirty-day payment window, and many companies will take full advantage of that. This means you need to ensure that you manage the time period between expecting payments in and actually receiving the monies. The same can be said for you paying out, only do it when necessary. You might also want to start focusing more on your projections, as this can affect the cash flow of your business moving forward.
Having the right team in place
It is so important to have the right team in place for your business, so making sure you do this is going to be an important part. Many entrepreneurs a and business owners take their time over making these sorts of decisions, as these people are going to be the frontrunners for your business and your business image. Make sure you recruit carefully to ensure that you don’t fall into the trap of a high staff turnover.
Accepting outsourcing as a possibility
Sometimes we need to accept that we’re cannot do it all. We can’t manage everything to the success and level that we need it to be, and so if employing people isn’t necessary an option right now, you may need to think about outsourcing certain areas. It might be best to outsource the areas that are not your strong areas. It could then allow you to focus on the areas where you can make the most difference. There are many different ways you can outsource, either by using agencies or freelancers.
Increase of competition
You may feel like your idea is unique, but in today’s market you may find that you have some competition. This is actually a good thing. You can use this to your advantage. Analyse their business, look at what they do well, and focus on the areas that they don’t where you can pick up the slack. They will be doing the same thing to you, so don’t feel like this isn’t an option. It is good to know what competition is out there, and a bit of healthy competition can be a big motivator.
Risk management in your business
Finally, risk management and assessments in your business are essential and work hand in hand with health and safety policies. This is important especially if employees are involved, as you need to be able to protect yourself and them at the workplace.
I hope that this has you organised and more aware of the potential business hiccups that you may face in the future.