Small businesses face a variety of problems throughout their initial few years of operation. Some are more difficult to overcome than others, and according to the US Bureau of Labor Statistics, over 20% of small firms fail within their first year. By the end of their fifth year, half of them have failed, and by the tenth year, it’s up to 80%. With those survival statistics, it’s easy to see why many are nervous about their first few years in business. However, many common business issues and challenges can be resolved.
Taking a step back to examine your pain spots and rethinking your strategy is a common occurrence.
Common challenges that small businesses face
- Finding Customers
- It all starts with identifying your target consumer. You must consider who will receive your message first. Create a buyer persona first.
- Increasing Brand Awareness
- Selling your services will be lot easier once you’ve established your brand. Update your website with new content on a regular basis. Maintain a blog that is updated on a regular basis. Make your website SEO-friendly. Ensure that the page loads quickly. Make sure your website is mobile-friendly and easy to navigate. Ask clients whether they know anyone who could benefit from your service or skills on a frequent basis.
- Keeping Customers Happy
- It might be difficult for a small business to satisfy clients in the way that they desire. It can be difficult to keep up with and resolve client complaints if there aren’t enough staff or dedicated service teams. Lack of funding might make it difficult to develop customer-friendly initiatives, such as loyalty programs.
- Daily Administrative Work
- Even if bookkeeping and payroll aren’t your favorite tasks, you’ll need to make time for them if you want to keep those talented staff. Administrative tasks was highlighted by around 24% of small business survey respondents as a real barrier in their daily operations.
- Navigating Government Regulations
- Red tape laws when it comes to state, federal, and government regulations, which are also a worry of our small company survey respondents, are similar to perks. And, as you’ve certainly noticed in the headlines, these regulations are vulnerable to change. Additionally, the laws and regulations will be dictated by the industry you operate in as well as the state you work in.
Here are just some challenges of business ownership. You may encounter one or more in the course of your company’s life, but if you are prepared, you should be able to take them head on.
Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice to small business owners and select individuals. We work with Quickbooks Online, Quickbooks Desktop and Quickbooks Enterprise.
For a complete list of our services, please click here. Reach out to our team of Business Consultants at Silicon Harbor Business Services in Mount Pleasant, SC if you have any questions about online bookkeeping or business consultancy. We’d love to hear from you!