Six Challenges Facing Business Owners

Having spent the last few weeks ending up in and chatting to small businesses proprietors around Kent, it became clear that they all seem to be to handle similar challenges on a day-to-day basis.

As My spouse and i expected, all are time poor and there were an recurring sense from these company owners or directors that they should be ‘hands on’ and across every element of their business. Nevertheless, as they told me personally, they may know all about their business but sometimes they need expert support and guidance to ensure their company increases and increases profitability. geng upsr

Several of the challenges they faced included: 

Clients
Clients are at the cardiovascular system of any business. Devoid of customers and the earnings made then the business becomes simply a good idea. One of the key issues they faced was how to attract, retain and maximise their customers?

Pertaining to me, the key to winning new business and ensuring customer retention is providing not only great products or services but adding a great customer care experience. A strategy needs to be developed for ensuring this customer progress and maximizing revenues from existing customers.

Marketing
Various business owners are certainly not marketing experts and need ideal advice when it comes to developing a business positioning, an advertising plan, a campaign and considering about the channels they wish to promote their business through.

The battle is to permit the organization to let its story in a manner that permits the business to grow and build customer engagement. Getting an experienced marketer into the business either private or as an expert to help develop this strategy can allow the business enterprise owner to give attention to what he does best.

Period
For many business owners there are simply just not enough hours in a day. All owners are worked out for time. Creating more time means sometimes expressing no and focussing on what is necessary for the success of the business.

This is where company owner often seek external advice from a business advisor or consultant to get them to give attention to what is critical for the development of the business enterprise.

Economic Management
It is very important for a tiny or medium-sized business to manage their cashflow effectively but sometimes managing the P&L looked to be another or fourth ‘order of the day’ for some company owners.

Getting good financial advice from a consultant who takes the time to analyse business performance, appears at aged debtors, studies client profitability and sets effective financial planning actions in place mitigates the chance of the business getting into financial troubles.

Profitability
Business Planning looked like there was somewhat of an pause for a few of the business owners We spoke with, they were working more ‘on the fly’. Annual Planning should start minimal four weeks before the end of the financial year and should start with a formal gross annual budget, understanding the profitability of every client/customer, growth opportunities, business development planning and an research of the overheads required to service those clients/customers, market and grow the company, generate a great customer experience as well as delivering a sustainable income margin.

Successful business owners build a fortune and grow their business because they understand how to make a culture where environmentally friendly profitability is a given.

Processes
Many business owners are not across all the processes involved in running a business so the challenge is to help make the procedures involved in running a business simpler. This is where an external advisor or expert support can be highly beneficial.

Inability to control processes such as sales, marketing, business development, building customer loyalty, in business management, HR and staff development can lead to businesses failing. Being worked out across business functions is not the best way for people who do buiness owners to develop their business.

Lucemi Talking to are an organized Advertising and Business Consultancy operating out of Colchester, Essex, UK.

All of us help business owners and companies by providing tactical advice to obtain the right solution for their business issues. We take on their challenges, analyse the issues, and help these questions collaborative way to get to the response.

We all work in partnership with clients, helping them modify and evolve to their business and market environment, building their capacities to ensure real change happens.

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