Top Tips to Handle Any Small Business Challenge with Ease

small business challenges

Small business challenges can come in many guises—client complaints, cash flow issues, faulty software, even government audits. To run a successful business, you need to be resourceful and up for the challenge. We’ve put together some top tips to help build your company’s resilience in the face of these common small business problems.

Protection 

Many small businesses begin as a self-employed or sole-trader operation, and before you know it, you have staff, a commercial property lease and possibly loans for plant and equipment. The increased financial risk can creep up on you and without proper protections in place, you could lose everything. Registering a limited liability company is essential to protect your personal assets – it puts a firewall between you and your business.

Business insurance is another means to protect yourself if something goes wrong. Types of cover include liability, commercial property and business interruption (which covers you for events like natural disasters).

Accounting

Cloud-based accounting software has turned the often dreary task of invoicing and bookkeeping into something almost fun. Ok, maybe not fun, but at least a lot more efficient! Platforms such as Xero and MYOB allow you to not just keep the books, but to analyse your cash flow and get a clearer picture of your financial position. Well-presented invoices and statements also help to market your business as a professional operation.

Training

As your company grows, the management expectations increase. Many business owners come from a background of self-employment, and may not have the necessary people management skills the business now demands. That is why training is such an essential component in any successful company. Whether it’s a management course, product training for new employees, sales workshops or an industry conference—upskilling helps you and your staff stay engaged and ready to take on new opportunities as they arise.

Scheduling

A classic small business problem is time management. It's easy to get distracted by incoming demands on your time and before you know it, the day is gone and you haven't even got to your to-do list. 

One strategy to take control of your workday is to actively book out time for yourself – schedule it into your calendar. Prioritising is another useful skill—focus on the tasks that will achieve the biggest gains for your company. 

Outsourcing

One of the challenges for small business owners is maintaining a professional level of service with minimal staff. A common misjudgement is to do everything yourself and save money. This can be a good strategy for some tasks, but sometimes the best option is to hire a professional and get the job done quickly and to a high level. A good example is website design, where a DIY effort could leave a negative impression on potential clients before they've even made contact with you. Graphic design work, such as your company logo and branding, is another task best left to the professionals, as it’s generally a one-off expense and having outside input on your company's ‘look' can be invaluable. 

Marketing

Small business marketing challenges invariably revolve around cost. Large scale campaigns are beyond the budget for many small businesses, but this doesn’t mean you shouldn’t have a marketing strategy. Online promotion through social media channels, sales landing pages and simple SEO techniques can offer good exposure to your target audience for minimal cost.  Social media marketing is one area where a hands-on approach can yield good results. Customers seek authenticity and by providing a consistent stream of posts, images and videos on your customer’s preferred channels, you’ll help build up your company’s identity and increase traffic to your business.

We hope these tips have been helpful. For further advice on internet marketing, website development and graphic design, drop us a line here at Activate Design – we’ve been helping local small business since 2003.

 

 

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