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Common Business Challenges: You're Not Alone

Common Business Challenges: You're Not Alone

If you're in business, you've got challenges. Some are priority; some can be deferred. Some will take time; others can be handled quickly and easily. Some will require a financial investment; some will not. They are all challenges because they are holding you back in some way.

Rather than see a challenge as a negative, I find it's helpful to think of it as an opportunity. It usually means choices must be made, and that's where it can get sticky. Sometimes we feel stuck because we're unsure about the right course of action. When the problem continues, we feel the stress and so does the business.

Some of the types of challenges I frequently hear about from small business owners are:
- sales - how to get more
- time/organization - not enough time, chaos mode, overwhelm
- cash flow - unpredictable and uneven income and expense
- staffing - conflicts, poor delegation and job matches
- technology - not adequately supporting operations

Anything sound familiar?

Even though the specifics are unique to your business, thousands of others experience the same kinds of challenges. The great thing is you don't have to deal with these all alone. You can learn from those who've been there.

There are also experts in each of these areas who may be able to help you better see the issues and create a smart strategy. Even getting their perspective can sometimes trigger a new idea or technique that will let you move forward.

As entrepreneurs, the buck stops with us, so we need all the help we can get. I'm happy to share with you my perspective, suggestions and case studies. Let this be a point of reference for your next steps.

Sales

If you're struggling to make sales, something needs to change. Sales happen when the perceived value is equal to or greater than the cost. Of course, it's a matter of timing also. A customer may not need computer repair today, but sooner or later they probably will. The key is to be there, at top of mind, when they do.

You may benefit from an outside perspective on how to better reach your target market, pre-qualify or follow-up. Don't continue to sink resources into something that isn't working. Find out how others have addressed this type of challenge. Talk with a sales consultant, trainer or specialist to help you see things from a different perspective. At least you'll know you have options.

Sylvia was a publicity and public relations consultant who increased her sales dramatically when she changed her marketing strategy from shotgun to rifle focus. She decided who were her best clients and focused her efforts on finding what they wanted.

Time/Organization

Who has enough time? It's a challenge for every small business owner.

Analysis, organization and systematizing operations are the key to making the most of your time and that of all your staff. With organization and systems to support the operation of your business, time will be on your side.

Most businesses have "predictable" activities, many of which can be automated to some degree. In the process of putting this in place you are forced to review the actions of your business. You'll also become aware of areas that can benefit from streamlining.

Yes, bringing time under your control will likely require some more invested time, but the payoff can be huge.

For Gus, owner of a bakery products distribution company, creating a system to track movement of his inventory saved him many hours of searching for information when he needed it. There was a financial investment for purchase of computer hardware and software, but he was able to break even in less than a year and has knocked 4-5 hours/week off his own job.

Cash Flow

Both new and well-established businesses often find themselves in a difficult cash situation and don't know what to do about it. The answer, of course, is cash planning. In order to do that, you will need accurate and timely financial information and know how to interpret what you see.

Good cash planning requires review of historical financial information, including a look at business cycle and sales cycle. Credit policies and practices, marketing plans, periodic expenses, debt and cash access need to be considered as well. The concept is to control what can be controlled and to manage what can't.

Erica, owner of a wellness center, was able to move into a bigger space because she knew her cash flow would support it. Using her past 2 years cash history, the results of a recent marketing campaign and a change in patient planning strategy, she was able to project more than adequate cash inflow to cover the expected increase in expenses.

Staffing

You may have difficulty finding or retaining qualified help. Your staff may not be onboard with your goals. There may be interpersonal conflicts. The real problem with unresolved staffing issues is it will hold back the growth of your business. Until you can get your people, as well as your systems, to support your operations, any potential growth is in jeopardy.

It may not be difficult to identify where the problems are. Reaching the right resolution, however, may prove to be more difficult. Certainly, until you are totally clear about where you're going and have a plan to get there, your staff won't be able to provide consistent support.

Adam was an engineer who owned and managed an 8 person company. He had an assistant who just wasn't performing at the level he needed and expected. In a focused interview he learned she had no idea what her job was supposed to be.

His steps were to wrote a job description discuss it with her, get her agreement, include some of her suggestions, show her the critical nature of her role and help her set personal goals.

Some follow-up and reinforcement was necessary, but in less than 3 months he was able to delegate management of the administrative portion of his jobs. This, of course, freed him to spend more time seeking new business.

Technology

Every business must first define and streamline its business practices and processes, then seek the technology to carry out and support operations. Correctly applied, technology makes information more available and useful, helping small firms better manage their finances, sales, prospect development, customer relationships, inventory, etc. A good marriage of business and technology saves time and money. expedites workflow and provides accurate and timely information.

When Jonathan transitioned from being head of a division in a mid-size company to opening his own business, he knew this was the time to introduce technology that could streamline his operations.

After being in business only six months he researched and chose a paperless system that allowed him to scan and archive the numerous forms and documents that are required to be maintained as part of his operation.

He estimates the business saves 1-1/2 to 2 hrs. (20-25%) daily in time previously spent on filing and retrieving paper. And the cost of storage is practically non-existent.

These are certainly only some of the more commonly reported challenges. Consider which of these areas need your attention. If something else is more urgent, by all means, address it first.

And don't forget, you're not alone. Ask for help when needed and find out what others have done in similar circumstances. Use this information to help you gain the confidence you need to make a commitment to a strategic course of action.





Common Business Challenges Youre Not Alone - To learn more about this author, visit Marian Banker's Website.

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Cheryl Matthynssens

Cheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur.  Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well.  A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles.  She opened up a small affiliate site - The Balance Guide-  to help others find resources for mental and emotional well being.  Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com

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David Barr
David Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website

Anne Barr
Anne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website

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With nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website

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WebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas.  We specialize in internet consulting & internet marketing
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David Acheson
David Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns.  David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website

Leanne Hoagland-Smith
Are your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website


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Marian Banker
(Visit Marian's Website) A coach with passion for her work and her clients' success, Marian will inspire and challenge you to find and stay on your right path. She is a seasoned executive, entrepreneur and professional and shares that expertise with her clients. You can count on her as a partner and guide to accelerate the achievement of your goals.

Marian is co-producer and host of the annual Small Business Summit 2006-2009, an all-day conference that brings together small business owners and technology providers. She is creator of the "Business Success System", a step-by-step process with tools, text and a virtual classroom atmosphere. Since 1995, has coached Entrepreneurs, Professionals and Executives in transition to become business leaders. Emphasis is on what it takes to lead a business to success. Holds a Masters in Business Administration and has over 25 years experience as senior executive, consultant, entrepreneur, educator, mentor and coach. Founded Prime Strategies in 1996 to provide the small business community with coaching, consulting and training in business leadership, translated into plain English for the typical small business owner.

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