When it comes to establishing small businesses, the first few years are always the toughest. There are tons of fundamental challenges they need to struggle with and unfortunately, most of them fail to survive by the end of 4-5 years.
In this post, let’s talk about 4 biggest fundamental challenges faced by small companies and how those can be fixed:
- Reaching Out To The Potential Customers
Well, this is not an issue faced only by small businesses but industry biggies also find this equally challenging. No business can ever flourish just by sitting around waiting for the customers to come in. It is all about working hard to reach out to the potential customers and turn them into successful leads.
However, the task becomes way too tough for small businesses as they are yet to establish a strong presence in the market. With so many channels to explore and so less resources available, it really becomes hard for them to prioritize things in order to make the most of their efforts.
What To Do:
- Start with identifying your target market. Once you figure out who your ideal customers are, it becomes easy to utilize your maximum potential by reaching out and spreading the message to the right people.
- Take your time to understand your target customers very well. Get idea of their personalities, professionals profiles, online activities, etc,, which would help you build your buyer personas perfectly.
- Now, you can develop a robust content strategy and start producing relevant as well as useful content based on those specific buyer personas. You also become able to present your business in front of the right people at the right places, which will improve the results dramatically.
- Building The Most Powerful Workforce
Most small businesses feel under-resourced and building a reliable workforce is always a challenge for them. Recruiting the right talents having sufficient domain knowledge and proper skills is certainly not an easy task, especially when you are running your business on a budget.
However, building a powerful workforce is critical to the success of a business and hence, choosing the most deserving people with the ultimate passion for work is absolutely necessary.
What To Do:
- Do not go ahead with a short-term mindset in order to make your task easier. Though it may take a significant amount of time to find out the right candidates and lengthen the entire process of hiring, it will help you make well-informed and well-thought-out decisions. As a result, you will be able to find out the most talented people, who will benefit your business immensely in the long run.
- Creating candidate personas, just like those buyer personas we talked about in the previous point, will aid you in your recruitment procedure. Make sure that you build those around your company culture while specifying different traits for different roles.
- Put some efforts in attracting amazing talents to your brand and encourage them to learn more about your company. This will enhance the predictability of your hiring considerably by building a recruiting pipeline.
- Spreading Awareness About Your Brand
Increasing brand awareness is one of the biggest challenges all small businesses need to face. They keep wondering how today’s highly reputed brands have experienced such tremendous growth and turned into household names but, most of the time, fail to decode the secret.
It undoubtedly takes lots of hard work to achieve such paramount success; however, strategies also play an important role in stimulating the growth of a business. Even though it seems difficult to crack those kick-ass strategies adopted by industry leaders, you can follow a few surefire tricks to spread the word about your brand and build a great reputation.
What To Do:
- Focus on Public Relations (PR) to make your voice heard and establish your presence in the marketplace. PR is much more than just paying an agency and securing a place in a news blog. Rather, you need to find the perfect inbound as well as social media marketing scopes in order to maximize your PR efforts.
- Explore co-marketing opportunities that can boost up your organic marketing efforts simply by helping you gain a huge chunk of fresh contacts. When you partner with another brand, you automatically inherit its reputation to some extent, which is quite an effective way to create brand evangelists outside your circle.
- Take blogging seriously as it contributes significantly to brand awareness. Start a blog about your business, be consistent with it, and turn it into a high-quality one. This is extremely helpful in driving traffic to your company website, which you can convert into leads by following effective conversion strategies. Blogging can also improve the reliability of your brand and establish it as an authority in your industry.
- Preparing A Strong List Of Emails
Having a strong email list is indispensable for any business irrespective of its size. However, building a robust list of emails is a big deal for small businesses as they often tend to buy email lists and the idea fails miserably in yielding results.
In addition, every company needs to increase its email list at least by a quarter annually as an email marketing database has been found to degrade by around 22.5% every year. Needless to say, it’s a huge task!
What To Do:
- Try to come up with opt-in email lists where subscribers can provide their email addresses to you voluntarily, thereby allowing you to send emails to them. To do this successfully, you can create great blog posts and add call to actions (CTA) to encourage people for availing subscriptions.
- Reconsider all those older email lists you have and send engaging re-opt-in messages to those older contacts.
As a small business owner, if you are experiencing one or more of these challenges, follow the tips we have given above and you will surely come out as a winner.