Challenges Up & Across for Small-Businesses - February 16, 2023
It takes everything to get your “small business” to the status of a “large business”. There are numerous business problems and unexpected hurdles that creates constant tension and pressure for small business owners. If properly managed, then it can help them earn enormous rewards in long run. As per our survey of 500 small businesses the most challenging small business challenges are as follows:
· Quality Customer Relationship Maintenance · Fulfilling all Customer needs · Finding new customers daily · Marketing in a very competitive market environment · Hiring and retaining quality employees
One of the major problems for small businesses is lack of proper marketing or wasting money and time on social media ads with almost zero return. Its important to understand the competition you have out there, then need to learn and use marketing to let people know that you exist, and you are there to solve their problems. As per our survey about 53% of small businesses doesn’t belief online marketing serving their business or just don’t know.
A veryimportant thing to remember for small businesses, how to find new customers and retaining existing customers. Famous lines on customer:
“A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us an opportunity to do so.”
88% of companies see customer delight as the key factor in driving customer royalty and retention. Its very important for business owner to prioritize the customers need, getting their feedback, asking for suggestions as they are very important for part of a successful business.
Then having a strong cash flow can keep your business running. Its very important to have finances intact and grow your revenue to keep operations running. And as per our survey steady cashflow is the biggest problem for small business owners. There are tales of small business owners saying small businesses failing because they ran out of funds. So, nothing can hold a business back like money problems.
In modern technology world its also important to keep online presence, if you are not able to show yourself and your business then either you are missing the huge pie or wasting valuable time or money. Building online presence using the right technology, is very important for small business owners. As it will help other people to know about you and your product which result in increasing brand awareness. Also, with growing of social media its important for small business owners to understand how social media works and to grow business presence. Its not an overnight game. It will take a lot of time and effort to generate results. So, its important for businesses to get the right technology that’s easy to use, affordable and can be operated by themselves from smartphones. But unfortunately, as per our survey 68% of businesses still struggling on technology or social media marketing, whereas there are many marketing platforms available in market. Then, why this products can’t help small businesses ?
Small businesses create the greatest number of jobs in market, almost accounting to 47.5% of all jobs. But that doesn’t mean they are able to find qualified hardworking employees easily. In most of the cases small business owners struggle to find quality talents as they cannot offer better benefits or packages like large businesses. Also due to limitation of funds, small businesses can not hire for one specific task, they need employees who can handle multiple tasks.
For small businesses growth is often generated with growing pain. Most of the time the small business owners had to work for long hours, requesting staff to do the same or finding ways to cut corners. Small business owners must be multi taskers. Because occasionally with shortage of time, business owners has to do multiple tasks to keep the business running. But not a great solution, for a long run, they must find ways to grow business without just sustaining or hurting it. As per our survey 90% of the businesses have this experience. So, its very important to have an efficient time management system, to move faster than your competitors.
The problems faced by small businesses can be considerable as most of the owner of business can go into the business without even considering the challenges ahead. So, preparing well ahead is the key before getting the problem too big. There are many technologies and SAAS platform available in market, but still 89% of small businesses are struggling. And they still lack technologies. As per our survey the reason is that most are costly, it required to get assistance from 3rd party making cost even higher from the stipulated monthly subscription, cannot do everything from phone and need to be tech savvy to use those platforms. Keeping in mind all this requirement we developed CARIGAAR, that can help small businesses to compete, better customer service, easy hiring, video ad features with no sponsor ads requirement and increment revenue.