As a small business owner, you’ve probably faced and conquered an abundance of hurdles and headaches when running your business. While you may think these issues are unique to you, they are actually fairly common for small to medium-sized business owners. We’ve listed below some of the common everyday complaints encountered by business owners, along with tips on how to manage them.
“Our profitability sucks, despite good revenues”
Why is this important? If you’re struggling for profits, it might be time to cut costs. Reduce overhead costs like utilities, sell old inventory, rent or lease over owning.
Quick tip: Stay on top of overhead costs, from the start of your small business. This will prevent costs from getting out of hand.
“We’re unable to find new customers”
Why is this important? Finding new customers isn’t as simple as before. Cleverly marketing your offerings is crucial to staying relevant in today’s world, or risk fading away.
Quick tip: Online advertising has been constantly proven as the best bang-for-your-buck in marketing your product or service.
“We’re losing our customers”
Why is this important? A declining customer base usually indicates better competition. This could be due to your stagnant development or matters out of your hands such as a large corporation’s introduction.
Quick tip: Standing out from the rest is difficult. But if you can ensure your offering being unique, your business will be secured for time to come.
“Our revenue is awful”
Why is this important? Revenue is what runs a business. A lack of it won’t allow you to function for very long.
Quick tip: Encourage customers to return by improving the quality of your offerings. A raise in prices would also be justified by the improved quality.
“We have high employee turnover”
Why is this important? If employees keep quitting their jobs, this may indicate an underlying issue. Sit down and examine work environment and culture, benefits, etc.
Quick tip: The easiest way to identify an issue is by contacting a former employee, and having a chat with them about why they departed.