Challenges for Small Business

Written by: Alan Rodway - Your Coach Online

Category: Organisational Success, Planning

Small business (owners) are facing increased challenges in today’s very demanding commercial world and only those willing to change and adapt will succeed.

Small business owners and key people have always had to have a wide breadth of skill and knowledge … I.T., marketing, sales, strategy, operations, finance, administration, H.R., workflow, planning, etc..  Whilst they have always had to cope with economic pressures and fluctuations, it’s even more challenging now as change has sped up, competition for many is global, technology has become even more important, digital marketing and online selling have become more prominent and the rules of doing business keep changing.

So, key people in small business can lapse into working longer hours, higher stress levels, lower enjoyment and even lower returns.

Here are some suggestions to help key people in small business:

  1. Take a twelve-month approach to the changes you need to make … and take mental relief from that.  Trying to fix or improve thing too quickly may not be effective and can lack proper decision making.
  2. Look to become big, boutique/different/specialist or online (probably one of the latter two).  Look to the success of other businesses that have taken one of these approaches.
  3. If you choose to move into online (marketing and) selling, you need the right expertise to help you in terms of the provider and cost-effectiveness.
  4. Look for a strategic partner, to merge with or work closely with.  You will gain size, expertise and a better strategic approach to the market (opportunities).  There are clearly challenges with mergers …. personalities, loss of complete control, take time to put together … but they may be better problems to face than continuing similar approaches that aren’t working.
  5. You can’t do it all yourself … including dealing with the strains …. it’s too hard.  We all benefit from mentors, coaches, people from outside … to bounce things off and to provide guidance.
  6. Use the social media, but with appropriate expertise.
  7. Take half a day out of your business in the next month, gather a group of people who can think strategically, including people from outside your business, and make some decisions about your future.

Previous Newsletter Articles

Bookkeeping Tips

Business Tips

HR Information

Contact Us

1300 022 270

Book An Appointment