CPR Level up: How to Overcome 6 Business Challenges Part 2

Small businesses face various challenges, including financial, talent acquisition, regulatory, and ever-changing technology. Today, in part two of "10 Challenges Faced by Small Businesses," CPR identified additional challenges faced by small businesses.

Challenges encountered by business leaders continue from number 11:

11. Scaling

Scaling is challenging for small business owners due to resource constraints and operational complexities. 

Work with a consultant to focus on strategic planning and gradual growth. Also, a grant writer is needed to seek external funding, or the leader may elect to form partnerships, promote, and finally tap into your human capital. Recruit and cultivate a talented team, delegate, and streamline processes.

12. Ineffective Web Presence

Due to limited resources, time constraints, or insufficient digital marketing knowledge, business leaders face the challenge of an ineffective web presence. This impedes their online visibility and, thus, customer reach.  

Solution

Prioritize and take advantage of discounted website platforms, partner with other businesses to increase audience reach, invest in basic search engine optimization (SEO) strategies, and post blog content related to your service/product.

13. Manage Your Customer's expectations

Managing customers' expectations is a challenge for business owners. Customers are demanding more for less, and business owners may lack dedicated personnel or advanced tools to go the extra mile.  

Solution

Increase the value of your product or service by offering coupons, discounts, and other worthy incentives. The key word is worthy, that is, of value to the customer. One of the most valuable services for managing customers' expectations is the quality of service when services are delivered. Everyone loves a surprise. Your customer is no different.

14. Customer Acquisition

Inability to compete with competitors, whether larger in size or years in business.

Solution

Leverage cost-effective digital marketing strategies, build strong relationships with existing customers, collaborate with local communities, and network and support other businesses.  

15. Company Culture

Developing a strong company culture is difficult for small business owners due to limited resources and personnel. 

Solution

Small business owners can cultivate a positive company culture through effective communication, promoting the organization's mission, vision, and value statements, being transparent with their team, hosting team-building sessions, or regulating meetings can be framed as a team-building session and offering praise or recognition through incentives. All of the above can foster a healthy and positive work culture.

16. Expertise

While many entrepreneurs follow their passion, most business owners lack the necessary skills to advance their ventures.

Solution

If this resonates, leaders must be intentional to truly progress; employing strategic and sound business practices, often with the guidance of a consultant, is highly recommended.