We at Konigle realise how important and valuable your business is to you. No doubt, you’ve worked a lot, put in all your efforts and tried everything to run it successfully. But small companies come up against a lot of different challenges compared to larger companies. Some are harder to overcome than others - and according to Labor Statistics, about 20% of small businesses fail by the end of their first year. By the end of their fifth year, 50% go under; and by the tenth year, that number rises to 80%.
That hurts right? But that’s the reality which companies are facing.
The fact is - Most of the common business problems and challenges are actually fixable. From difficulty finding customers, generating leads, and building an email list, all the way to balancing quality and growth.
Let us discuss the top five challenges every small business faces -
5 Business Challenges Every Small Business Struggles With
If you are a small business owner and you are having a hard time finding customers, then you should know the marketers at well-known companies like Apple, Toyota and McDonald's don't just sit around waiting for the leads to come in : Even the biggest, most successful companies have people working hard every single day to find new customers.
Comforting enough? But for a small business, finding customers can be challenging and time consuming. Example - There are so many channels to focus on..how do you know what to prioritise and where to allocate resources?
Spreading Brand Awareness
This is one of the biggest problems brands face these days. With so much competition and options buzzing around in the market, it becomes highly tedious to make your brand visible.
With so many questions - How can my brand grow? Where are my customers? How can I increase my sales? You are just left puzzled and confused.
There are strategies for spreading the word about your brand and building a great reputation.
Building an Email List
Having a fresh and crispy email list is a very challenging task these days, especially for the marketing team. According to researchers, you should increase your email list by almost a quarter to just maintain it. Tedious huh?
But ever imagined you working so hard and generating an email list - Which doesn’t provide any conversion or targets the wrong customers? Nightmare!
That is why it is extremely important to have trustworthy business insights.
One of the most realistic problems small businesses share is lead generation -- specifically, generating enough leads to keep the sales team happy. If that sounds like you, you're not alone: Only 1 in 10 marketers feel their lead generation campaigns are effective.
A successful lead generation engine is what turns website visitors into prospective customers and keeps the funnel full of sales prospects while you sleep.
Balancing Quality and Growth
Now, this is a tricky one. This is a common problem in all the small sectors of business : let it be product development, marketing, content creation, data analysis and so on. Therefore having the correct data for your business is very essential. Knowing all the small and big details about your business is very important. It not only clears the air, but also provides a reality check to where one is going wrong and how things need to be implemented for more effective business strategies.
These are just a few of the many business challenges facing small businesses every day, there are many others out there. Are there other challenges your small business is facing that you want to bring up? Share with us and let us take some of your burden :)