5 Barriers To Small Business Success And How To Break Them

Owning a small business isn’t a small deal. There are day to day things that need to be taken care of at the same time the owner plans for the future. For any entrepreneur, many obstacles can obstruct the path forward.

Here are the top 5 barriers small businesses face today, and useful tips to help you break through them.

1. Limited Marketing Know-How 

5 Barriers To Small Business Success And How To Break Them

Marketing and advertising is what moves businesses in general.

In fact, large corporations spend ridiculous amounts of money on advertising in the hope that it will pay off many times over.

It isn’t enough for a small business to open its doors to start seeing clients coming in. You have to create awareness of your service in the marketplace.

Although a full-scale marketing plan may not be needed for small companies, knowing certain techniques can mean the difference between success and failure. Marketing isn’t a one day or one tactic endeavor. It should be done and monitored on a regular basis.

There are some ways you can overcome this challenge, and one of them is to start taking Bookmark’s free e-Learning courses. It costs nothing and it will give you ideas to attract more clients. There are many useful blogs and websites with lots of information out there.

Time permitting, you might also consider taking a Marketing course online as they are offered by universities throughout the country. Knowledge that is not applied is worth nothing.

Even if you learn only one thing, make sure you put it into action. It is better to read one blog post and apply what you learned than to read an entire Marketing book and keep it all in your head.

If you have the budget, you can also hire a Marketing agency. Make sure to let them know what you want and ask them what you can expect from hiring them.

2. Acquiring and Keeping Customers

Acquiring and Keeping CustomersThe primary goal of any business is to have clients. With a little of applied Marketing you can start bringing in new clients to your small business.

However, it is even more important to keep those clients that you have already acquired as repeat customers.

According to statistics, it costs around 6 or 7 times more to get a new client than to keep an existing one.

Here are a few things you can do to increase repeat purchases.

Offer either competitive prices or premium services. Study the market to check out what a fair price for your products is. On top of that, if you think you have a competitive advantage over other businesses, make sure to highlight it so clients will be willing to keep buying from you.

Offer excellent customer service. All of us humans want others to treat us fairly. A friendly attitude can be a game changer in business. More than price, it could be the decisive factor your clients take into account when they prefer buying from you than from your competitors.

Give incentives. Coupons, rewards cards, and memberships are just a few of the ways you can keep your customers coming back to you again and again.

3. Letting Growth Kill Your Small Business

Growth is good, right? It depends. If you can manage it, it is.

However, there are many hazards of growing your business too fast. For instance, if there are many things to take care of, you may stop delivering top-notch customer service. When this happens, you may start losing clients while your expenses still remain the same.

Growth can kill your small business if not handled correctlyAnother way fast grow can harm your business is when your cash-flow doesn’t keep up with the business’s financial needs.

For instance, if you grow on sales but your clients take two months or so to pay you, you may not keep up with monthly expenses.

So this is one thing — a very important one, actually — to watch for.

Another thing that can get out of control if you focus on growing too much is that you may start hiring the wrong people. You may feel pressure to fill positions, neglect the hiring process and start hiring less-than-ideal candidates.

This can lead to major disruption inside the company or with the clients. For a small business, hiring the wrong people can be deadly.

Remember that more sales doesn’t necessarily equate with more profit. Focus first on net profit as well as net profit margin and then start thinking about growing your business, not before!

4. Not Enough Online Presence

People are going online in their mobiles and PCs to search for local businesses offering certain products and services. If you aren’t using this opportunity to promote yourself where your competitors are, you are in big trouble. Setting an online presence to your small business costs little and there is much to gain.

Start with setting up your business website. You can create a beautiful, professional website with Bookmark without knowing a single thing about coding.

Not Enough Online PresenceBookmark makes it incredibly easy with their unique Focus feature — you can add beautiful sections of design to your page with a single click. No need to mess around trying to get things to line up.

Plus, with Bookmark you will have a responsive website already optimized for mobile, so you won’t leave any device behind.

Blog about your business niche. Your online presence should include a blog in which you write at least 1 or 2 articles a week about content related to what your business sells or has to offer.

Use social media to help you get the word out. You should at least open business accounts on at least Facebook and Twitter to start with. Research the platforms to find out where your customers hang out, and go where they are.

Make sure to post engaging and useful content and invite your customers to join your page. Attractive images and short messages are what attract most people to your posts which should also have links to your blog.

Finally, email marketing has been labeled as the single most effective online marketing method that exists. Thus, building a customer base is essential as well as sending weekly e-mails offering discounts and info you deem might be important for your clients.

5. Hero Syndrome

Hero Syndrome means that you think you can do everything yourself. Although at initial stages you can do it all, this model is not sustainable.

As the small business grows to a medium business, your health and mind may start to suffer if you get too much workflow. It is important to delegate. Whether it is a project, or to a freelancer, or a full-time worker, there will come a time where you will need to invest in employees.

The key here is to hire the right people. Hiring a human resources agency may be worth it as they are already experienced in this field.

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