7 Most Common Small Business Problems. And How To Fix Them.
Starting a business is not such a big deal. Running a profitable small business is no mean feat and a myriad of problems lurk along the way. There are many standard challenges every business faces whether large or small. However, there are some that are unique to small businesses. Ones most large companies have grown […]
1. Hiring New Employees
A challenge many small businesses are having to deal with. It comes with a lot of cost and responsibility like
onboarding – new equipment, training,
costs – taxes, benefits, bonuses, healthcare
That’s a significant investment (estimated 1.5 times to 3 times the salary) for companies that typically are strapped for cash.
How to Fix It: Hire VA – No HR headaches like tax, national insurance or employee benefits
2. Not enough time
While the time is infinite, the hours of a day are not. Running a business is exhausting and consumes more time than expected. It makes you a multi-tasker and caretaker of all the small business problems.
This is a common experience for 90% of the business owners out there.
If you won’t make an effort to manage your time, your business will have a hard time corresponding to that and growing.
You are already running out of time in this fast-moving competitive world. The ones who are managing the time best are the ones who make difference
How to Fix It: Get more time to do what you do best, while leaving the admin to someone else.
3. Too Many Hats!
Small business owners are notorious for wearing too many hats! Especially in consulting and service based businesses.
Not only do you have to provide your expertise, you also have to manage all aspects of your business. You’re the accountant, the marketing manager, the schedule keeper, etc.
It helps if you have tools to manage all this, such as Google calendar, but you still have to manage them. A great accountant and virtual assistant are well worth the cost. They will handle things that don’t need your personal input.
How to Fix It: Your work will be completed to perfection and delivered on time – or ahead of time. No more tasks piling.
4. Do it All and More!
Small businesses are battling each other for the attention of customers, stakeholders and the media. They can’t afford to hire professionals to do outreach and PR, so they have to do these things themselves.
Facebook and YouTube don’t cost anything and they help get attention. But there’s still so much more business owners could be doing if they knew how.
Today’s small business owner is also part PR specialist, part webmaster and part outreach coordinator. The level of multitasking keeps growing.
How to Fix It: Virtual Assistants have a vested interest in the success of your business. They can help you research and do at least part of the outreach for you.
5. Staying Passionate
In the daily grind of living, it is crucial more than ever to be obsessed with what you’re doing. Otherwise, the quality of your product/services suffers… Giving your customers a shoddy experience… may inspire them to take their business elsewhere.
That is why obsession is a critical component; when you’re obsessed, working 14-hour days isn’t as big a hassle. Without obsession, you’re more likely to let your small business fold instead of fighting for it. Without obsession, work becomes another mindless grindstone to put your nose to.
The mundane tasks in your business can be not only boring, but also emotionally draining. Don’t allow this to inhibit your business growth!
How to Fix It: Virtual Assitants work closely with you to achieve seamless perfection of your projects. No one will ever know it wasn’t completed in-house!
6. Can’t Pay the Money???
It’s difficult to compete with the larger businesses for the same talent when you have limited funds.
When you own a small business, hiring help means lower profits and higher expenses. I get that. But trying to do everything yourself means missed phone calls, failing to treat clients with excellence, financial miscues, and other costly mistakes. Think of the upside: The increased productivity from another person could offset the cost of the hire. It could save your sanity too!
How to Fix It: VAs offer flexibility. They are available outside of normal hours, have no minimum hour commitment and are only paid for the hours they work.