Six challenges for business owners

After spending the past few weeks meeting and talking to small-business owners in Essex, it became apparent that all face similar challenges every day.

They are very poor, as I expected. There was a constant sense among these directors and company owners that they needed to be involved in every aspect of the business. They told me that they might be experts in their field, but they sometimes need guidance and support to grow their business and increase profitability.

They faced many challenges, including:

Customers
Customer service is the core of any business. The business is nothing without customers. How to retain, attract and maximize their customers was one of the biggest challenges they faced.

My key to winning new customers and maintaining customer loyalty is not just providing great products and services, but also great customer service. This strategy must be implemented to ensure customer growth and maximize revenues from existing customers.

Marketing
Many business owners don’t have the marketing expertise to create a business position, a marketing campaign, or think about the channels that they want to promote their business.

It is important that the business tells its story in a way that allows it to grow and engage customers. The business owner can focus on his core competencies by bringing in a marketer to assist with the development of this strategy.

Time
Many business owners don’t have enough time in the day. Owners are all stretched for time. To create more time, owners must sometimes say no to other priorities and keep the business on track.

Business owners often seek advice from consultants or business mentors to help them focus on the most important aspects of their business development.

Financial Management
A small- or medium-sized company must manage their cashflow efficiently. However, for some business owners, managing the P&L was often the last or third priority.

A consultant who spends time analysing the business, looking at old debtors, analyzing client profitability, and putting in place effective financial planning strategies can provide sound financial advice. This will help reduce the chance of your business falling into financial trouble.

Profitability
Some business owners that I spoke to felt that Business Planning was an afterthought. They were more focused on the moment. An annual plan should be started at least four months prior to the end of the financial calendar. It should include a formal budget, analysis of client profitability, growth opportunities, and business development planning.

Because they know how to create a culture that promotes sustainable profitability, successful business owners can build wealth and grow their businesses.

Proces
Many business owners don’t know all the details involved in running their business. This is why it’s important to simplify the process. Expert support or an external consultant can be very beneficial.

Businesses can fail if they are unable to manage processes like sales, marketing and business development. Business owners should not be stretched across multiple business functions in order to grow their businesses.

Lucemi Consulting is a Strategic Marketing and Business Consultancy based out of Colchester, Essex, UK.

We provide strategic advice to help companies and business owners find the best solution to their business problems. We help companies solve their problems by analyzing the issues and working with them to find the right solution.

We partner with our clients to help them adapt to market changes and build their capability to make real change.

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