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Challenges Facing Small Business
 

Challenges Facing Small Business

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Lakesia Wright

Lakesia Wright

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    Challenges Facing Small Business Challenges Facing Small Business Document Transcript

    • Lakesia Wright shares Small Business Development challenges and tips:Based upon my research and business observations as a Business DevelopmentSales & Marketing Professional, working in the consumer provider industries,here are the challenges that small business face and business failures notcaused by natural catastrophes, legal or family issues such as death or divorce..1. Poor Business planning - The lack of a strategic business plan to help focus onvision, mission and goals and the lack of how to develop a business plan.2. Inadequate Funding- The lack of adequate startup capital that has notincluded enough money to live for one or two years without income whengetting the business started. Speak to your local credit unions and other lendersabout financing options for your business. Some forms of lending may not beavailable at your local banks.3. Very little or No prior business experience - The lack of experience running abusiness or in the industry entered. Lack of Market Research and development.4. Ineffective marketing activities – The lack of a strategic Integrated Marketingand Communications Planning.5. Competition – The lack of understanding of whom the competition is andwhere your business stands incomparable to the market in which the businessserves.6. Weak customer service – The lack of commitment to world class anddelivering reliable service to customers in a professional courtesy manner.7. Poor record keeping and financial reporting – The lack of up-to-date, welldocumented financial and business records and no software to back up thefinancial data.8. Niche or Targeted product, services and/or clients. – Small business ownersnormally target to one big client, offer one product or one line of service,rather than multiple lines of products and services and diversification, which isimperative to a business survival.
    • 9. Opportunistic marketing – Entrepreneurs often get excited over any newopportunity or product and start pursuing a new opportunity without usingstrategic thinking to test the opportunity against the vision, mission and goals ofthe business plan.10. Poor time management – Lack of discipline and commitment to do tasksthat need to be done on time and failure to adapt the necessary timemanagement business tools for more efficiency.11. Poor quality – Lack of business standard for quality of products and services.12. Fatigue/ stress /Burnout – Owning a business with a significant investment oftime, money, energy and emotion results in working long days and not takingtime off. And not balancing your business life and your personal life will causeburnout and cause your motivation and creativity to suffer while increasing yourstress levels.13. Lack of Emotional Intelligence and Interpersonal skills14. Lack of Understanding of how to develop a Marketing Analysis , MarketingSurvey and a Marketing Plan that targets the market for which your productsand services intend to serve. Lack of Understanding of your market needs.15 Lack of Execution of a Sales Plan and or lack of understanding of why youshould have one.16. No strategy or Networking to build alliances and healthy relationships.17. Lack of Media optimization (thinking only one category Advertisement.)18. Lack of Education and or knowledge about the business you are developingor the product your are selling. (Fly by night) and refuse to pay the fee to hire aconsultant to assist in business development.19. Hiring all the wrong people to do any job to help you, including friends,relatives or spouses of friends and relatives. (it’s better you just hire from thetemp or recruitment agency)
    • 20. Choosing the wrong location for a merchant business, such as a store frontaway from your target market area. Or the inability to choose a location due tolack of capital in order to locate your office space.Your business, no matter how small it is will need an organizational plan.The organizational plan outlines the key members their duties and theirfunctions.Key Members affiliated with a business plan normally have cross functional roles,however most roles can be easily identified. A small business organizational plannormal consist of the following key members, the General Manager, OperationManager Administrative Manager, Sales Manager and Marketing Manager,Research & Development and Logistics.Key Members must be identified as each offers special skills, talents,qualifications and abilities in contributing to successful development of abusiness.Depending on the scope of your business key members should have someminimal experience in each category unless on the job training will be provided.When hiring, Human Resource managers should be very specific as to how thecandidate will learn the companies products, services, and policy rules andregulations.In order to operate a small business in an efficient manner, it is imperative toadapt company policy rules and procedures within all departments Once you have determined that your business fits into one or more of any of the above in your businessor organization you will need to discuss what it takes to turn your business around, your should contactyour nearest local business development consultant You may need to consult with the followingprofessionals and more than once a Lawyer, Accountant, Insurance Broker, Real Estate Broker, FinancialInvestment Advisor.