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How Small Products-Based Businesses Can Still Compete Against the Big Players

Small businesses face challenges from every quarter as they go about trying to sell their products to target customers. Initially, they face teething problems like hiring the right work force and improving visibility amongst their target audience.

This PowerPoint Presentation take you through challenges encountered by small businesses and their corresponding solutions.

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How Small Products-Based Businesses Can Still Compete Against the Big Players

  1. 1. Battling the Resource Crunch • Small businesses face challenges from every quarter as they go about trying to sell their products to target customers. Initially, they face teething problems like hiring the right work force and improving visibility amongst their target audience. Once things start moving, they need to face competition from the bigger players in the niche, battle stagnating sales and a whole lot more. If they are unable to meet these challenges head-on, they’ll have to shut shop. The good news is that for every challenge there is a solution that helps convert the challenge into an opportunity for fuelling business growth.
  2. 2. The following slides take you through challenges encountered by small businesses and their corresponding solutions.
  3. 3. HIRING THE RIGHT STAFF IN A LIMITED HIRING BUDGET • Every successful business is backed by the right team. • Recruiting the right talent is one of the biggest challenges for any small business. • This challenge is accentuated because they have a very limited budget to work with. • Inability to hire the right person for the right job can lead to disaster.
  4. 4. But a Solution Exists
  5. 5. HIRING THE RIGHT STAFF IN A LIMITED HIRING BUDGET - Solutions • Cloud staffing is a great solution that will allow you to bring down staffing costs. • Cloud staffing allows small business owners to cut expenses and still hire the best talent available on the market. • You can hire talent that can work remotely, which brings down your overheads. The money you save can be added to your hiring budget.
  6. 6. But a Solution Exists
  7. 7. EMPLOYEE RETENTION • Small businesses cannot compete with large organizations when it comes to implementing policies that help retain employees. • The challenge is to achieve an ideal employee retention rate.
  8. 8. But a Solution Exists
  9. 9. HIRING THE RIGHT STAFF IN A LIMITED HIRING BUDGET - Solutions • Offer employee perks to ensure they remain healthy and happy. • Offer flexibility in terms of both working hours and leaves. • Offer goal based incentives.
  10. 10. STAYING COMPETITITIVE • Use inbound marketing tactics like SEO, content marketing and social media marketing to generate brand awareness, improve brand reputation, and increase sales.
  11. 11. But a Solution Exists
  12. 12. STAYING COMPETITITIVE - Solutions • Offer employee perks to ensure they remain healthy and happy. • Offer flexibility in terms of both working hours and leaves. • Offer goal based incentives.
  13. 13. Inbound marketing delivers below average cost per leads as compared to outbound strategies.
  14. 14. MANAGING and CONTROLLING CASH FLOW • As small businesses grow, they find it difficult to manage their accounts. Also, a limited staffing budget means they might not be able to hire a dedicated team to handle accounts and company finances.
  15. 15. In order to grow their business, small businesses also expect extra services from accountants:
  16. 16. But a Solution Exists
  17. 17. MANAGING and CONTROLLING CASH FLOW - Solution • Solutions are available in the form of financial software that are packed with a gamut of features to not only perform accounting tasks but also a slew of functions like managing accounts payable, accounts receivable, credit card management and financial reporting.
  18. 18. Customer Relations • Managing customer relationships is critical if small products based business want to survive and prosper in a highly competitive market. • But the problem is, at times small business neither have the time nor the resources to focus on improving customer relationships as a means of boosting growth.
  19. 19. But a Solution Exists
  20. 20. Customer Relations • Invest in cloud based CRM software to manage interactions with the current and future customers of your company. • With the cloud, you can subscribe to a pay-as-you-use model allowing you to significantly bring down CRM costs and ensuring you can scale up or down as per the requirements of your business. • Install web-based help desk from Zendesk or chat products like Skype on their websites to answer customer queries. • Use a social media network like Twitter to get customer feedback and answer queries.
  21. 21. Resources • http://www.verticalresponse.com/blog/3-small-business-challenges-and-how-to-overcome- them/ • http://business.financialpost.com/2012/07/16/product-based-businesses-have-own-set-of- challenges-rewards/?__lsa=f54f-e45e • http://www.forbes.com/sites/cherylsnappconner/2013/03/04/the-8-great-challenges-every- business-faces-and-how-to-master-them-all/ • http://www.inc.com/michael-alter/small-business-survey-best-ideas-biggest-challenges-resolutions. html • http://www.internetretailer.com/2014/06/10/companies-discover-value-b2b-e-commerce- study-says • http://www.ezbob.com/6-challenges-small-businesses-face/ • http://www.nsba.biz/wp-content/uploads/2013/09/Technology-Survey-2013.pdf • http://www.gallup.com/poll/167660/small-businesses-face-operational-regulatory-challenges. aspx • http://www.square2marketing.com/blog/bid/156517/How-Inbound-Marketing-Delivers- A-Dramatically-Lower-Cost-Per-Lead • http://www.gallup.com/poll/167660/small-businesses-face-operational-regulatory-challenges. aspx • http://investor.j2global.com/releasedetail.cfm?releaseid=777826 • http://www.huffingtonpost.com/mike-pugh/how-and-why-small-busines_ b_4620328.html • http://www.sleeter.com/blog/2014/04/smbs-want-accountant-2014-update/

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