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Small Business Challenges and Solutions
Did you know that according to a recent study, small businesses collectively generate $5 trillion in sales in the U.S.? Wow, that means if you are a small business you are part of this mega sales machine!
It doesn’t always feel like it, though, does it? One of the greatest challenges of a small business is “survival.” “Of all companies, about 60% of start-ups survive to age three and roughly 35% survive to age 10, according to separate studies by the U.S. Bureau of Labor Statistics and the Ewing Marion Kauffman Foundation, a nonprofit that promotes U.S. entrepreneurship.” (Gage, 2012) That means, on average, only 350 out of 1,000 small businesses that start this year will still be around in 10 years. This is proof you’re in an elite group if you’ve just survived (let alone “thrived”)! What makes it so hard for small businesses?
As your trusted business advisor, Symmetry wants to help you face those challenges that can be daunting, indeed overwhelming. It’s encouraging to know the struggles we encounter every day are normal; all small businesses face them. Like other “heroes,” we all continue the fight because the cause is worth it.
We have found the top issues small businesses struggle with can be grouped into the following general categories:
Financial Issues – How do you finding adequate funding? Are the bills getting out on time? How do you manage collections and credit? In a word: CASH!
Customer Issues – What does the customer really want? How do you find enough of the right kind of customers? Now, you have customers; how do you keep them happy?
Service or Production Issues – How do you give your customers the same high quality service or product every time?
People Issues – How do you find qualified staff? Why is it so hard to keep staff motivated? How can you get them the training they need?
Growth – How do you get good at what you do and stay good when the rules of the game keep changing with regard to competition, customer expectations, globalization, people issues, finance, technology, etc.?
We invite you to visit this section often to find additions to our collection of white papers related to common challenges facing small business.
White papers coming soon include:
Can you afford to ignore cyber security?
Making the most of social media
How do you keep your company relevant?
Creating and sharpening your elevator pitch
Raising prices without alienating clients