Live Webinar: Measuring Employee Engagement and Acting on Feedback (27th Nov, 2020)
+

How To Overcome Major Business Challenges And Set An Example

3 min read
Last Updated on
overcome-business-challenges

Challenges are inevitable when running a business. There are challenges that come with hiring, finding customers, cash flows, and practically every other aspect of the business.

If measures to overcome such challenges are not put in place, businesses are left at risk of failure, or worse, closure. That is why business owners need to be proactive in finding solutions. They also need to be agile in doing business to quickly adapt in any phase they find themselves in.

That being said, here are ways that businesses can overcome business challenges and set an example while at it.

Hiring the right people

In this era, where the war for talent is so evident, finding skilled candidates to fill positions can be challenging for many businesses.

You agree that finding the right people is critical in taking the company forward. That is why companies need to invest much effort in the hiring process so that it is smooth and yields the desired results. Companies can adopt the following strategies:

Getting customers

Creating a good product or service doesn’t mean that customers will find you. It is on you to put in the effort to get the word out there about your business.

However, it is not always easy, and it comes with its share of challenges.

To ensure you are getting customers who buy and stick with you, you need to know who is your target customer. Who does your product solve a problem for? What do they do? What are their buying patterns?

Once you have answered such questions, you will have an idea of where to find them. Follow them on social media, email them, and go door to door if you have to. Attend events frequently where your target customers are also attending.

Increasing brand awareness

Most people start businesses to become a household name in the future. However, building a big brand is not an easy task. It requires a great deal of patience and hard work to create brand awareness successfully.
Here is how to overcome this:

  • Optimize your website for SEO
  • Create a blog to drive traffic to your website. You can also contribute to big brands’ blogs
  • Collaborate with another brand in marketing
  • Start a referral program where you give discounts to customers who refer you to another person
  • Be active on social media and run adverts there
  • Have influencers review your brand

Cash flow challenges

Money is the blood-life of any business. You need it to pay employees, suppliers, market, and business growth, among other overheads.
However, cash constraints are typical in businesses. There are times when cash flow faces challenges, threatening the life of the company. Overcome that with these tips:

  • Evaluate your expenses and cut back where possible
  • Negotiate better terms with suppliers
  • Put efforts in debt collection
  • Consider other options of financing such as a business loan
  • Keep proper records of accounts

Product pricing

Setting prices for products is a challenge many businesses have to deal with. Setting it too high puts a risk of losing customers, and setting too low poses a risk of operating at low-profit margins. That is why it is essential to get it right.

To do this, you need to determine the best strategy to price your products. Will you base on the cost, demand, competition, or its value?

Check out your competition to see their prices and how customers respond to them. Conduct surveys and experiments to determine how much customers are willing to pay. Evaluate your product honestly as compared with others in the market. Then you will know whether to price it lower or higher compared to the rest.

Conclusion

Business challenges will always be there, but it is your ability to overcome them that will guarantee your business's survival. The good thing is that they don’t last forever. Once you get past a challenge, you come out wiser and more experienced. It becomes easier to identify them from afar and overcome them when they hit the business in the future.

Sienna Johns is an HR Officer specialized in employee training and development with over 6 years of experience based in London. She enjoys using what she has learned from 6 years of different challenges in businesses to help different starters achieve business growth and also help them establish clear goals that take their business from where it is to where the business owner wants it to be. For any related queries, contact editor@vantagecircle.com.