Research shows that most small businesses can list around 55 issues that hold them back from success, growth and happiness. In running or planning a new business, many managers are daunted by trying to solve problems ranging from insufficient self-confidence to lacking a good team to spending too much time at work.
The problem is, trying to build a successful business while focusing on solving 55 problems, will result in failure for sure.
There are five core underlying problems associated with the 55 problems, which if addressed should ease a businesses path. These are the five problems businesses face and what can be done to fix them.
1. Business owners have a lack of clarity to their core value and how to communicate it
A lot of small companies don’t know why they’re different, unique and why people actually buy from them. By developing a clear and concise outline of core values, you can pitch yourself in commercial and social environments – and lets face it – the more you say it – the more real it becomes.
2. A lack of credibility
Tackle the lack of credibility issue by making it your business to know everything possible about your industry, deliver on all of your promises and credibility will come naturally.
3. They have the wrong business model
Choosing the wrong business model for your business can be detrimental. For example, a business that has a revenue model linked to charging for its time doesn’t think out of the box. This hampers innovation and dooms entrepreneurial spirit. The solution seems to be to “productise” intellectual property, identify the result it’s designed to achieve and work out how to package that result.
4. They’re invisible
Many fledgling businesses are scared to stand out before they have earned their stripes, but there is nothing worse than ‘Googling’ a businesses name or industry only to find that your company is nowhere to be found. Not showing up online is not an option – after all, “You are who Google says you are.”
5. Trying to go it alone
Small businesses stay small because they think they’re small and they generally tend to go it alone. The solution to this is creating partnerships – finding whatever your business is missing elsewhere and creating value in what you have to entice them.
By working out how to partner in some way, you avoid this issue.
These five steps will put an end to a whole plethora of other problems and will give the small business owner the time to focus on success.