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Every single small business owner out there has their work cut out for them. There’s a lot the small, home based business has to contend with, from bigger competitors, a lack of long term funding, and little to no customer loyalty or recognition.
However, we all know these are problems. We all know that a business will need to push through and find a strategy that works for them in combating these problems. What we don’t think about are issues like those down below. If you’re a small business owner, take note of them as soon as possible.
Table of Contents
Marketing in the Wrong Direction
It’s easy to throw as much money as you can at a marketing campaign and expect to see a massive return. However, and often unfortunately, that’s not quite how things work. A lot of small business owners mistake needing to fork out money with guaranteed results, and end up wasting all their time, energy, and funds in the process.
This behavior is even encouraged in a world dominated by social media. The higher the marketing budget, the more people the advert can be shown to, and the longer the ad can last. But there is never a guarantee of new leads, even if you’ve got a month left in the budget, and especially if you don’t have clarity over your target market.
Stagnating
It’s easy to get into a routine. They work in all walks of life, and no one could blame you for doing the same thing day in and day out. In the world of work, however, this can lead to stagnating, even if it’s worked out for you to this point. But change is inevitable. Pretending it doesn’t exist will never work out.
That’s why you should be an innovator as well as a business owner. Start by investing in programs like change management training that will benefit your staff. The more your team can take initiative around you, and be adaptable to new ideas, products, and customers you bring forward, the better your business will fare in 6, 12, and 24 months’ time.
Having a Small Network
All business owners need a network. You need to be in touch with those in the same boat to stay in touch with the working world at large. But if your network is too small, you’re never going to hear new ideas or be introduced to something new and exciting your business could benefit from.
And really, the smaller your network is, the less you’re going to get from it. Sure, you need to offer up as much as you take, but you need room to grow as well. If you’re not talking to people who challenge you, or will take some getting-to-know, you might be at risk of not getting the opportunities you need.
In the small business world, issues like these deserve more attention. When you share an issue like this, you’re much more likely to come to a solution.
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