Challenges In Business: Five Steps To Win
How to overcome problems with your startup.
Starting or maintaining a business is not without challenges. And to reach whatever goal you have for your venture will take everything you’ve got.
But don’t be discouraged. If you want your company to succeed—and you’re willing to do what it takes—success will be yours.
1. Customer satisfaction
You can lose sleep trying to keep buyers happy. But don’t worry, things will improve even though headaches can begin with clients.
It goes without saying that you’ll get nowhere without them. And as a fellow founder, I’ve been in your shoes.
I have owned a moving, janitorial, and car business. And it turns out that most clients are fair. You just need to keep your ears open.
Why? Because a dissatisfied shopper will tell you what’s going on and how you can fix it. But you’ve got to listen.
Most entrepreneurs are looking at things from their point of view. As a result, they’re missing the chance to be better than their competitors.
As I said a moment ago, most people are reasonable. When you run into a problem with one of yours take a moment. Relax and listen. Your best patrons will share with you what that solution is.
Working on this remedy together benefits you directly. Because the press that you want out in the universe is positive. The bottom line, figure out how to deliver what your users want–sooner than later.
Running service companies gave me a unique look into the lives of my employees. When each of my companies were new, I would work side by side with my team.
As I grew this was no longer possible. But I did learn one valuable lesson. Pay your team better than your competition.
You’ll quickly develop a reputation for being fair, and the best job candidates will come knocking.
Another benefit to providing better pay is loyalty. If you spend time hiring and training the right ones, they will repay you with a job well done. And that’s what everyone wants.
You shell out better pay to your team. Your team delivers better service to your clientele. Your customers pay you a second time by way of great reviews, referrals, etc.
Resulting in more revenue!
Bottom line, you want an office environment where your employees never feel like they were cheated. Do this, and they will never think about quitting.
3. Cash Flow
Making payroll, getting a vendor paid, or just keeping your lights on, can be tough. There’s always a bill for something.
So, it is super important that you keep revenue flowing. Give discounts to your regular accounts for early/prompt payments. Negotiate longer payment windows with vendors and subcontractors.
Start your cash flow focus on just that, the cash. Watch every single dollar with a close eye. Analyzing where it is going and confirming from time-to-time if it should continue.
The biggest challenge in business is not the competition, it’s what goes on inside your own head. Barbara Corcoran
Next on our challenge list is motivation.
4. Staying Motivated
You will run into problems as your own boss. And these obstacles can be a grind. A slow, steady, and hard one. You, however, must stay upbeat and ready to view the day as if the glass were half full.
Motivational books and quotes can help on tough days, but only if you turn to them consistently. The long-term impact on your attitude as a result cannot be denied.
I’m not sure how I would have dealt with stress if I didn’t stay inspired. I highly suggest incorporating some type of positive messaging into your schedule. It will never hurt.
5. Social Media Management
Most entrepreneurs know how crucial social media is. More than a hiccup for your operation if neglected, it can shut you down.
Self-employed folks must wear many hats. But don’t procrastinate with this one.
If you don’t have time to engage with buyers, hire someone for the job. A quick Google search will point you to several social media experts. For a small fee, they will keep your clients connected with your brand.
Another option to manage your social media accounts is to try a freelancer site like Fiverr. They have a ton of social media pros ready to help.
In A Nutshell
The ups and downs of being a CEO are a given. But it’s how you deal with the good and bad. I was able to successfully overcome terrible days through trial and error, reading amazing books, and staying motivated.
Remain positive and never quit. Success doesn’t happen overnight. But by staying focused, and always moving forward, you’ll move the goal line closer.