Business owners struggle with a lot of things.
There is always something adding to the stress level when you’re running your own business.
I’m sure it’s always been a struggle running your own business, but today it seems like there is so much out there to worry about.
You have more competition than ever before. You have all kinds of options for online marketing. It seems like things change so fast that it’s hard to keep up with it all.
Well with this post we’re going to try and smooth some of these things out for you.
We’ll look at some of the biggest struggles business owners deal with today and provide some things to hopefully get you on the right track to fixing those struggles.
Let’s get into it.
1. New Customers
The number one way to grow is to get new customers.
I don’t really know if you can grow without bringing in new customers. You can keep adding services and getting more from your current customers, but you can only get so much milk out of the cow you have until you need to get another cow.
If you have a great product or service and you’re struggling to get new customers then you have a marketing problem. There are a lot of ways to market your business – focus on those that offer the best chance and don’t spread yourself too thin.
Action Step: We tell people to focus on content. Think of it like being a celebrity chef. Provide information to your audience and from there you can sell to them. We’ll talk about audiences later and this goes right into that concept. People talk about SEO and social media. They’re both the result of having good content that you create.
Change is something a lot of people struggle with in all areas of life.
Change is definitely something people struggle with when it comes to business.
I think it’s a little different in the business world, though. The temptation is there to always be changing. There are all kinds of opportunities, but it seems like the businesses that continue to lurch for different opportunities, always change and reaching are the ones that struggle.
Having the discipline to stay the course when you know you’re on the right path is a good way to go about your business.
Action Step: Take time each year to assess the path you’re on. Think about the big picture. Give yourself a few guidelines to make decisions with so you’re not always going on emotion. And have the discipline to stay the course even when everyone else is changing. Stay one step behind so you don’t put your company at a huge risk for failure.
3. Cash Flow
Without cash you’re in trouble.
That’s all there is too it. If you run out of cash you’re not going to be in business.
I’ve seen this happen to a couple businesses and it seems that the main cause is getting one client that makes up too much of the business. When this happens you’re really putting the company at risk.
Issues can also arise with cash flow if you try to grow too fast. If you make investments in infrastructure and people then you’re putting pressure on yourself to come up with sales.
Action Step: Have the discipline in these two areas: 1) client distribution and 2) growth. Focus on making sure you’re always leaving yourself with an out if any of your clients should leave you. And also focus on holding back growth so you’re not overextending the business. There is nothing wrong with slow and steady growth.
4. Social Media Management
Get on social media!
That’s the cry from marketers out there.
We appreciate their enthusiasm, but it’s hard for small businesses to really understand what’s going on in the social media world. If you listen to social media agencies and marketers you might end up with your head spinning and your social efforts will struggle.
Action Step: Focus on just a few social media sites that hold your target audience. It may even be just one site. It’s better to put your efforts into one thing than spreading yourself too thin. Also use The Snippet Strategy and stay away from discounts.
5. Building An Audience
This goes right along with social media management.
Building an audience is the way to really do well with online marketing.
Think of it like you’re a music artist. You’re just starting out and you need to build yourself an audience so you can sell things – tickets, shirts, etc.
You’re in the same boat with your online business. You need an audience. Artists do that by playing as opening acts. They play anywhere and everywhere. They try to get played on radio. They go where the audiences are.
That’s your key.
Action Step: Go where your target audience is. Partner with businesses to host webinars. Create a co-branded ebook. Build a blog and use social media to share the posts with your potential audience.
Hopefully these can help you if you’re struggling with these issues.
The point here is that you’re not alone when you’re struggling as a small business owner. Everybody is going through the same emotions as you and while it may seem like you’re alone just know that you’re not.
Take these tips here and see if you can make a change.
We hope you can.