Ten Most Significant Challenges Facing Business Owners
Here is a collection of the top 10 most brought up problems I’ve heard from my own customers along with other small business proprietors.
What’s missing? What would you add? Any great solutions you’ve developed to overcome any of these challenges?
Let’s all help out so everybody gains!
Marketing. How do I market? How much should it cost? How do I know if its working? Do I need to market?
Business Model. How should I create it to ensure I outline my business and I’m not defined by whatever customers buy? How might it be related to other parts of the industry? How should I maintain it?
Taking time to validate suppositions. Test this market. Get out from the business and communicate with your clients to validate your design. „Prove“ the financial suppositions.
HR. When the business begins to grow this will become significant. What is the minimally viable group? How should I find quality people? When do I employ? When should I fire? This will become even more complex when family and friends are hired
Exit plan. How do I plan for my departure from the business? How do I sell? How do I sell to retire? Can I be an effective absentee owner?
Costs. How do I control costs so I don’t over spend my revenue (unless its for growth and on purpose)? How much should I spend on facilities?
Logos. This might as well be magicPrecisely what does a brand name do for my situation? How do I brand? How can I use my brand?
Procedures. Substantial area, but intended here as organizing the running of the company and ramping up with expansion. Scale and performance.
How can I make use of the internet? Is it simple to generate website visitors to my site? What will the site visitors do and how can one influence their options. How can I use social media marketing?
Value proposition. What benefit is supplied? What results are made? Just how long does it take? How much should it cost you? What tasks do my solutions achieve?
(Bonus) Customers. Who are my customers? What do they need? Who do they buy from? How do I communicate with them? How much does it cost to acquire them? What are they worth over the lifetime of our relationship? How do I know when they’re happy.
This isn’t complete whatsoever. Its just a friendly sample of issues I’ve been told, replies to surveys, etc.
They seem to be ubiquitous, lets all help out and discover if we can recommend possible options for every one.
Michael Nelson, The Cogent Coach, is an gifted Business Coach that brings 20 years of experience to bear in helping his clients succeed. He has developed numerous frameworks that help a Small Business Coach bring maximum value to their clients.
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