Your business, your baby, your legacy, right? In some cases your business is your life, and there is nothing wrong with that. You got your idea and you turned it into what is it today, and that is something to be proud of. However, I think many business owners and entrepreneurs will agree that often the actual getting the idea and turning it into a business is the easy part, it is sustaining the business and growing it that can cause the issues. But, there are common ones every business owner can face. I wanted to share with you what some of them are.
Cash flow problems
Cash flow can be a big problem for some businesses. You will find that invoices you send out and subsequently receive will give you a thirty day payment window. This is great for you when it comes to paying out, but not so much for you receiving the cash for the goods or services you have provided. This is when decent forecasts and projections for your business will in turn help you to predict the times when cash flow could be an issue. Things like invoice financing can be an option to help you stay afloat.
Issues with your network
Your network is what keeps your business going. It might enable you to keep your customers involved as sales people go out to see clients. It might help people work more flexibility or give you the chance to stay in tune wherever you may be. But if your network goes wrong or fails, it’s vital you know first, right? This is when network monitoring made easy is important for you as companies can keep you in the light with issues thanks to developing software systems. Your business needs to be able to keep on going, and knowing where you can make the right decisions is important to help that happen.
Client and customer dependency
The next thing you may want to consider would be your overall business and what dependency it has on clients and customers. Some businesses will find that a big percentage of sales may come from one source. While there is nothing wrong with that, the issue with it, is that if that client goes elsewhere, how can your business still run? This is when it is important to diversify your sales.
Business dependency on yourself
Much like your business may thrive off one specific client and customer is is dependent in any other ways? What would happen if you suddenly became out of action? Would you business still work or will is start to crumble without the main operator at the helm? Your business can have a dependency on you and recognizing this will help you to take the right level of action to ensure that should something happen that your business will not suffer in your absence.
Problems with security breaches
Is your security up to scratch? You may want to think about two levels of security, your physical security and your digital protection that you have in place. Physically, you could consider up to date alarm systems and in many cases this can include security alarms. It is likely that some systems can even be connected up to an app on your tablet or phone where you can keep tabs on the business premises you have. Digitally, so much is done online these days that it is important to ensure that your firewall and things like passwords are updated regularly to avoid any digital breach.
Issues with employees
Maybe you have issues with your employees. Perhaps smaller things like lateness or not turning into to work, but you can also have other issues with them that could include damage to business property or even abusing privileges like a company vehicle or expenses. The best advice would be to have certain rules and regulations in place and even form it as part of the contract. That way, if you do need to enforce any disciplinary action you have all the backup you need. When it comes to ex employees make sure you revoke access to systems and customer details to avoid any breach to your business.
Not being visible online
Is your business visible online? These days you need to be present on the World Wide Web and it forms part of your business. A website and online shop can be a great addition to your business, as well as performing well in terms of sales. Being seen on search engines is done through something called SEO, and the right keywords on the copy of your website is an excellent way to start off. A business blog could also serve you well.
The wrong kind of marketing for your business
The next thing to think about would be the type of marketing you are doing for your business, and is it the right sort? Social media is an excellent tool to take advantage of and can have you engaging with your followers and creating sales instantaneously. It does mean that you need to be consistent with what you upload and to remain professional at all times. Marketing could be focused locally as a well as latest trends show that people do want to support local businesses. This is when sponsorship of local events and advertising that way could boost your business image.
Not networking and being aware of industry trends
Finally, you need to think about whether you are networking enough and if you are really aware and in touch with the latest industry trends for your business. This is one of the areas that could help you predict your business projections, as well as helping you to advance and expand your contacts and business moving forward. Many industries hold networking events where you can join forces with like minded individuals and fellow business owners.
I hope that sharing with you some of the common business issues anyone can face will help you to be more aware of what you can do moving forward.