5 Solutions to Common Problems Faced by Business Owners

5 Solutions to Common Problems Faced by Business Owners
business problems help.jpg

Most businesses, large and small, face many of the same challenges. The age-old dilemma of maximizing profits while minimizing expenses continues to plague many companies. Other problems experienced by businesses consist of hiring creative staff, finding clients, building an image, marketing, and ditching the paperwork. Identifying these problems and finding solutions are crucial to the success of any type of company, whether the service industry, trade, private venture, or commercial.

Creating a Global Company Image: Marketing on a Shoestring

Photo via Flickr by Scott Maxwell

Photo via Flickr by Scott Maxwell

Problem: Your business doesn't have a solid presence.

Solution: Who are you? What service or product do you market? To whom? Today, more than ever, identifying your target market makes sense for a marketing campaign. Learning about your customers through the insights of social media helps you identify your company's target age group and gender. Now that you know your target, create an effective ad campaign for your company image with social media groups. It's effective and costs little compared to the old print advertising.

Using Technology and Software to Ease the Burden

Photo via Flickr by David Terrar

Photo via Flickr by David Terrar

Problem: You're buried in a sea of paperwork.

Solution: Affording a financial assistant is out of the question. Now, more than ever, technology and the right software for your business are paramount. After all, you don't want to spend hours creating mounds of paperwork trying to figure out where your money went. Sage One's free online accounting software is a simple solution to managing your finances and maximizing your time. It's easy to set up, easy to use, and has over 15 different reports to help you manage cash flow and send invoices. It saves you time and makes you look professional.

Creating a Continuous Flow of New Clients

Photo via Flickr by Yoel Ben-Avraham

Photo via Flickr by Yoel Ben-Avraham

Problem: Capturing New Clients.

Solution: When you think of new clients, you might immediately think of print advertising. Wrong. Today, more than ever, you have to set yourself apart from similar businesses. Redesign yourself. Walk, act, and talk a different role. Create a written social media strategy for increasing your business. Become your own best client, use the products you sell or the services you offer. Capturing more clients is a continuous process. Don't stop the first time you seem to have plenty.

Hiring Talented Staff

Photo via Flickr by Twentyfour Students

Photo via Flickr by Twentyfour Students

Problem: Sales are off and the quality of staff is poor.

Solution: In August of 2015, according to NFIB, over 25% of new business problems were the result of poor sales and meager labor quality. Finding the gems isn't easy, and attracting talent is an art. To start, be sure to create your brand on social media. Use social media to start a recruiting campaign, targeting and engaging with those whose profiles match your culture.

Ditch the résumé process and conduct video interviews. Have an open house, inviting those who fit the bill. Be bold, invite the competitors' staff too. From here, you'll be able to sift through those who are a good fit, and then poor sales will become a thing of the past.

Increasing the Bottom Line

Problem: Not making enough and spending too much.

Solution: Sales is the most important function of any business. It allows your company to hire more staff, buy more equipment, expand your market, and deliver more services or products. Some simple sales-boosting solutions are to increase or decrease your pricing. A slight increase creates demand, and a small decrease adds more sales, and in fact, takes some away from the competition.

Expand your market with a video presentation offering a product explanation or service. Offer special discounts for a limited time or bundle similar services like fitness and nutrition. Offer ten personal training sessions and one nutrition session for a package price. Cut out unnecessary expenditures. Get rid of the fees with a merchant account and use an app on your mobile device enabling you to take credit cards.

Starting a new business or increasing sales and profits in an existing business can be an ultra-competitive process. But now, with cloud technology and social media, information and resources are a keystroke away. The problems are always the same, but the solutions are easier than ever.

I'm the Founder of SocialSteak. I work in social media. Love fashion, tech and science.