4 Challenges in Building and Maintaining a Business and How to Handle Them
Starting and running a business, whether you’re doing it for the first or fifth time, can be daunting. There are challenges and roadblocks that you need to overcome not just to do a successful launch, but also sustain the enterprise.
Being an entrepreneur gives you a lot of opportunities to learn, grow and make money. But, it will not always be easy and the same for everyone. Prepare your mind, body and soul for these challenges, develop and execute the best solutions, and you should come out victorious.
1. Wearing All The Hats
Many entrepreneurs are hesitant to hand over some of the responsibilities to another person and would prefer a personalized, hands-on approach in their business. While this is doable for some, you have to be honest with yourself: you only have one body, 24 hours a day and you need help.
The primary challenge when you want to run the show all by yourself is that you fail to focus on things that need your attention more. In turn, you only give half of your time and produce mediocre results. If you want to focus on sales and marketing, do it. Don’t feel any less of yourself just because you handed the accounting task to someone else. Don’t feel guilty about acknowledging your weaknesses; what matters most is that you’re addressing it and your business benefits from it.
2. Growing With the Market
The market isn’t static, and unless you give customers good reasons to stick with your brand, it’s easy to lose out if you don’t grow with the market. Ideally, you should have studied the market intensely while you were building the business. You need all the information and data that could help you craft the best strategies.
However, market research shouldn’t stop there. The trends change, customer behaviours change, and if you’re not up-to-date with the changes, your value proposition will become obsolete. Don’t stop learning and keep on innovating. Align your value proposition to what the market needs and your customers will keep coming back to you.
3. Financial Mis(management)
Financial shortcomings happen to many entrepreneurs because they don’t know how to handle business money properly. You need to optimize your cash flow, not just to generate profit, but also to sustain your business.
Having a financial plan in place is essential in solving financial mismanagement issues and prevents them from recurring in the future. Check out your business systems to see if there are cash leakages, modify or restructure the system if necessary. Cut costs where you can, but don’t compromise quality. It’s also best to save up some cash for contingencies because sales are not always predictable and you want to be well-equipped during the lean days.
4. Stress Management
You started the business as a ball of energy. Sooner or later, the demands of the business could eat away all your time, leaving you spent and burnt out. What used to be excitement is replaced with complacency and motivation.
It is understandable for business owners to feel tired and fatigued at some point or another. This is particularly true if you’re running the business as a one-man show. But even leaders of small business and huge corporations sometimes lose their “mojo” too. Some entrepreneurs also tend to think that their business will stop as soon as they take even a short rest, which adds more pressure to work long hours.
This kind of mentality is never healthy, for you and your business. Otherwise, you run the risk of making impulse decisions; you lose temper to your employees and may even give poor customer service. Sometimes, a break is all you need to renew your spirit and vitality and face the challenges with new-found energy.
Every business faces its own set of challenges, but the entrepreneur who does not falter and waver amidst the difficulties is the one who stands firm and proud.
Fortunately, you don’t have to do this alone. 3StepsRight is rolling out the LEVEL UP PREMIUM MASTERCLASS where you receive exclusive training, support, coaching and accountability to launch and sustain your business.
We understand your doubts and apprehensions when you’re facing these business challenges, but that happens to the best of us. But think of it this way: meeting these challenges head-on is not only the best approach for your business, but they also mold you to become a better entrepreneur too. You may need to make a couple of hard decisions, but if they’re for you and your business best interests, then you should act in them!