The business sector is one of the most affected during the Covid-19 pandemic, making it harder for entrepreneurs to keep their businesses running.
We have rounded up the top 3 challenges faced by small business owners and entrepreneurs today.
Read on about how to take definite actions to conquer them efficiently.
01. Maintaining a Strong Online Presence
Creating a strong online presence is a significant step to marketing success nowadays. According to Forbes, 97% of consumers use the web to search for local businesses. If most of your potential customers are online, you should be, too.
Online presence is vital for both outbound and inbound marketing. Letting your target audience know your brand, products, and services online might sound somewhat easy, but many businesses struggle in this category.
Because online marketing is more than just writing content and uploading it online. Online marketing is about knowing and communicating with your audience.
Now, this is the challenging part. During this pandemic, more and more businesses are turning online. Some are excelling at online marketing. The competition is stronger than ever before.
What can you do?
Think about what makes your business stand out.
What in aspects does your business perform better than your competitors?
- Collaborate with your team to list of your differences and advantages vs the competition.
- Create marketing plans to showcase your business’s strengths and strategize on how to enhance these competitive advantages.
- Create a website. Every business should have a website. This is a basic requirement if you want your brand to have a strong online presence. Your website should clearly have all the basic information that your potential clients might need (e.g., history, vision, and contact information).
- Build social media accounts. Facebook, Twitter, and Instagram are popular social media platforms, but maybe your target audience spends more time on Pinterest and YouTube. Allocate resources depending on your business’ niche audience.
- Create meaningful content. Make your brand valuable by creating contents that resonate to your target audience. Regularly analyze audience engagement patterns of your content to gather actionable insights. Consider A/B testing to leverage content that makes the most impact.
2. Business Burnout
You are not a robot – you accept that your body has its limits.
According to a study overseen by the University of California, entrepreneurs are 30% more likely to experience depression than members of the general population.
This pandemic forced a lot of businesses to implement sudden changes within the organization.
Some examples, transitioning to work from home, closing a few physical branches, removing some employees for the business to survive.
These can be mentally and emotionally challenging for an owner, thus, can cause loss of creativity and passion.
What can you do?
Outsourcing will help save your time as the outsourcing partner takes the responsibility for the business processes. As a result, you can devote your time not just to strengthening your inner connection but also to improving the core processes to improve your business.
Since outsourcing ensures that your business functions are performed by professionals with specialized skills, your time is freed from training individuals, your stress is reduced, and your business completes more quality work. Choose an outsourcing company that is proven to provide faster, better, but cheaper services like FBC Asia Pacific.
3. Scaling up the business
If the business sells, there is no need to change anything, right? That is wrong!
Everyone wants to grow a business, but not everyone can survive, especially during these uncertain times, as they focus solely on growth rather than on scalability.
Growth and scaling may sound similar but, both have different meaning. Business growth means increasing revenues however, to sustain continual growth it requires a lot of resources.
On the other hand, scaling a business is about increasing revenues while minimizing your costs, and effectively improving your profit margin.
In today’s modern business world, even if your business sells it doesn’t mean you’ll never encounter a problem.
That is why, you should always think about a strategy for scaling up your business. Remember, scalability is about capacity and capability. Do you have enough resources? Is your business ready to this fast-changing marketplace demands?
There are various challenges which one can face while running a business, but entrepreneurs today should always think about what they would do if they had to scale their business in terms of revenue.
What can you do?
- Analyze and Develop a Plan
A good plan is essential in scaling up your business. Start with gathering internal and external data, analyzing forecasts and research to come up with proper cost estimates.
- Invest in Technology
Businesses continuously need to market information, restructuring and upgrading. Investing in technologies such as automation and system integrations will incredibly help your business’s productivity and efficiency by getting more work done but with less workforce.
- Strategically Outsource
Outsourcing partners may have the staff and investment in systems that enable them to be much more efficient in handling a function than hiring internal employees alone. Trying to replicate that function internally may take too much time or money.
FBC Asia Pacific Inc.
FBC Asia Pacific is a business process outsourcing firm that provides services with rapid turnaround times, quality standards and optimum pricing solutions. With a focus on retaining and empowering staff, our method has developed over 50 years of experience.
Know more about our services and how we can help your business thrive through this pandemic.