The Seven Common Business Challenges and the Vicious Cycle

Everyday, small business owners have to deal with increasing demands and multiple challenges. This is why running a small business is one of the toughest businesses to be in.  Thankfully you’re  not alone. Most of the challenges that you are facing right now, are the same challenges shared with small business owners everywhere.


From my work with hundreds of small  business owners, I have identified seven common business challenges. Here they are:

 

Time - getting all the things done that I need to get done in a day.


People - finding good quality staff and getting them to perform.


Sales - increasing sales and getting new customers in a fluctuating market.


Competition - competitors slashing prices to capture market share.


Systems - getting bogged down with admin and paperwork.


Cash flow - having enough cash coming in to pay everyone on time and have some left over for yourself.


Motivation - handling the day to day stress associated with running a business and being positively engaged in the face of all the chaos.

 


Most business owners go about solving these challenges in the wrong way. I assert that all the challenges you’re facing right now are just symptoms of the three fundamental problems that all small business owners face. Unless you address the Three Fundamental Problems (which are the causes), the challenges will return (which are merely symptoms).

 

It’s a vicious cycle. We have a symptom (like poor cash flow), we address the symptom with strategies and tactics (like reducing our prices to get more sales) and we get some short term results (our sales improve).  But we don’t address the fundamental problem (i.e. we’re not good at sales and marketing) so the symptoms keep coming back and back and back….


So what are these Three Fundamental Problems? Stay tuned to next month's blog and find out. Or if you can’t wait, read about it in our free report (click here to download your copy).