When small businesses are in the early years of operation, there are an array of challenges that are likely to crop up. If you are new to the world of business, and the SME you are currently operating is your first solo venture into your particular marketplace, it makes sense to fully understand what problems are likely to occur and how they can be overcome. We look at 4 common SME challenges and how they can be overcome.
1. Attaining customers
This is, of course, something that will be a focus for all businesses, be they large or small, but for brand new firms that aren’t household names, getting customers is much trickier. The best way to tackle this particular challenge is to know exactly who you want to reach, understand what your target audience is looking for, and then craft content so that it appeals directly to these people. This will take time to pay off, but the earlier you start on this path, the better.
2. Raising awareness of your brand
If nobody knows about your business, or there’s no easy way for them to reach it, you’ll really struggle to bring in any profits. There is no quick fix to this, but by taking a considered approach, and by making use of effective PR methods, marketing your materials properly, writing blogs and utilising social media, you will ultimately reap the rewards.
3. Generating leads
It is very easy to buy an email list that targets thousands of people, but it’s far harder to reach out to the right people that really care about what your business does. Again, there’s no quick fix to this, but the most effective tool you have at your disposal is your website. By providing adequate information that speaks to your target audience, by having CTAs at the end of all of your blogs/articles, by encouraging people to sign up for email updates/newsletters, and by contemplating the idea – and potentially introducing, if it matches your business needs – of utilising on-site pop-ups, you will be able to generate a useful bank of leads.
4. Getting the right kit and equipment
One major hurdle that SMEs come up against in their early days is being able to afford the kit and equipment that will enable them to perform effectively. One of the best – and most effective – ways of overcoming this particular challenge is by leasing various pieces of apparatus rather than buying them outright. This can save masses of money and can allow you to focus your financial attentions elsewhere.