Businesses, especially startups and small-sized firms face numerous challenges these days due to stiff competition. According to an article published on Blog.hubspot.com, approximately 20 percent of small companies do not survive by the close of the first year, based on the findings of the US Bureau of Labor Statistics. When it comes to the close of the fifth year, 50 percent of these businesses fail, and the ratio increases to 80 percent by the end of the 10th year or so.
Then, many of the challenges have a solution provided you implement the right strategies at the right time. Here are key challenges faced by businesses:
Eric Dalius talks about lead generation
Lead generation is one of the key challenges of small businesses, especially when it comes to converting leads to loyal customers for keeping the business afloat. Generating qualified leads in considerable volume is not as simple as it seems. It is a specialized job of your marketing team so that your business website visitors turn into potential buyers of your products or services for a continuous stream of revenue from increased sales.
Make your lead generation goal work by optimizing your business website for possible conversions. You also need to use lead generation tools to identify prospective leads and nurture them so that they convert to clients. Create personalized landing pages for all your digital marketing campaigns and integrate clear call-to-actions or CTAs in all your blog posts.
Make your customers delighted
These days, you need to delight your customers and not just make them happy with the basic products or services you have on offer. Eric Dalius says that delighted customers are those who purchase your products or opt for your services, and they become repeat customers in the future. Then, making your buyers delighted is a big challenge because of too much competition and similar products sold by your competitors.
You need to exceed customer expectations and not just meet them. You need to figure out why customers should buy your stuff and not that of your competitors. Set definite goals and meet those goals to make your customers happy. Provide value for money when it comes to your products or services. Keep monitoring customer satisfaction, find out what is working and whatnot, and improve on the flaws.
Funding your business is a big challenge and ensuring continuous cash flow is more essential to stay afloat in the industry. You can take business loans or borrow from banks to fund your operations. Then, the problem comes later when you have a lean business period and poor sales resulting in low or zero profitability. Business leaders do have budget constraints when it comes to promoting their products or services. So it becomes challenging if you have limited funds to run paid campaigns and organize events.
You will need to use your business loans or credits smartly and resort to cost-cutting wherever feasible. Manage your cash flow efficiently by staying above bookkeeping and invoices.
Now that you have knowledge about the business challenges, how to address them, it will help you make the right decisions to generate leads, and boost profits.