How to manage the daily stumbling blocks facing your business

Starting up a small business is exhilarating and often rewarding, but is also notoriously risky. Ill-prepared entrepreneurs tend to run into a range of crippling stumbling blocks, which often sabotage their businesses before they can even truly get off the ground, leading to both emotional and financial disaster. Fortunately, contemporary times have also blessed entrepreneurs with more resources for tackling those stumbling blocks than ever before.

The stumbling blocks of an entrepreneur’s business

Threats to the unprepared startup can be opportunities for the prepared competitor. As a business grows, different stumbling blocks and opportunities demand different solutions – what worked a year ago might now be not the best approach. All too often, avoidable mistakes turn what could have been a great business into an also-ran. We’ve identified a few primary stumbling blocks that a small business owner will be likely to face.

 

  • Proper Personnel – Hiring the right employees that will go above and beyond the call of duty as well as project your business to new levels is always challenging.

 

  • Growing Your Brand – It is going to be vital to promote your brand within the budget alocated. Start with (free) social media exposure until you can afford marketing specialists.

 

  • Maintaining Your Image – Finding the right people to promote your image without changing what has been successful for your company will be one of the most challenging small business issues.

 

  • Time Management – Running your own business takes up most of your time. Attempting to combine business with pleasure to be able to cultivate some personal enjoyment while working will be key.

Some additional barriers

How to manage the daily stumbling blocks facing your business

Keeping the above always in mind and being aware of how these potential stumbling blocks can hamper business growth, is crucial. However some additional barriers to effective small business leadership also exist:

 

  • Ignoring the usefulness of mistakes – DON’T! embrace every opportunity for growth, by reflecting on how to avoid similar errors in the future.

 

  • Not letting your team do its job – MICROMANAGING! Get out of the way and let your team do its work.

 

  • An inability to face the power dynamics of leadership – If you are uncomfortable with your higher status as a leader, you must face this unease and learn to use power effectively and ethically

 

  • Motivation and Productivity – It is important to find ways to motivate your employees and this can be a challenge simply because everyone has different motivating factors

 

  • Refusing help – For a variety of reasons, usually rooted in personal insecurity, many leaders refuse help.  Use a coach and commit to your development.

 

How you can solve your problems

How to manage the daily stumbling blocks facing your business

Stumbling blocks facing entrepreneurial success are plentiful and varied. Similarly the solutions offered to overcome these stumbling blocks are “a dime a dozen”. With that being said, we decided to focus our attention on 8 generic, yet fundamental plans of action:

 

  • Focus on What You Can Control – In times of uncertainty, concentrate on where you can make an impact.
  • Perception is Reality – business owners must make the conscious decision not to allow the economy to hold them back.
  • Focus Matters – Focus on becoming the best at what your customers want and you will succeed in the marketplace.
  • Count on Accountability – Key employees must have objective, quantifiable goals upon which their perfomance and rewards are based.
  • Become a Good Listener – Hear what it is your clients want and understand their needs.
  • Adapt with Creative Solutions – Look for people’s unmet needs and changing the way you do business to meet those needs.
  • CEO Sees the Customer First – Meeting and exceeding consumer needs are paramount in today’s business environment wher customer-options are endless.
  • Plan to Win – Address short, medium & long term goals. What gets tracked and measured, gets done!

Ensuring long-term stability

How to manage the daily stumbling blocks facing your business

In order for the small business owner to ensure long term viability they need to:

 

  • Build better relationships with employees and customers.
  • Empower employees to make decisions at all levels.
  • Run a tight ship in terms of finances and budget.

 

And how is this achieved? By applying strategic leadership principles like a clear vision, satisfactory short-term financial control and smooth day-today operations. Strategic leadership is the ability to influence others in your organization to voluntarily make day-to-day decisions that lead to the organization’s long-term growth and survival, and maintain its short-term financial health.

A strategic leader envisions a future with the present circumstances in mind and pay attention to short-term financial stability, with an understanding of what is to be achieved in the long term. The presence of a strategic leader leads to a number of outcomes for an organization that are eventually linked to share values in both the short and long term.

 

  • Particular attention is paid to building a business’ resources, capabilities and competencies in order to gain sustained competitive advantages.
  • Human capital is viewed as an important factor in innovation and the creation of core competencies.
  • Organizations led by strategic leaders are more successful in learning, both at the individual and group levels.

 

Being mindful of the stumbling blocks hampering the growth and expansion of the small business is a vital component to the success thereof. Understanding why these stumbling blocks exist and persist is equally important. Knowing how to overcome them in order to secure long-term business vitality is the ultimate goal