How to Overcome Challenges as a Business Owner

As a business owner, you come across many challenges both in your career and personal life, even challenges that overlap your two worlds. While it’s a fantastic thing being at the helm of your own company, it also means you need to deal with the bad things that are thrown at you, juggling the various demands for both routine business operations and new challenges that seem to sometimes appear out of nowhere. You must overcome challenges while managing to keep all your other balls spinning uninterrupted by them. These challenges can make operations difficult, but navigating them successfully can leave you in a stronger position than before. In this article, we take a look at some top tips to help you overcome challenges as a business owner and ensure you’re as productive as possible along the way. Remember, you don’t have to do everything alone. There are lawyers for business owners should something happen that requires legal assistance, accountants to help manage finances, consultants to offer advice on everything from marketing to time management, and the US SBA (small business administration) is your partner when it comes to education, financing, and advising. Keep on reading to find out more about how to overcome challenges as a business owner.

overcome challengesPhoto by Andrea Piacquadio from Pexels: https://www.pexels.com/photo/photo-of-man-holding-a-book-927022/

Challenges faced by business owners

Creating a revenue stream

Business owners struggle with cash flow, balancing income and cash outflows. Unfortunately, many consider financing the solution to this problem. The entrepreneurship literature places entirely too much emphasis on obtaining startup money or financing to handle a cash shortfall. The problem with this mindset is that this money comes at a cost, sometimes a very steep cost. Venture capital money comes with enough strings to hamper your business into the next century. Borrowing, especially with the high-interest rates you can find today, involves a huge cost. But what’s the alternative, you ask? Sales.

Revenue is free money with no strings and no interest due. If you sell more, you have more cash flow that allows you to overcome challenges, grow your business, and reduce the stress that comes when you don’t have enough cash to pay your bills. If you want to learn more about how to use marketing to generate more revenue, you have only to look at the posts on this site for everything you need from digital advertising, email marketing, SEO (search engine optimization), improving conversion rates, and content creation to planning, research, and strategy.

To increase revenue, you must reach your target market with a message that motivates them to buy, produce and distribute a quality product, offer superior customer service, and price your product to provide value to both your company and your customers. That’s all it takes to be successful. Ignore everything that doesn’t contribute to one of these core activities.

Managing employees

Employees are so important for your business that we call them internal customers. Managing employees starts with hiring the right people and paying them what they’re worth. If you think you can get cut-rate employees, you’ll find you have underperforming staff.

Next, you must develop policies that treat employees equitably and train your staff on these policies. Equity ensures each employee feels valued, which improves efficiency and collaboration. Policies identify the roles expected from employees, how you will judge their performance, what criteria allow them to advance, and lays out benefits that show respect and allow flexibility. You should outline ongoing training (in-house or from outside training firms) in your policies to ensure employees gain the skills for the future.employee management

Managing these employees continues your commitment to respect and equity.

Not every hire will work out. Hence, you need criteria that lay out procedures for terminating an employee. Keeping an employee who doesn’t perform can cause low productivity and other negative behaviors to spread throughout your workforce.

Time management

One of the scarcest resources available is time. However, planning is a great way to get the most from the available time. Set priorities and focus on those priorities rather than letting circumstances dictate where you spend your time. Contingency planning is a great way to overcome challenges. If you plan for how to recover when things inevitably go wrong, you don’t waste time or effort. If everyone knows that when X happens, you do Y, your response becomes a well-oiled machine that recovers without unnecessary waste.

How to overcome challenges

Don’t be afraid to adapt to change

When it comes to running a business, change is inevitable, but it can also be scary. There are so many things you can’t control, and this can make it feel like you’re falling behind. To stop this from happening, instead of being scared of change, embrace it. Look into new technologies, and be prepared to be flexible in your business model, operations, and decision-making processes so you can overcome obstacles that might be thrown your way.

Have a risk management strategy in place

If you can get ahead of the curve and stop a challenge incoming before it hits, it can really help you to mitigate the damage. Do this by conducting a thorough risk assessment that can identify any potential challenges and stop them from happening. Have risk assessments for all different areas of your business that might need them, from things going wrong with cash flow, your internet going down, power cuts or natural disasters, and members of staff leaving. Organization really is key and the more you can sort ahead of time, the better position you’ll be in to overcome these challenges.

Maintain a healthy cash flow and have reserves

At the end of the day, cash is the most important element for a business, as without this, your company won’t be able to survive. There might be something that happens to your business, and cash flow is reduced, or perhaps you don’t have a good few months. Rather than this being a huge problem, you need to know you’ve got enough in reserves to keep you going should the worst happen. You need enough in your savings so you can pay your employees and other expenses, such as your shop’s rent, to keep it open.

Conclusion

These are just a few top tips that should help you overcome challenges as a business owner. While you will get things thrown at you along the way, the manner in which you deal with them can help you become much bigger and better. So, instead of getting down about it, see what you can do to fix it. What are some top tips you have for overcoming challenges as a business owner? Let us know in the comments below; we’d love to hear from you.

Need marketing help to support business growth?

We welcome the opportunity to show you how we can make your marketing SIZZLE with our data-driven, results-oriented marketing strategies.  Sign up for our FREE newsletter, get our FREE guide to creating an awesome website, or contact us for more information on hiring us.

Hausman and Associates, the publisher of MKT Maven, is a full-service marketing agency operating at the intersection of marketing and digital media. Check out our full range of services.