It has been said that many small businesses have been tackling the same challenges that large
firms face nowadays. Small business owners are seen to be focusing on hiring new talents,
developing their technology and other key needs and at the same time ensuring that their
businesses are operating without any problem.
Although small businesses don’t have the same level of resources as larger companies have, they often have versatile and resilient characteristics that certainly help in overcoming business challenges.
Small businesses are known for their ability to adapt well to the new changes since their operations can be easily maneuvered as compared to large businesses. Moreover, they normally have good and solid relationships with their local communities, giving them even more benefits.
Here are three big business challenges that small businesses have handled well.
Hiring and retention
Living in a highly competitive environment, it is only natural for business owners to always
think seriously when it comes to hiring and retention. In fact, it has been surveyed that employee
retention is one of the major hindrances to the growth of a business. As a small business
owner, it is important to think of retention as early as when you hire new people for your
business. Basically, hiring the right people is also when retention takes place. It is your job to
carefully hire talent who have met the job requirements AND someone who is passionate about
what he/she will be doing and is attuned to your business culture. Hard work is also a key display
of character in attracting and retaining talent. Lastly, make them feel important by giving paid
vacation leave, parental leave, retirement benefits, insurance, and sales bonuses to establish a
great working environment.
Embracing the new technology
The acceptance or adoption of a new product, technology, or innovation is called technology
adoption. This process particularly serves as a great opportunity for small businesses since most
small business owners believed that technology innovations are the key to making their business
operations smoother and easier.
The bad news here is that adapting to the new technological advancements can be quite a hassle
and not to mention costly regardless of the business size. Fortunately, the good news is that
smaller businesses have the ability to quickly adapt to the changes compared to the larger
businesses. A prime example of its flexibility is this.
When it comes to data storage, small businesses can easily and quickly transfer all their data to cloud technology as opposed to large companies where it will take probably days to migrate all their systems’ data.
This alone is already an opportunity for small businesses to save money in the long run. While it may be hard for small businesses to implement new tech solutions, what they lack they make up for being able to move quickly.
This is probably the most common challenges of small business owners today as they tend to
carry on more than one roles in order to run their businesses. Most small business owners
typically don’t spend all their time doing administrative tasks, but rather, they may find
themselves spending many hours checking on things.
What you should know is that organizing and prioritizing tasks are very important to your success. For instance, having a list of goals in the daily, weekly, monthly and annual basis can help you effectively divide your focus and ensure that tasks that need to be prioritized are taken good care of.
Moreover, if you find tasks that don’t contribute the slightest to reaching your goals, then you must think about eliminated them. Also, sort out the tasks that can be done by your team members or through technology in order to free up some time.