“Obstacles are those frightful things you see when you take your eyes off your goals.” — Henry Ford
In today’s ultra-competitive business world, every entrepreneur faces comparable challenges to stand out from the competition. Though many of them typically share similar goals, few are stuck on hiring the best talent, while others are having trouble finding the right technology to meet their needs. Whatever the case may be, there’s always at least one such area that you can stand to improve or in other words; there’s always room to optimize various synergies to turn them into an active revenue generator.
Are you curious about what kinds of obstacles other entrepreneurs are up against? Then, there are few significant challenges every entrepreneur face today:
Challenge 1: Dealing with the uncertainty of the future
Ability to predict customer trends and market trends is essential to a changing business climate, but not every CEO have Warren Buffett-like predictive powers.
With accurate future forecasting, you can make a systematic attempt to understand future performance that in turn allow you to make better-informed decisions and become more resistant to unforeseen financial requirements. Without correctly estimating financial requirements and understanding changing markets, your business decisions will be guesswork which can result in an insufferable loss.
Challenge 2: Hiring the right talent
Because of changing technology, businesses struggle to find qualified workers with skills and abilities. However, hiring new employees is a big deal and a complicated process, and the cost of onboarding a new employee for most IT companies is too high as they require IT skills, problem-solving abilities, and deductive reasoning skills. Moreover, if you don’t hire well, employee turnover can be very, very expensive.
Challenge 3: Strong brand awareness
It can sometimes seem like today’s most prominent brands seemed to have popped up out of nowhere. How did they grow that quickly? Can your business grow like that, too?
Of course, most of these companies’ hard work, failures, and rejections happened behind the scenes. However, sustainable strategies help in spreading the word about your brand and builds an excellent reputation that you can start right away.
Challenge 4: Securing enough budget
Cash is King! We have all heard this maxim, and it is truer today than ever before. A healthy profit may look nice on financial statements, but if capital expenditures or receivable collections are draining your cash, you won’t be able to stay in business for long. Healthy cash flow is essential for business survival, yet many entrepreneurs struggle to pay the bills. Part of the problem stems from delayed invoicing, which is common in the entrepreneurial world.
Challenge 5: Managing marketing/sales
Often companies encounter problems as they haven’t put enough resources into marketing and sales or just ignore them entirely and put their faith in word of mouth. It’s a false economy to put your trust in customers discovering you unless you make a concerted effort to grow them with a properly structured plan to promote your business.
Challenge 6: Right marketing strategy
Many entrepreneurs fail to understand the best way to market your products and services: cold calling, digital marketing, outbound marketing or inbound marketing etc. One can maximize their return on investment with efficient, targeted marketing that gets results.
Entrepreneurs face several challenges, but remember perseverance and intelligence are your allies; take advantage of them to keep working toward your goals.
You can download our free downloadable e-book “Effective Marketing ways for IT Businesses” to help you get through your darkest days as an entrepreneur so you can reap the immeasurable premia that come with building your own successful business.