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The Small Business Pain Points Social Media talks about the top issues small businesses faces while using social media. I cover the top 8 small businesses pain points in this article.
What Is A Small Business?
A small business is said to be a privately owned corporation, proprietorship or partnership that has few employees and less annual revenue than a corporation or regular business size. Small businesses are retail or service operations like small manufacturing units or small scale industries e.g medical stores, bakeries, grocery stores, toothpicks, paper, candles, tradespeoples and so on.
As small businesses are concerned, social media platforms are very essential.
The way I see social media is as your modern retail-store, it’s a place where people stroll by the first impression of what they see in your business. If they like what they see, they’ll go around and get it and if they don’t like it they go.
Remember that, First impressions matter a lot because a satisfied customer is a customer for life.
As a small business person, you can use social media networks to show people what you do, you can let your followers meet your staff to build a connection.
The aim of making sure that what you are sharing is authentic, and fits your business. There’s no way we define ‘Small Businesses’. I find no question they manage profitable growth and are built.
The way most businesses started as small start-ups function on a small scale level which involves less capital investment, less number of labor and little machines to operate which is also called a small business.
Over the last 10 decades, social media platforms have systematically become an important aspect of our everyday experience. It is an essential way in which we communicate and build relationships.
Curiously, the benefits of social media platforms cannot be overemphasized or be extended beyond the realm of interpersonal relationships. Social media platforms offer a friendly means of marketing your products to your target audience in a way that resonates with people and motivates them to begin their buying trip.
All solution must solve business pain points.
Starting a business is like raising or training a child into becoming an adult. Now, take a good look at the image below and Let’s face the pain points for small business owners when it comes to social media.
Top Small Business Pain Points Social Media
The 8 Small Business Pain Points Social Media are:
1. Changing Systems and Processes
The systems and processes that will work perfectly well for your business when you people were still managing 20, 50 and 100 employees may not give exact results now that you are managing 500 employees.
Looking at some rapid growth in business, you might need to update every process on time to prevent loss and damage.
However, Without studying the present structure, don’t try rebuilding and asking for feedback from the managers. Atleast, before making any drastic change, remember to do these two words: do your research and also consult.
One step you can take to address this pain point is to hold training for your current staff to prepare them for more responsibilities and career growth encouragement. Another opinion is Bringing in new resources is another option, whether human, physical, capital and financial.
The solution you will take to solve this small business pain point should always be based on your current problem and needs. Avoid buying new expensive equipment and hire new employees without anything else.
2. Innovation Problems
You Likely breathe and live innovation during your days in industry. It’s probably why you decided to start your business in the first place when you saw a problem and you wanted to solve it in a new and creative way.
People are always happy to see something fresh, new and unique about your product and service.
The spirit of keeping innovation flowing is what small growing businesses fail to do. Once growth begins, they become self-assured and full of themselves that their customers will always come for their product or service without knowing that there’s a need to provide new things.
But keep in mind:
It’s a normal thing in a business that what you are targeting is exactly what your competitors are also trying to do in order to attract the same customers too. So, Failing to present something new and ignoring innovation will surely ruin your small business.
The best way to resolve this pain point is to continuously ask for feedback and conduct thorough research on the needs of your customers and tweaking your product or services. Your Product will not always satisfy your customers everyday the same way one year later, unless you continuously bring in something new.
3. Insufficient Capital
The main cause businesses fail is because of the misuse and lack of capital. Take a good look at business owners and entrepreneurs again and again.
They underrated quickly how money and other financial resources are spent. One moment they are scrambling for unexpected finance expenses and the next they are fine.
To keep business moving, it’s very important for all businesses to constantly look for capital and other financing options. It can be a small business loan, a line of credit, an angel investment, or a venture capital company that always has one ready at all times.
Opening your own business does not give you the assurance that you will make money. Beforehand, It is expedient for you to have enough resources lined up financially.
As much as possible, keep doing your best to bootstrap your business. Though, you can also outsource companies and outsource work to contractors at affordable rates.
4. Cash Flow
Just recently 82% of small businesses fail because of poor understanding of cash flow or poor cash flow management which U.S. Bank study found out.
Regardless, the stages some small businesses are in right now, the maintaining of consistent cash flow is a problem for them. Without a continuous inflow of cash, the whole process slows down, gets postponed or worse.
There are plenty of causes for cash flow problems which have a lot of causes and the most common is delayed payments and debts.
During your early stages of your small business, your expenses are most likely going to be greater than your revenue. After all, you are still checking and at the same time confirming your R and D, apart from figuring out marketing and sales and also handling admin price. although, never exceed your worse or last existing cash, because of your expenses.
Keep in mind:
lf you are able to bring in more than you spend, your business will change and be successful.
From the other point of view, the most convenient and easy way to address delayed payments is by an online payments solution which gives online invoicing.
Digital accounting solutions create a seamless channel for billing your customers, at the same time, it is easier for your customers to pay you. The platforms also link to our bank account automatically, where we can pay to or charge from.
Integrating this process to your system makes you focus more on building your business instead of going after late or delayed payments.
5. Marketing On A Budget
Is it possible to have a small budget for marketing and compete with others
Over a hundred times, you have probably asked yourself that question. Here’s the straight answer: It is possible and it needs to be done.
The good news now is to make your marketing efforts keep rolling. You don’t need to spend a lot of money. There are many ways to market your business, here are two ways:
Content marketing is a way of creating, sharing material by marketing your small business online. At no cost, you can create content channels like social media accounts where you can get started and your company blog.
The compilation of other related materials and customer testimonials are the most effective sales tactics. Conduct a case study by looking for your most successful customers. Powerful marketing materials are case studies that help attract other customers.
After building your client base, the next step is to keep them continuously engaged. Hereby, email marketing tools including SendGrid and MailChimp will keep your customers enlightened and engaged with regular updates, emails, and also promos.
6. Revenue And Sales
From the financial services company Square Inc. A survey was conducted that sales and revenue are placed as the fourth most common challenge for small businesses, with respondents marking 13% problematic.
Aside from building a great product or service and also growing a business takes the owners to have a good knowledge and closer look at the sales numbers. Rather than just enjoying an increment in sales or getting worked up on a sales decrement, which takes time to spot trends and growth patterns. Considering this will help you think and strategize better on exactly where to invest your money, time, other resources and where not to.
7. Facing Increasing Competition
Facing increasing competition are some of the challenges, In a study survey of a small businesses midsize Capterra. competitor Major strength cited challenge is 16% while the increased competition of small businesses challenge is 16%, while the medium surveyed businesses responded the same as 24%.
That’s a common problem businesses face as they keep expanding because it’s common in business. Sometimes, growing in the business world means having put-in more efforts to define and set yourselves apart from your competitors.
If you have a growing small business faced with increasing competition, you can revamp your offer in terms of price, features, and service to level up to the challenges presented to you by your competitors. If you have tried everything and nothing worked through and are still convinced it’s better you change and move to another niche.
Gause’s law is a principle in ecology which says that two species cannot coexist needing exact same resources peacefully.
We can apply all this concept to avoid destruction in marketing business competition.
8. Staffing Problem
They give owners of businesses a very hard time in expanding.
Generally, people think that a business owes its success to its wonderful products or service. to some extent, it’s true. However, the success of the business actually lies in the hands of those who run the business. Without the right people in an organization to handle the task, an entrepreneur cannot conduct effective marketing strategies, produce good products, streamline processes, or maintain the workplace on his or her own.
In order to keep your business on the right track to success, you don’t just have to hire the right people, at the same time you have to retain them too.
Running a small business can be so challenging and tough although it can be an exciting and rewarding experience which an entrepreneur will always go through every time. So, look around if your small business is facing or going through any of these pain points, think on how to address it, and most importantly, do things one after the another and enjoy the ride.