5 Top Challenges for business owners and how to address them
Running a business isn’t easy!
How to deal with the 5 Top Challenges for business owners, as they look forward to the second half of 2022
Getting and holding onto staff is already proving to be a real challenge as we enter the final quarter in 2021 and is not going to get any easier in 2022. So what can you do about it?
Survey your team to identify what they want from the business.
Introduce flexible working and training in area’s that they need it.
Introduce incentive plans, pension schemes and other perks that your competitors are offering.
Have regular staff appraisals that get feedback from your staff.
Identify and invest in your best people.
2. Sourcing quality goods and services.
It’s a common theme in our post pandemic world that there is a spending boom and customers want things NOW. But suppliers and manufactures can only operate at maximum capacity, and we are seeing that production is struggling to catch up. So, what to do about it?
Improving your visibility on your supply chain. Talk to your suppliers on a regular basis and make sure you are “front of the queue”. He who shouts loudest…..
Research new suppliers and test their offering.
Don’t forget to tap into the changes that are happening like Mobile Commerce, Social Commerce, and social responsibility etc.
Look at potential purchasing groups or platforms. Top Tip https://sluamor.com/ is a good example and has a free starter plan.
3. Embracing Technology.
Technology is changing the way we do things and is happening at a very rapid pace with many of us struggling to keep up. If your business is not adapting and innovating your competition is going to pull ahead of you. Using web-based technology and platforms to access goods and keep in touch with your customers is important in today’s marketplace.
Top Tip Online accounts software like XERO, QuickBooks online and Sage are very popular with their cloud-based capabilities and integrations. Web based CRM’s like Hobspot, MaximizerCRM or Zoho are great tools for managing sales processes and can be modified to suit businesses.
Fear is one of the factors that can inhibit business owners from achieving their goals. Get clarity on business profitability and how the business is performing with regular management accounts will remove this cloud of fear.
Quality financial information provided each month with a strong focus on KPI’s and trends that are happening in the business. “ Getting Clear removes the Fear !”
5. Be Vital.
Asking the question “Are we vital?” … to our customers. Are we creating value for our customers and making an impact with our products or services? As a result of the pandemic, hospitality businesses are having to reinvent the way they do business and who they do business with, by adapting to what their customers want and beating their expectations.
The Bottom line
Running a business is always challenging and the best way to deal with these challenges is not to avoid them but to embrace them. Look at these challenges as an opportunity to change the way you have done things traditionally.
At Solve Outsource, we are encouraging businesses to look at their accounts function and see would the accounting outsource model serve them better. We are always happy to talk to business owners and look for opportunities for them to improve their bottom line.
Don’t try and do everything yourself …
Looking to free up your time to do something more beneficial for your business?
Interested in finding out more about outsourcing your accounts? Check out our earlier blog that talks all about the risks and benefits of outsourcing your accounts.