5 Challenges Faced by Small Businesses

Majority of startups and small businesses face challenges which they might find too tedious to overcome. Some businesses outsource tasks which they might not be able to handle on their own such as tax and accounting. Corporate Services Singapore. 

1. Finding Customers and Marketing

  • Identify your target audience – It is important to find your ideal customer is. Making a customer persona is a good way to find out who you should give priority to.
  • Improving your website – It is important to constantly update your site such as blog articles. Optimize your SEO with keywords and ensure that loading speed is fast to make it into the first page of the search engine. The site should be mobile optimized and easy to read.
  • Get referrals – Speak with your existing clients regularly and ask them if they know anyone who could use your services.
  • Networking – This is a powerful way to get more brand recognition, identity best practices and stay in track of trends.
  • Join related events – Join local opportunities and events. This serves as a great way to market to your target audience and network at the same time.
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2. Increasing Brand Awareness

Retaining repeat customers is good but however, brands must always strive to grow bigger and get more customers. Thus, it is important to build a good reputation and spread the word about your brand. There are numerous ways to spread brand awareness including partnerships and blogging.

  • Partnerships: Partnering with other businesses can help you to get a better image and reputation. It can also help to gain a large volume of new businesses in your networking circle.
  • Blogging: Having a blog helps to drive traffic to your website which can turn into leads. Thus, you should update your blog regularly. Having a blog helps you to establish authority in your industry and build trust with your viewers.
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3. Building an Email List

In order to convert possible customers to become your customer, you need to build trust by providing value regularly. 

Businesses can have an opt-in email list is made up of subscribers who voluntarily give you their email address so you can send them emails. This option can be placed in their blog thus when viewers give their email they can get a notification on new articles and news. Opt-in email lists are always better than bought email lists.

4. Financial Planning

You can increase efficiency if you can get more resources however it is hard to get these resources due to budget restrictions from revenue and margin. Therefore, you must learn how to improve efficiency and have a solid financial planning.

Hiring business accountants and financial advisors can help you analyze your financial situation and help you make good decisions.

5. Managing Workflow

Businesses must learn how to manage their workflow as they scale. You must ensure that your team has the tools and knowledge to do work efficiently. 

The best ways to find challenges and increase efficiency: 

  • – Employee satisfaction surveys
  • – Regular one-to-one meetings and direct reporting
  • – Finding what’s common in the feedback you receive 
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Corporate Services Singapore

Corporate Services Singapore