The Top 10 Challenges That Business Owners Face – And How to Conquer Them Pt. 2

Last week, we covered the first five top challenges that business owners face. This week, I will wrap it up with the next five challenges and how you can overcome them.

6. Regulations

No business owner likes red tape, but one of the things you can do to protect yourself from getting tangled up in it is to have a great team of experts to support you. This means having an accountant, a bookkeeper (always a different person than the accountant to provide a checks and balances process), tax professional (again NOT the same person as your accountant or bookkeeper), attorney (I highly recommend LegalShield for most legal needs), and an HR professional.This team will ensure that you don’t get into any kind of legal trouble with the government, individuals, other companies, and more.

 

7. Processes

When it comes to processes/procedures that are necessary in your business, most of us stretch ourselves too thin. Creating processes helps alleviate that stress and improve productivity. Luckily, I have already gone into detail on how to create processes and eliminate wasted energy in your business. You can read how to use my four-list system for this here.

 

8. Marketing

We’ve talked about how to generate leads and sales, but attracting them all comes down to marketing. If you want to grow your business, this is a critical element to learn. But marketing is more than just creating and paying for lots of ads. You need to craft the right message for your market – no amount of money or great-looking advertisements will matter if your message does not connect with your market. Survey your clients/customers/market Consistency + Time = Results

So how do you know that your message is right? Use a survey! Survey your clients/customers/market to find out what they’re looking for, what their biggest frustrations are, and you can use these pain points AND the language they use in their responses to craft a message that resonates exactly with them.

 

9. Time

So let’s get this out of the way: time management is a myth. That’s right, all you’ve ever heard about managing time has been wrong. You cannot manage time, because it will go by with or without your input. You can only manage your own activities (I.E. what YOU do in the time that is going by.) This comes down to your morning routine and planning/setting intentions for the day, as well as reviewing at the end of the day via a journal. These two daily practices will do wonders to help you get more done in the same amount of time.

If you are always feeling overwhelmed with tasks, it is time to delegate or get a new team member to take on tasks. This is essential to your business success to avoid burnout. Never let your day “run away” or control you.

 

10. R&D

Research and development require time. In order for us to bring products/services that our market needs, we MUST take the time to research it. This includes reviewing your current offerings to see how they could be better or researching their needs to create new offerings. Look for what is always coming up as a need or what is missing in your current market, what your competitors are doing and not doing, and give yourself the space and time necessary to develop the right offerings. In order to do this, you need to have the time and processes issue ironed out.

 

These are the top issues I see most business owners facing time and time again, and the tips I give to my own coaching clients. Do you have other challenges not listed in this article? We’d love to hear it and help you out on the Facebook Group. And, these articles are part of a more in-depth podcast series. If you’d like to learn even more about the challenges discussed, listen here.