Sustaining a business has become so difficult in the modern day. From highly saturated markets to multinational beasts that always swallow up any kind of competition to the frequent disruptions caused by technology, entrepreneurs just have a lot to deal with.
How discouraging does that sound? It’s so discouraging that you might want to scrap out the whole business idea from your mind but you should not.
In the words of Henry Ford, “Obstacles are those frightful things you see when you take your eyes off your goals.”
These words are so true despite the challenges today and if an entrepreneur is able to navigate the opening period which is often so tricky then things can settle down later on.
However this contemporary times have given entrepreneurs more resources to enhance them to deal with this challenges.
In this post, we will take you through some challenges that are similar in most entrepreneurial journeys and how they can be overcome.
- Cash flow management – for any business to be able to survive cash flow is essential. However most entrepreneurs struggle to manage and pay bills or even pay themselves. This challenge may arise from probably delayed invoicing. For example; you deliver a service, send an invoice then stay put and hope to get paid before 30 days. Then the pay delays and you have to pay your employees, your contractors and even your grocery bills. Waiting to get paid is the biggest challenge for entrepreneurs.
DodilionSuccess will assist you to structure yourself by finding the right approach, setting your expectations right with your client before you begin your service and setting your price correctly. We can assist you to address cash flow management from the other side of the equation by requesting vendors to invoice you at 45, 60 or even 90 day intervals to allow you ample time for your payments to arrive and clear. Once you build a healthy relationship with your vendors then they will be able to understand your strategy.
- Hiring employees/ building a successful team – the hiring process is the most difficult for the prospective candidates as well as the entrepreneurs themselves. It consists of going through resumes, sitting through the interviews, sifting through the candidates and find the diamond that is suited for the job. Afterwards, you can only cross your fingers and hope that the package you offer will be attractive enough to get the best people on board and most of all, retain them.
The secret to building a successful team is being exclusive. We suggest that you approach your employee hunt the same way you would approach a customer centric marketing campaign through excellent targeting. Afterwards take the candidates through their working experiences, ask questions and get to know their expectations and long term goals. Behave as though you are looking for a partner to help you operate and grow your business. Before making a job offer, ask what will keep them employed with you in the long run. Provided that they are honest with you, you will get to understand what kind of rewards they are seeking for example; do they want more vacations? More pay? The opportunity for advancement? It stands to reason that if you make expectations clear for both parties you can lay a good foundation for a long term, mutually rewarding, employee boss relationship.
- Marketing strategy – a marketing strategy is what keeps your business afloat. Be it print, media and digital or even advertising, you need it. You want to maximize your ROI with efficient and targeted marketing that gains results.
If you are not adept with marketing strategies and placing ads you can get someone who is. At this point all you need is a marketing plan. You can get detailed information about marketing strategies here.
- Business growth – you should create new processes that focus on task delegation. Many entrepreneurs who wear all the hats find themselves in this position once they have achieved success. DodilionSuccess will help you to break through delegation of tasks to others and help you break yourself away and venture into management and finally pure ownership
- Self-doubt – When starting off as an entrepreneur you can easily get discouraged when something goes wrong or even when you’re not growing as fast as you would probably like to. Self-doubt begins to creep in and the thoughts of giving up overwhelm you.
Having a good support system will definitely work for you. One of the best ways to work on your self-doubt is by writing down your goals and task list and whenever you feel down you take a look at them and know that whatever you are doing is contributing to your life goals. By doing them you are getting closer to the path that you envision yourself.
Perseverance and persistence should be your closest friends that should keep you pressing on toward your goals.
DodilionSuccess will be the right support system for you. You will be able to interact with people who are of the same mindset as you and you will be able to learn from each other. When you are feeling down, we will offer you a bit of motivation to help you kick start your week or even smash those goals. Join our Facebook community today and let’s interact together.
What challenges are you currently facing as an entrepreneur? We would love to hear from you.
DodilionSuccess Loyalty Team.