None of us are just sitting around doing nothing. We’re always striving to perfect ourselves and our respective businesses. Don’t worry; every journey has its fair share of thorns and obstacles that we need to overcome to prosper.
Small businesses have a terrible habit of struggling with their development, and that is mostly due to stagnation or proper modernization. A lack of adequate financing doesn’t always stunt growth, and there could be a lot of different factors that contribute to the growth-stunt.
Business statistics are an often-overlooked factor that either makes or breaks a business. Did you know that only 50% of small businesses survive for five years or longer? With the business market consisting of a whopping 99.7% of small companies, it’s integral to ensure you don’t wind up like 50% of your competition.
No one wants to struggle with their business, and that is why we need to right all of the wrongs we face.
But you’re not alone. Every person in business faces his fair share of obstacles, and more often than not, they fall within the same category.
While your problems might be unique, it’s most likely related to one of the main factors on which your business is based on.
There are a couple of patterns that we’ve recognized that seem to go wrong for most people. Here are the top 5 problems that business development faces on the regular and their respective solutions.
Problem 1: Stunted Growth
This is a no brainer. Your business is no longer developing because it has stunted growth. It is essential to find out what exactly is stopping you from advancing. Once you get to the bottom of your problem, you’re bound to find the solution.
There can be a wide array of factors that influence your business daily. You need to know what your business is to improve it. Ask yourself the following questions.
- Am I running my business correctly?
- Am I encouraging my employees?
- Am I doing everything in my power to perfect my workflow?
- Is anything influencing this stunt?
- Have I optimized my business strategy to its fullest potential?
The solution lies within the questions you’ve asked yourself. If you have found that any of these questions have the wrong answer, you need to work on your specific problem to overcome it.
Generally, improving one of these issues is bound to enhance your business development, and improving all of them will make your business skyrocket to new heights.
Problem 2: Lack of Presence
A widespread problem that might be stunting your business development is facing your most prominent opponent, which in this case, is your corporate presence.
It’s tough to keep up with the times, as the times are changing at a never before seen pace. You need to establish your presence on every single medium to ensure that you’re going to appeal to a broader audience.
Your business can’t grow if it does not have any clients, customers, or consumers to interact with it. And there is no way that people can interact or realize that your business is even there if they have no means of finding out about it.
People who have been business owners for quite some time face the hardest issues of modernizing their businesses. Business needs to keep up with the times to appeal to customers, as new generations are up and coming in the consumer worlds.
It’s a harsh reality, but not optimizing your online presence is going to be detrimental to your business practices. Trial and error are crucial when it comes to this.
You need to get both yourself and your business out there in any way, shape, or form you can.
This includes establishing yourself on free mediums of marketing such as social media or paid marketing mediums such as search engine advertisement options.
Some of the social media that are popular for brand presence are:
While there are many, many more social media platforms that you can get on virtually free of charge, establishing your corporation on one of them might take some more effort, time, and money than you expect.
It’s always better to have a limited corporate presence on the internet and social media, which is high in consistency and quality of its content than millions of shoddy accounts all around the place.
There are different guides on the internet that are bound to help you establish your corporate presence on today’s business chessboard. We suggest you products and content interact with the customer instead.
There are numerous ways you can increase interactivity with your website, content, or service. One such method is through the utilization of quizzes into your business toolbox.
If you want to create an online quiz, it’s not going to be as simple as clicking a few buttons and leaving it be. Before you create anything, you need the proper quiz builder to do so.
One of the best quiz builders on the market is Lead Quizzes. Lead Quizzes allows you to create any form of a quiz you wish, which is bound to, in turn, improve your ROI, sales, leads, and, most of all, interactivity. You don’t need to interact with anyone if your content is doing it for you.
Problem 4: Lack of Feedback
There is no way you can work to develop your business to new heights if you don’t know what needs to be fixed, invented, or perfected within your existing business infrastructure.
Corporate feedback is probably the backbone of any successful business, and inspiring your consumers to leave detailed feedback can be tricky. Cafes might offer a free coffee if you leave a review on TripAdvisor, and e-commerce websites might offer a coupon, but what if you have nothing to provide for the much-needed customer feedback?
It’s essential to know how to approach your potential consumers, clients, and customers. Understanding your demographic is another vital aspect of the business, and the best way to understand what needs to be done is through customer feedback.
No feedback – no progression.
One fantastic way to gather data from your customers and users is through the utilization of quizzes.
Quizzes have been mentioned above as an integral part of boosting your interactivity, but did you know they’re also probably the best way to collect data and feedback from your customers?
Everyone loves answering questions, especially if they are the subject of discussion. Or in your case, they can talk about their experience with your service. You can utilize a quiz to its fullest potential based on the questions you ask of your consumers, and the way you present them.
This is the superiority of quizzes above other methods of collecting feedback which can be dodgy and frightening at times. The subtle and laid back nature of quizzes gives them a deeper level of reliability and an easy-going persona.
You should not be fooled, though, as the information you’re going to gather and later analyze from these quizzes is going to be essential in your further business development. Lead Quizzes combines the creation tools needed to produce a quiz and the analytical tools to read the feedback data in one nifty package.
Problem 5: Risk-Taking
This is a tricky subject, as it can both be a solution and a problem. It’s critical to know which risks are valuable to take, and which will lead your corporate operation to stagnation.
Taking risks is essential to prosper and make your business boom. Partnerships are not that easy to come by, and some very lucrative ones can be missed out on if you’re not taking the risk that comes along with it.
While we don’t advise you to take every single risk, you definitely should give certain risks a little bit more thought.
You need to know which risks are worth taking, and how you should take them. You need to take your risks carefully in order to ensure prosperity. You also need to know which risks you should never take.
Consistency is a thing you should never attempt to risk, as nothing can lead to a downfall of a business quite as quick as risking your consistency. Being not consistent enough is as detrimental to a business as being overly present.
In order to take risks like a professional, you need to assess them properly. There are quite a lot of different business risk assessment techniques, which you can find right here.
Small businesses and even large ones can face a myriad of different progression and development issues in their lifecycle, and that’s not a bad thing.
Facing an issue in your development is going to prompt you to research possible solutions to your problem and ensure you work to avoid them in the future.
It’s how you resolve these issues that matter. Remember, when it comes down to business, there aren’t any problems – just situations awaiting a proper resolution.
About the Author!
Angela White is an ed-tech enthusiast with a passion for writing for the consumer market in the areas of product research and marketing using quizzes and surveys. Having a knack for writing and an editorial mindset, She is an expert researcher at a brand that’s known for creating delightfully smart tools such as ProProfs Quiz Maker.