Starting a business is an accomplishment in itself but there will still be battles to be won for the business to be successful. Problems are going to arise with some being small and insignificant then others being large issues.
The way that the business reacts to these problems and obstacles can determine the long term success of a company. There will be times where you have to tweak something in order to make a fix and others where a revamp of a department can be necessary. The following are battles you might encounter as your small startup as well as how to solve these issues.
Financial Problems
Losing one client can spell disaster for a small company as many companies that are just starting only have a few client accounts. The best thing that a small startup can do is sign some long term deals. If a client has been loyal then offer them a discount for signing the longer contract.
This can help you plan for client’s contracts ending months in advance in order to help keep the client or attract a replacement in the meantime. For financial problems you have encountered you should look at options for debt consolidation. Budget carefully rather than optimistically to avoid financial problems in the first place.
Trouble Finding The Right Employees
When there are only 10 to 20 employees at your small startup every hire counts. Having a few people that are not great fits can impact company culture immensely. Not to mention that these unproductive employees are taking money directly from you and not giving a quality effort.
Setting up a multi step interview process is important as this will give you a better idea of how a person works. Internship programs that can lead to full-time employment are a great way to test a person as well as get some free work. Hiring a HR company to find employees can be a great option as well as they usually work with one certain industry. Find a specialized company that does hundreds of hires a year to help your company out.
Sales Numbers Are Stagnant
The sales team productivity is directly impacted by the leads that are brought in from advertising and marketing. Quality leads can be garnered if the sales team and marketing teams work together on these leads. A way to purchase a service or product on your website is also essential to success.
There are plenty of people who do not want to be sold anything or even talk to a client manager on the phone. Communication is key with these clients digitally so they receive exactly what they are looking for. Have marketing set up an intensive SEO campaign for services or products that have not been selling. This can help diversify where money is coming in and optimize sales processes as they pour in!
The way that you react to unfortunate events or circumstances will truly be the test whether your company is as successful as you want it to be. Be proactive and only worry about controlling what is in your power as the founder of the company.
Win your daily battles to avoid any of the larger battles that might be faced above. No matter how small your company is, there are going to be some struggles. Adapt and survive in the business world.