6 Problems that Small and Medium Businesses Face Today

We live in a generation, where things are changing rapidly especially in business. Even for small businesses, things tend to change more than you expect. You cannot always have the same idea and plan, you have to alter with the changing time.

Start-ups are not prepared for the problems coming their way. Things are never so easy for a small business owner. Every small business owner faces thousands of problems but with the determination and a proper solution they can find the right solution.

You feel the same?? Don’t worry!! Every other person goes through the same problem. And there are certain things which you can avoid and make your business grow.

Every start up company that takes off, has some tales of regret and failure. Both small and medium business have some problems that they face today and needs to be fired out.

Let us take a look at business problems that small and medium business face today.

Wrong Investment

The most common problem faced by small as well as a medium business today is money. Money is a great source and motivation but cannot be taken as the only motivation to work. The biggest mistake, the small businesses do is yearned to earn instant profits. Every small and medium company desire to earn profits and it is absolutely okay to think that way.

Many times the business is conducted in cash, and the owners may not have business credit cards or lines of credit.

If you are starting a business, my opinion for you is to start slowly and patiently. Ensure that you have enough money to sustain.

Problematic Patents

Getting legal rights to your product is as important as starting a business. This ensures that no one can lay claim to it and your idea is secure. You don’t want to be someone like Robert Kearns who has invented an idea and faced a lengthy court case to prove to be his own.

Make sure you don’t suffer from such problem and protect your product or idea through patenting and trademarks.

Getting the Right Partner

Choosing your partner and picking the right person is as important as starting a business. Your business growth and future profits depend upon the knowledge of your partner.

Experts say that choosing your relative or friends as your partner could blur the boundaries and you may not take great decisions together.

Unskilled Team

Lack of knowledge and skills are the top most mistakes made by entrepreneurs. It is important that you have a vast knowledge about the industry you are working on. Lack of knowledge and proper planning might arouse some problems on tackling business.

You must possess the skills before you start a business. You need to go through some of the points before starting up!!

  • technical knowledge,
  • proper research,
  • ask other business owners,
  • read relevant books,
  • websites and more.

You might suffer losses if you don’t acquire too much knowledge and skills before you start your business.

Lack of After Sales Support

Customers play a major important role in the growth of a business. When customers are buying your product, they expect instant customer service with best results. Customers feedback and their questions need to be answered to make them your permanent and happy customers.

Providing your customer some after sales service is the best way to enhance your business. You can use a Toll-Free number and can reach out thousands of your customer.

Marketing Blunders

Marketing is the major and important part of your business. And as you know, you can’t sell anything if you can’t tell anything. Marketing your product increases their knowledge among customers and making it favorable and likable.

Once you get a clear idea about where to target your market and your competition, you can allocate a budget for advertising and promote your business. You can also decide which medium to advertise.

These are some of the major problems and ways to tackle with your business, which small and medium business face today.

Let’s put some efforts to make your business grow more!! Get a toll-free number for your business today and let a large number of customers reach you with their queries. This will help you to convert them into leads and make your business grow.

 

Avoid These Mistakes to Make Your Brand a Success

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Establishing your foot in the market is a tough task. When you want to grow your market but fail to do so you begin to lose hope. Like you, there are several other entrepreneurs that want to know how to frame a strategy that works.

As they say “A Brand is not just a logo, website or a business card, it is an experience”. Well, I totally agree with these lines. Branding and its complexities are very wide. You should know what precautions you should take while building a brand name. If people like you, they will listen to you, if they trust you they would be happy to be your customer. This is the magic of branding.

Trusting is a very important factor in building a brand as it helps in people knowing you and it develops trust in them. Being an entrepreneur, building a brand is not easy. It takes a lot of skill, hard work, and a little luck.You have to be careful at every step you take and have to be a little cautious.

Starting an online business begins with filling a need and building credibility. There are some factors that go into making your online business a smashing success and some inaccuracies which you should avoid while constructing a brand. I have listed out 10 mistakes which definitely you should avoid.

No Plan of Action

Before you get an idea to build a brand you must have a plan of action and formal business plans to make your brand a success. Planning beforehand to build a brand helps in the growth of business. Making a strategy and proper approach is essential to take your brand to the heights. The plan should be proper with well-driven proofs, to make it a hit. Give your brand some time to organize and plan an array to make it your success story.

Zero in too much on little things

Steve Tobak, founder of Invisor Consulting, a business strategy firm, and author of Real Leaders Don’t Follow: Being Extraordinary in the Age of the Entrepreneur says “First, you need to get the business off the ground”.

Focusing on little things such as how your logo of the brand looks, how your business card looks, or other such little things which are not required to give your emphasis on. Try to focus on larger perspective rather than giving a thought to this stuff.

Giving bigger thought to money

Well, money is just a number when it comes to building a brand. You should focus on building a high-quality brand rather than focusing on making money. Do not think about branding as a way to put your name out there by just focusing on being famous or making money. Initially, you don’t have to focus on making money. Slowly and steadily you will reach success by keeping quality and making goodwill as the main factor.

Be a copyist to other Brands

If you are starting a new company, you tended to copy or mimic other brands business by taking their ideas or using it as a medium to their own business. Well, I would say a big no no to this. As while creating a brand you have to be original and new. These things attract your customer first.

Customers are very intelligent, they know, who to choose and which brand will give them more benefit. You really have to bring out your original and fresh idea while building your brand. The success of others should not be viewed as a blueprint because what works for one company, won’t necessarily work for others.

Not checking Results

It is possible to become so focused on building a brand name, that you sometimes forget to check in and see the results. Utilize analytics tools to find out how you appear to others. This can save your time and money when you quit using techniques that aren’t successful. Focusing on the outcome and the results will make your brand more upright.

Lack a clear vision

“A question all startups should ask themselves is, ‘what do I want to be when I grow up?’ Aspirations drive decisions organizationally. You need to be clear and definite when you are planning your brand and where you want to take it in future. A clear mindset and vision help you to achieve that what you are hankering for. If a startup can’t envision where they want to go, they can’t make smart decisions to get there.

Fail to choose a good Brand name

You have to be a bit clever when you are choosing a good brand name. A unique brand name helps in deciding your next step. And when a customer doesn’t know about your brand but knows just your brand name i.e. he only knows you by your name. If the name is unique he wants to inquire it further. So, it is the foremost thing which you should focus on. Your brand name should be quirky, extraordinary, noteworthy and more such types of adjectives.

No backup Plan

When you are starting a new plan, be it a business, project, new home, new job or anything; you need to have a backup plan.

As we have discussed it earlier that why you need to have a proper plan before starting up with a new brand and how it helps you further. If a plan fails, be ready with a backup plan which you consider as the next best option.

Neglecting to invest in Brand Development

It is impractical to say that startup companies have a huge amount of money to invest in advertising, marketing, and publicity. Well, let’s be real, developing a brand story and pushing it out are two different things. Startups should make their focal point on the former one rather than the latter one. In developing a brand, it involves more than just marketing which includes sales, advertising, decision-making and more.

Fail to Google yourself

Google is the first search engine, everyone uses first. Have you tried to Google yourself recently? Well, you should do! A large mass of people uses Google as their first search engine and any new thing they hear, they first try to Google it and type in your brand name to inquire more about your company and other details. Now, being on the top of the search list you can create a huge impact on them.

One only tries to open the first link. By keeping on top of the highest search result hits, you can be one step ahead, and ensure that there is no embarrassing or incorrect content connected to your brand name.

Business online presence is important to build up your brand. So why would you compromise your company’s integrity by making avoidable mistakes? By now, you should have got that there is no specific formula to build a brand but that doesn’t mean that there aren’t certain thing that business can do to help the process.

Here, I want to share the potent line of Steve Forbes which says “Your brand is the single most important investment you can make in your business”

Some of the brands that have failed a big time by not avoiding these mistakes!!

Mc Donald

The year’s most upsetting new mascot happened to come from one of the world’s biggest marketers – and was aimed at children! “Say hello to our friend, Happy!” said McDonald’s of its toothy new Happy Meal mascot. Instead, many ran screaming.

Mac Donald’s have been around since 1950’s, slinging hamburgers, fries, milkshakes, Happy Meals; a brightly-colored oasis for busy parents, kids, families, and workers-on-the-go to get something to eat. 40% of Mc donald’s profit comes from happy meals. The trouble was that nobody goes to McDonald’s for sophistication, they go for convenience.

Samsung

The Samsung story is not new to anyone. Samsung had an explosive year. You know you have a disaster in your hand when it started affecting customer safety and that what happened with Samsung’s Galaxy Note 7. Due to overheating many devices got burned and leading to customer’s life in danger. Nobody could have thought that a mobile phone could lead to this.

Crystal Pepsi

In 1992, PepsiCo attempted to enter the flourishing “new-age beverages” market with its clear, caffeine-free Crystal Pepsi. The company promoted the product as a healthy and pure diet beverage. While sales over the first year were a strong $470 million, many of the purchases were likely due to curiosity. Not only were consumers not convinced by Pepsi’s health angle, but many cola-drinkers expected a darker beverage. Many customers also felt it tasted just like an original Pepsi.

These brands are of top quality and even then they’ve failed or not worked extremely well. By either doing some silly mistakes or not tried to cope up with the competition or just being very ordinary.

By taking these brands as an example, you should avoid these dumb moves. Buying a vanity toll-free number is a proven way to build your brand.

How ‘Intelligent Communication’ can change the fortune of your business?

Communication

When your marketing efforts begin to turn futile your concern becomes obvious….

Establishing your brand name seems to be an uphill task? If yes….read on to explore certain unknown facts about how intelligent communication can be of real help.

Business enterprises strive hard to be recognized as a brand in the market. At times, there are brands which ran successful marketing campaigns but still, their Sales fell short unlike the phenomenal success that their marketing campaigns achieved.

Make no mistake, it is not at all the fault of Marketing tactic. It is just a long term impact caused due to ill communication that failed to leverage the impact created by the Successful Marketing Campaign. This is a clear indication about the critical role of Communication in Branding.

Using Communication as the Soft Power for Branding!

We generally form perceptions about every person we meet. Just on the basis of our interactions with the person, we manage to manipulate the entire personality of the person. The same is true for Businesses too. Smart communication is an equally compulsive attribute along with the Qualitative Services to ensure Customer Satisfaction.

Keeping this in mind, whenever a business communicates to a Customer, it ought to behave as a dignified Organization. And this is really important for any business to present itself as a relevant entity. You must not ignore the fact that customer will perceive an image on the basis of these communications. If, by any chance, the Customer gets a negative impression, it is impossible to overturn it.

  • You are more likely to befriend people if you are a good communicator whereas, an introvert is less likely to develop new relationships with ease. It is a natural truth we is universally accepted by one and all. A business may not expand until and unless it is able to engage more and more people with its Services. Customers prefer better communicators. This is obvious because good communication is essential for development of trust and reliability in every Business-Customer relationship. These aspects are part of general behaviour of every person. We can’t change the fact however much we may try.

This is the same as in case of painting. Once you paint a color on a blank paper, the color impression will remain over there no matter what you paint over it. It won’t just vanish as such.

Similarly, once a negative perception is formed, it will not change. It might fade away by forming an improved impression but it won’t simply get deleted from his memory. So, it is much better to use communication as a soft power for branding your Business or Startup.

If you will give the due respect to a Customer, he will inevitably revert the same. So, Communication could be ‘too perfect-a-tool’ to entice and impress your Customers. Your customers will never jump over you if you interact proactively and always anticipate and reflect an empathy to the person.

This is more satisfying for a person to receive the due respect as a Priority Customer from the Business each and every time he interacts with them. In fact, if you are able to convincingly communicate with a customer, he won’t dishearten with a straight sore ‘NO’. Communication is the basic medium of expression. And that’s the reason communication could just be a softer weapon to develop a good perception, whether if it is about a person or an organization.

Satisfied Customer is the greatest asset of a successful Business!

A business always trying to build a big and loyal Clientele. Whether it is Marketing or Customer Relationship management, a business has to interact with more and more customers on various levels of Business. Smart businesses look at it as an opportunity to win customer’s loyalty.

 

A successful business rests on three fundamental principles of;

 

  • Productivity
  • Profitability
  • Compatibility

 

Unless you can’t prove your compatibility to your customers, you can’t make sure that he returns back to you for the same service over and over again. Truth be told, most of the top brands producing similar products are all equivalent in quality, but they have a different set of clientèle due to different styles of Customer-Relationship Management or Customer Interaction.

Why Proactive Communication keeps a Business ahead of the curve?

Proactive Communication flatters the customers with advanced preparedness. It is popularly said that a proactive Business is the one which reaches the Customer before he turns into a Lead. Though it is a hard target to achieve yet you should never give up.  At least, you can try to stay a step ahead of the customer. It makes for sharper service and satisfies more Customers. Satisfaction and trust which are two basic elements to establish Loyal Customer Base.

Tools for Business Communication – There are many tools which are available for Businesses to interact with their customers conveniently. Cloud based communications have proved very efficient for developing a reliable path of communication between a Business and its Customers. IVRS and Toll free services are competent mode of Business Communication which is not so vulnerable to disturb. Stable mode of communication is always the better ‘go to’ option.

Beneficial aspects of Proactive Business Communication –

  • Improved Service Productivity which adds more weight to product value which is important to increase the demand.
  • Business Continuity Management means the smoother flow of process means more Business in lesser time.
  • Reducing the Mean Time To Resolve

A Business thrives on profitability. This is no rocket science and a well-established fact which most of us are familiar with. But Practically, most Businesses are always fighting for the sake of survival, leave alone ‘Growth’ and ‘Expansion’. The Market is growing more competitive with every passing day.

This goes down to show us the practical reality which most Businesses do not care for. But it results into hardships in the maintenance of their product/service credibility and retains customers for a long time.

We are committed to make business intelligent for you…we thrive only when you start thriving.