After spending the past few weeks meeting and talking to small-business owners in Essex, it became apparent that all face similar challenges every day.
They are inferior, as I expected. There was a constant sense among these directors and company owners that they needed to be involved in every aspect of the business. They told me they might be experts in their field but sometimes need guidance and support to grow their business and increase profitability.
They faced many challenges, including:
CustomersCustomers are the heartbeat of any business. The business is nothing without its customers. One of the biggest challenges they faced was retaining, attracting, and maximizing their customers.
My key to winning new customers and maintaining customer loyalty is providing excellent products and services and great customer service. This strategy must be implemented to ensure customer growth and maximize revenues from existing customers.
Marketing
Many business owners need marketing expertise to create a business position, a marketing campaign or think about the channels they want to promote their business.
The business must tell its story in a way that allows it to grow and engage customers. The business owner can focus on his core competencies by bringing in a marketer to assist with developing this strategy.
Time
Many business owners need more time in the day. Owners are all stretched for time. To create more time, owners must sometimes say no to other priorities and keep the business on track.
Business owners often seek advice from consultants or business mentors to help them focus on the most critical aspects of their business development.
Financial Management
A small- or medium-sized company must manage its cash flow efficiently. However, for some business owners, managing the P&L was often the last or third priority.
A consultant who spends time analyzing the business, looking at old debtors, analyzing client profitability, and implementing effective financial planning strategies can provide sound financial advice. This will help reduce the chance of your business falling into financial trouble.
Profitability
Some business owners I spoke to felt that Business Planning was an afterthought. They were more focused on the moment. An annual plan should be started at least four months before the end of the financial calendar. It should include a formal budget, analysis of client profitability, growth opportunities, and business development planning.
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Proces
Many business owners need to learn all the details of running their business. This is why it is essential to simplify the process. Expert support or an external consultant can be very beneficial.
Businesses can only succeed if they manage sales, marketing, and business development processes. Business owners should be open to all business functions to grow their businesses.
Lucene Consulting is a Strategic Marketing and Business Consultancy based out of Colchester, Essex, UK.
We provide strategic advice to help companies and business owners find the best solution for their business problems. We help companies solve their problems by analyzing them and working with them to find the correct answer.
We partner with our clients to help them adapt to market changes and build their capacity to make fundamental changes.
We assist clients with business positioning, planning, and development, operation performance, and brand and marketing strategies.
