For Entrepreneurs and SME owners: What was your biggest business challenge you faced in the past 12 months?
In a recent informal poll with some of my clients, the top 3 business challenges (grouped into categories) they faced and wanted help with were: marketing, customer growth, pricing and revenue modeling.
Some other issues they faced were: deciding where to allocate their budget, understanding their market audience, learning and/or using social media, measuring the return on their investments, time management, managing business/service/supplier relationships across various cultures, legal set-up, etc.
Let us know what challenges you've been facing in managing and growing your business(es) over the past 12 months.
Answers (16)
Bryan C W.
Seeking a new opportunity in B2B technology; global experience
Best Answers in: Using LinkedIn (1566), Customer Service (58), Job Search (25), Staffing and Recruiting (24), Education and Schools (16), Business Development (15), Professional Networking (12), Small Business (11), Manufacturing (9), Project Management (8), Business Insurance (7), Resume Writing (7), Software Development (7), Web Development (7), Regulation and Compliance (6), Internet Marketing (6), Wireless (6), Sales Techniques (5), Quality Management and Standards (5), Ethics (5), Accounting (4), Government Policy (4), Personnel Policies (4), Exporting/Importing (4), Criminal Law (4), Advertising (4), Business Analytics (4), Corporate Governance (4), Labor Relations (4), Organizational Development (4), Planning (4), Supply Chain Management (4), Enterprise Software (4), Computers and Software (4), Databases (4), Telecommunications (4), Facilities Management (3), Event Marketing and Promotions (3), Economics (3), Government Contracts (3), Contracts (3), Public Relations (3), Change Management (3), Career Management (3), Energy and Development (3), Green Products (3), Blogging (3), Commercial Real Estate (2), Purchasing (2), Air Travel (2), Certification and Licenses (2), Mentoring (2), Occupational Training (2), Government Services (2), Compensation and Benefits (2), Public Health and Safety (2), Work-life Balance (2), Corporate Law (2), Employment and Labor Law (2), Events Marketing (2), Lead Generation (2), Search Marketing (2), Equity Markets (2), Nonprofit Management (2), Packaging and Labeling (2), Business Plans (2), Franchising (2), Starting Up (2), Biotech (2), E-Commerce (2), Computer Networking (2), Car and Train Travel (1), Business Dining and Entertainment (1), Hotels (1), Travel Tools (1), Freelancing and Contracting (1), Budgeting (1), Corporate Debt (1), Mergers and Acquisitions (1), Risk Management (1), Health Care (1), International Law (1), Internationalization and Localization (1), Offshoring and Outsourcing (1), Antitrust Law (1), Tax Law (1), Guerrilla Marketing (1), Graphic Design (1), Customer Relationship Management (1), Writing and Editing (1), Commodity Markets (1), Currency Markets (1), Retirement and Estate Planning (1), Wealth Management (1), Branding (1), Market Research and Definition (1), Engineering (1), Interface Design (1), Product Design (1), Communication and Public Speaking (1), Information Security (1)
1) Funding to cover sales costs
2) Getting in front of the right decision maker
3) Getting "free" publicity in front of the right influencers
Dave M.
Professional trade show booth traffic builder and party entertainer. Corporate and private sector events.
Best Answers in: Using LinkedIn (659), Customer Service (34), Business Development (23), Advertising (18), Professional Networking (16), Education and Schools (15), Staffing and Recruiting (15), Government Policy (14), Internet Marketing (13), Career Management (13), Web Development (13), Organizational Development (12), Small Business (12), Job Search (11), Starting Up (11), Event Marketing and Promotions (10), Public Relations (9), Sales Techniques (8), Energy and Development (8), Computers and Software (8), Personnel Policies (7), Health Care (7), Work-life Balance (7), Manufacturing (7), Business Plans (7), Mentoring (6), Intellectual Property (6), Lead Generation (6), Business Analytics (6), Regulation and Compliance (5), Writing and Editing (5), Corporate Governance (5), Change Management (5), Supply Chain Management (5), Ethics (5), Wireless (5), Car and Train Travel (4), Occupational Training (4), Accounting (4), Compensation and Benefits (4), Criminal Law (4), Direct Marketing (4), Project Management (4), Market Research and Definition (4), Blogging (4), Enterprise Software (4), Databases (4), Telecommunications (4), Facilities Management (3), Purchasing (3), Freelancing and Contracting (3), Conference Planning (3), Financial Regulation (3), Public Health and Safety (3), Internationalization and Localization (3), Treaties, Agreements and Organizations (3), Events Marketing (3), Graphic Design (3), Mobile Marketing (3), Search Marketing (3), Philanthropy (3), Social Enterpreneurship (3), Quality Management and Standards (3), Positioning (3), Professional Organizations (3), Green Business (3), Green Products (3), E-Commerce (3), Software Development (3), Air Travel (2), Business Dining and Entertainment (2), Public Funding (2), Mergers and Acquisitions (2), Health Administration (2), Offshoring and Outsourcing (2), Property Law (2), Customer Relationship Management (2), Commodity Markets (2), Nonprofit Fundraising (2), Inventory Management (2), Personal Investing (2), Personal Real Estate (2), Pricing (2), Professional Books and Resources (2), Communication and Public Speaking (2), Biotech (2), Information Security (2), Information Storage (2), Business Insurance (1), Commercial Real Estate (1), Hotels (1), Certification and Licenses (1), Conference Venues (1), Auditing (1), Foreign Investment (1), Venture Capital and Private Equity (1), Economics (1), Risk Management (1), Government Contracts (1), Government Services (1), Environmental Health (1), Exporting/Importing (1), Corporate Law (1), Finance and Securities Law (1), Viral Marketing (1), Labor Relations (1), Planning (1), Futures Markets (1), Packaging and Labeling (1), Individual Insurance (1), Wealth Management (1), Branding (1), Distribution (1), Engineering (1), Franchising (1)
Finding more time to network with those who have the potential to become a new client.
Enough capital. There is always room for more : )
Wallace J.
Multimedia Producer, i3D Programmer, Acrobat 3D PDF, Android App, Virtual World & iTV Design, Kindle, Nook & Sony eBooks
Best Answers in: Using LinkedIn (139), Computers and Software (32), Web Development (24), Business Development (22), Government Policy (20), Internet Marketing (18), Software Development (18), Work-life Balance (17), Staffing and Recruiting (15), Career Management (14), Education and Schools (13), Small Business (12), Graphic Design (11), Job Search (10), Advertising (10), Starting Up (10), Wireless (10), Search Marketing (9), Change Management (9), Branding (9), Ethics (9), Travel Tools (8), Economics (8), Public Relations (8), Organizational Development (8), Manufacturing (8), Professional Networking (8), Energy and Development (8), Enterprise Software (8), Mentoring (7), Health Care (7), Business Analytics (7), Quality Management and Standards (7), Market Research and Definition (7), Blogging (7), Telecommunications (7), Internationalization and Localization (6), Mobile Marketing (6), Sales Techniques (6), Product Design (6), Customer Service (5), Occupational Training (5), Employment and Labor Law (5), Events Marketing (5), Writing and Editing (5), Planning (5), Communication and Public Speaking (5), E-Commerce (5), Freelancing and Contracting (4), Venture Capital and Private Equity (4), Government Services (4), Environmental Health (4), Direct Marketing (4), Viral Marketing (4), Supply Chain Management (4), Distribution (4), Professional Books and Resources (4), Business Plans (4), Computer Networking (4), Business Dining and Entertainment (3), Hotels (3), Event Marketing and Promotions (3), Conference Planning (3), Conference Venues (3), Customer Relationship Management (3), Lead Generation (3), Social Enterpreneurship (3), Project Management (3), Engineering (3), Green Products (3), Biotech (3), Databases (3), Information Security (3), Purchasing (2), Air Travel (2), Accounting (2), Financial Regulation (2), Personnel Policies (2), Public Health and Safety (2), Exporting/Importing (2), Offshoring and Outsourcing (2), Criminal Law (2), Contracts (2), Corporate Governance (2), Currency Markets (2), Personal Debt Management (2), Wealth Management (2), Green Business (2), Business Insurance (1), Commercial Real Estate (1), Facilities Management (1), Regulation and Compliance (1), Car and Train Travel (1), Certification and Licenses (1), Resume Writing (1), Budgeting (1), Corporate Debt (1), Foreign Investment (1), Corporate Taxes (1), Risk Management (1), Compensation and Benefits (1), International Law (1), Treaties, Agreements and Organizations (1), Finance and Securities Law (1), Intellectual Property (1), Guerrilla Marketing (1), Commodity Markets (1), Equity Markets (1), Nonprofit Fundraising (1), Nonprofit Management (1), Inventory Management (1), Personal Investing (1), Personal Real Estate (1), Franchising (1)
The Economy.
The issue I have seen many of my clients face is simply having the time to get in front of the additional leads. The sales process is taking longer and/or require more potential sales in the pipeline to close. When you cut down your staff do the past 3 to 4 years, it is hard to get the time to get in front of as many potential sales as you use to.
Steve S.
CEO | Business Development | Rapid Growth Strategies | Author of Success Secrets of America's Fastest Growing Companies
Best Answers in: Employment and Labor Law (1)
We've interviewed 200+ CEO's of America's fastest growing companies and virtually every CEO said the same thing.
Their greatest challenge (and ours) is finding really good people, the "A" players.
Even with 10% + unemployment entrepreneurs and small businesses cannot find good people to hire with good skills.
People who will work hard, not slack off, and contantly gives thought to how things can be improved.
For small busness, mis-hires are especially painful.
Craig W.
Founder - Succession Plus
Best Answers in: Small Business (3), Starting Up (2), Business Plans (1), Software Development (1)
In my experience with clients, the simple things are often not done or are not done consistently. We all know we need to chase debtors, follow up sales leads, update our CRM, return phone calls, emails and messages promptly - so many business owners simply fail to do these basic things right every time. Often the excuse is spending time on innovation, strategy, social media policy, SEO etc etc etc - striving to chase the most remote opportunities when in fact there are very simple, very valuable and profitable activities that are far simpler, cheaper and easier to convert into $$. Design and document systems to manage the simple ( but vital for success ) tasks and then ensure they are carried out with 100 % commitment
Yuhannes W.
Relationship Builder | I help businesses connect with their target market & increase sales | Online Networking ROI
Best Answers in: Professional Networking (3), Business Development (2), Using LinkedIn (2), Direct Marketing (1), Internet Marketing (1), Customer Relationship Management (1), Lead Generation (1), Sales Techniques (1), Organizational Development (1), Career Management (1)
Biggest challenge in any area is ROI....
SWOT - what are my stregths and what do I need to assign to other people so I can maximize my time growing the business. Staying focused on this is a discipline in itself.
Networking - what groups/associations are providing me with the best connections, referrals and business. How much time am I putting into these groups, helping members and how much am I getting back. had to drop a few over the last 12 months.
Information - How is the accounting, legal, financial info I get helping me to build and better my businesses. Do I have an accountant just to put a check in the "have an accountant box" or am I using my accountant as a took to project cash flow and plan for taxes during the course of the year? If I had someone on my team that wasn't effective in helping me utilize any type of info... I had to let them go. Just making sure that everything i did or used was actually effective and not just in place because it had to be.
+live long and prosper
I'm going with Bryan's #2) Getting in front of the right decision maker
Eric S.
Independent Financial consultant, Interim manager & Entrepreneur
Best Answers in: Career Management (3), Using LinkedIn (3), Business Development (2), Starting Up (2), Job Search (1), Mentoring (1), Staffing and Recruiting (1), Intellectual Property (1), Internet Marketing (1), Organizational Development (1), Bond Markets (1), Social Enterpreneurship (1), Project Management (1), Communication and Public Speaking (1), Professional Organizations (1), Ethics (1), Professional Networking (1), Small Business (1), Blogging (1), Computers and Software (1)
As freelance consultant, my main challenge is to expand my network in order to create different revenues streams. I am working mainly on assignment for large companies on a full time basis. I means that it is difficult to attend some sessions organized during the day, where I can meet entrepreneurs or people needing for financial advice or services. This is the reason why I work time to time in a coworking space between two assignments. This is one of the biggest challenge, as network is something you have to develop on an ongoing basis.
Links:
Thamir G.
Business Developer
Best Answers in: Work-life Balance (2), Using LinkedIn (2), Education and Schools (1), Compensation and Benefits (1), Staffing and Recruiting (1), Treaties, Agreements and Organizations (1), Change Management (1), Organizational Development (1), Project Management (1), Career Management (1), Ethics (1), Business Plans (1)
Customer growth.
They are the blood line of business.
Marcus C.
Procurement bullying? Win without pitching? End free consulting? Close at full fees? Sell past "No"? That's what I teach
Best Answers in: Personal Taxes (1)
Treading on my own toe. In my experience I'm usually the creator, executor and sufferer of my worst decisions and bad habits.
I agree most with Steve Straub and Craig West as to the biggest challenges. Wrong hires in my 27 years experience selling and consulting have been the highest cost in any business I have worked in or been invited to help.
And bad habits allowed to fester until they become part of the culture. Not doing the basics well over time and meaning it is lethal to the culture and performance of any business. Deafness to criticism and ego go hand in hand as shackles to this altar of sacrifice.
When people complain they haven't got enough pipeline or they aren't in front of enough decision makers, a little voice always cries out, "But what is your prospecting habit?"
What you don't do today (prospecting) will hurt you tomorrow (no leads, no prospects, no money in the bank, insolvency). Most people avoid and dodge doing it because they don't like doing it, don't know how to do it, think they're above it or are scared and never start doing it.
They don't have to like it but they do have to do it if they want to stay in business. Hark at me. We all do. My pipeline suffers if I don't prospect or find ways to fill my pipeline that don't involve doing the things I'm terrible at or fear and find myself paralysed and making excuses over.
I suspect the number one issue challenging all entrepreneurs today is their mindset.
If they expect tough times they will find the evidence out there to prove their perceptions.
If they expect prospects to want what they have they will act accordingly and find prospects because they are attuned to opportunity not scarcity.
I'm not going happy-clappy or talking about esoteric mumbo jumbo. I'm saying you need to inspect what you expect. You need to get out of your own way and you need to ask yourself better questions so you come up with better answers.
So if you're asking why haven't I got any prospects in my pipeline (though I suspect it's because you haven't prospected or have done so much in one sitting that you hate it and feel like it's too daunting to do again for a few months ...) feast and famine are your future.
Ask yourself better questions like, "what might I do to attract more prospects in a reliable, consistent way that plays to my strengths and I'm comfortable doing every day?"
Or "why might I be willing to pick up the phone and follow up with people who already know like and trust me?"
I'd love to talk about this further but I fear I'm rambling.
Marian N.
Entrepreneur, Business & HR Consultant
Best Answers in: Government Policy (2), Economics (1), Health Care (1), Environmental Health (1), Work-life Balance (1), Ethics (1), Wireless (1)
Hi Kevin,
It would be great if the problem was limited to "deciding where to allocate their budget" and that's assuming they have a budget. Many don't even have a budget to allocate to anything, really.
Having a budget and a decent one is of major concern to organisations, particularly SMEs.
Cynthia K.
Helping you navigate the 24/7 stress - Coach I Trainer I Speaker I Consultant I Cynthia@ProPartnersInc.com
Best Answers in: Telecommunications (1)
I'm a solopreneur and SME in business for 20 years. My biggest challenge and frustration comes from things I can't control but can only respond to. I've been through at least 4 recessions, 9/11, a move across the country and...the 2008 financial meltdown. Although I have learned from the economic challenges of the past few years, some days I would prefer to not have that lesson.
Genuine queries is biggest challenge for us. Now we take help of online business to business platforms.
