Small business pain points can prohibit growth. There is no denying small businesses worldwide are doing it tough! Growing pains are an opportunity that needs careful planning and exploring. We must all overcome pain by planning to overcome pain points. Take time to look at your pain points in your business. Today is your time to turn them into a financial opportunity?
COVID 19 has put small businesses on hold, especially those in Melbourne. The end date yet to be defined under stage 4 . This adds to Pain. For small business it can be scary and painful . The Stage 4 impacts yet to be fully seen by many in small business. When things are hard, the economy is flat, or you have faced a major personal problem, its hard to see the next opportunity.
Over the year’s we have helped many small businesses with their own pain points. We are very familiar with the list of small business pain points that many have faced or about to face. We have updated our previous article found here on the basis of the current Covid19 conditions.
It is very easy to think there is no future. However when this COVID 19 passes we need be prepared for eventual business restart. Put some prospective into your current financial position.
Pain management for business owners is here!
Please reach out to us. We are small business specialists, and that can help ease your Pain. Here is our list of small business pain points that we’ve put together based on what we see as a problems many small business owners face on a day to day basis.
The most significant Pain that small business owners face is that they don’t have enough money in business . Knowing how to use working capital will help your business!
Critical Pain Points
These are pains that don’t go away easy
- We are not able to secure new customers.
- Revenues are stable, but profitability is low
- I cant make the hard decisions
- My business partner does not speak to me, and we are not communicating in any form
- The business website generates no enquiries
- We think our prices are too way too low compared to the market as a result we are afraid to increase them!
- Our products are growing old and irrelevant and we afraid of our future
- My business partner has died, and now his family wants me to buy them out money
- My suppliers are not operating due to COVID therefore as a result I cant produce goods
- Our staff keeps leaving us, and we have low morale
- I don’t appear to have enough cash flow to pay my estimated income taxes for the quarter.
- We have a high level of receivables, but the $$$ are not coming in for some reason.
Some of these pain points are not COVID related, but however, we are about to enter a severe period of shut down, and this will impact on your business.
Some people will see other peoples Pain as an opportunity. Look around and you will see vacant cafes that have been left vacant and empty . Shops are now being reinvigorated and what was a someone’s pain is now becoming someone’s new dream.
Managing growth – 3 step approach
Pain is manageable and possible to grow.
Review our list and be truthful to yourself about what is making growth hard to achieve
Prioritise your list which will result in you determining which pain needs the most attention
The most exciting of all the steps. Plan your pain management . Small pain points knock them over . The bigger ones will need strategy but you can do it. Need help here then reach out.
A great article about customer pain points can be found here if sales is becoming a problem
A plan or various possible plans depending need to be prepared. This would be based upon the possible future actions of business and when a possible stage 4 opening is possible . All of these should be projected. Any cash flow projections are also crucial for future finance requirements. You must take the time to identify your pain points and plan the businesses next 12-month strategy
You might also like this article of helping add value to your business
Don’t forget you are not alone . Government help like jobkeeper can you get through a painful period. If you haven’t access these then reach out to us.
We are here to work with you and to help your business. We can help assist in working through a difficult time. There are plenty of opportunities and planning now will mean you are ready as they arrive.
Contact us on 95979966 and we can help you start your journey to growth