Challenges Businesses Face and How to Succeed

Running a small business is one of the most rewarding ways to make a living. It can also be one of the most stressful, with struggle and uncertainty something you may have to get used to.

Here are some of the most common challenges businesses can face, with advice to help you come out on top, fit to fight another day.

Expansion

Once you’re properly established, you’re going to want to look for opportunities to expand your business. You need to keep running just to stand still, and expanding your business into a new location is one way to stay ahead of the curve.

However well laid your plans are, expanding your business can still go wrong. If you haven’t done your research properly and move into a new area where there isn’t sufficient demand for your services you could find your new location costing you more than it makes, and over stressing your original branch.

Whether you’re expanding or simply moving to a new premises, it’s worth looking into arranging storage for your inventory and furnishings. This not only gives you some leeway on the day you take possession, allowing you to unpack and lay out your new branch piece by piece rather than filling it with bulky items you have to work around, this also gives you a buffer if the worst happens and you lose your new premises at short notice. If you’re looking for a storage company London has plenty of options to give you the flexibility you need.

Client Dependence

If you provide a highly specialized product or service you might find yourself over dependent on a single client to provide your cash flow.

If over 50% of your income is coming from a single client, you’re in a unstable situation: if they decide to take their business elsewhere you could be left in serious financial trouble.

If you find yourself with an urgent need to diversify, you might need to redouble your publicity efforts. These needn’t be costly: for a small business, picking one simple idea that’s really relevant is better than spending a lot of money on different marketing projects.

You could also lean on your existing relationship with your big client by asking if they can refer others to your business, potentially even offering a discount or credit for referrals.