Challenges Facing Small Businesses

Small to medium-sized enterprises are faced with challenges daily. Since these companies are at a smaller scale compared to a global company it means that they will be affected by numerous problems such as high cost of insurance, state of the economy, employee skills gap and competition within the UK and abroad – the list is endless.

By understanding what challenges face your company, you will be able to find solutions and get the most from your business.

Money – Finding and managing cashflow is a problem as many companies don’t know how to manage it well. The companies finance problems can also be due to clients not paying on time. All of which will affect your credit score which nobody wants when growing their business.

Planning – Most companies don’t know how to plan, which will be detrimental to the running of the business because cash will be wasted as there is no formal plan and this will worsen money problems. It is vital for companies to have a clear plan and amend this according to the economy at the time.

Leadership – Too many companies struggle as the leadership is not effective. The leader could be too hands on or could fail to enlist support, meaning that there is no one driving the overall vision and direction of the company.

Sales and Marketing – Many companies don’t spend time deciding what their unique selling point or value proposition is. An example of how this can be negative is that a company might decide that they want to be the lowest price and the high value, which is conflicting. A company should always spend time creating and developing a strategy in order to ensure that their message is clear.   

Execution – By having a lack of execution this could directly affect the running of the business. This could be from strategies that are never developed. Communications within the company failing, not having clear objectives or not spending any time creating a strategy.

It is clear to see that there are numerous challenges that an SME face and these can be difficult to overcome. However, if you are struggling with any of the above problems or find that time management is an issue, contact us here at HMC Global. We have a proven record of helping SME’s with their sales and marketing or business development. Trust us to sort your challenges while you spend more time selling.

To find out more contact Nial Borthisle, Head of Corporate Sales on nial.borthistle@hmcglobal.co.uk