In 2020, entrepreneurs brave a multitude of challenges be it economic slumps, business drying out, or a global pandemic bringing everything to a standstill for months. Fortunately, there are business owners with outstanding insight and skills who know how to deal with the challenges.
According to an article published on https://www.entrepreneur.com, there are problems in business that teach you lessons so that you improve, while there other harsh obstacles that could damage your business if you are not watchful. When it comes to seasoned entrepreneurs, they need to cope with all problems despite their wide knowledge and experience for years.
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Maintaining brand awareness, adapting to current business environments, beating your competitors, exceeding customer expectations, and ensuring the profitability of your company are some of the key challenges even for experienced business owners. Here in this, I will talk about some of the top challenges faced by entrepreneurs in 2020 and their solutions.
Eric J Dalius
talks about time management
Today, time management is the greatest challenge of business owners, especially those who have multiple job roles. Lest you had more time, you could have achieved more business goals and successes.
The solution: In 2020, time is money and you need to realize this truth. You need to love money and make time to earn more of it. Money does not come free, but then, you need to be careful about your spending and expenditures related to your business. Here are some pointers to help you:
Make a list of your business goals: Squeeze some time out of your busy schedule and create a list of yearly goals, then monthly goals, and finally, weekly business goals. As far as the weekly goals are concerned, make sure you break them into particular tasks every day.
In case, some of the tasks do not match with your business objectives, get rid of them.
You need not complete all tasks; hand over some of these to your staff.
Learn to question yourself. Ask the things you are doing currently. Is it best for your business and your time?
Deciding what products you should sell
As an entrepreneur, you are confident that you can manufacture many products or sell numerous services, but unsure of what niche to choose in 2020. The challenge is too many businesses are selling the same stuff and the competition is huge.
The solution: First, accept that you are not good at choosing the niche that would work to your benefit. Therefore, assign that job to another member of your staff who has a strong idea of successful product development. There is no need to hire an expensive marketing agency, hire a freelancer instead with expertise in helping you choose the right niche. There are many fields to consider such as the service sector, e-commerce, food and beverage, publishing, and more.
EJ Dalius recommends you ask the freelancer to do thorough market research and develop a report with the best niches that would suit your business goals. Make sure the niches chosen generate sufficient profits together with a full SWOT analysis, which means your strengths, weaknesses, opportunities, and threats. It does not mean that you cannot decide and someone else makes business decisions. However, it is a smart idea to take suggestions from knowledgeable and experienced people.
You can always evaluate the SWOT report and figure out what makes sense and what does not. Taking this approach will save much of your money and time, as well as complications later, thus saving your business, employees, and your source of revenue.
Deciding on a solid marketing strategy
If you are not sure of marketing your products or services, be it digital, print, advertising, or mobile promotions, you need someone to do that job for you. Your goal is to boost your ROI as much as possible with effective and targeted advertising that fetches you good results.
The solution: In case, you are not skilled in developing marketing strategies and positioning ads, you need to outsource this task to an efficient person, who can provide you with a core business plan to market your products. The professional will tell you what marketing tactics to adopt to trigger purchases. Give the marketing ninja a budget and ask him to create a plan that effectively makes the best use of that budget to boost sales and margins.
You cannot afford to experiment when you have a business and employees to manage. You will need to listen to what your marketing expert says and implement strategies to create a baseline that suits your business. You can experiment later when you have substantial sales consistently, not before that.
Business expansion and growth
Business growth is a major challenge for entrepreneurs in 2020 because many firms wither after operating for a couple of years due to lack of projects or poor business model.
The solution: You will need to develop new processes that help in the delegation of tasks. Some entrepreneurs manage all things in business, landing up in a position after they have achieved much success. Then, dealing with everything will make you saturated at some point, the business growth halts when all things are self-managed and controlled.
The only solution is allocating tasks to other employees and freeing yourself from the production process, and focusing on the management of your company, which is pure entrepreneurship or ownership.
Then, you need to have trained or experienced people in your team who can deliver the tasks assigned on time and without compromising on quality. Project deliveries are critical for your business because clients will not listen if the job is done sloppily or delivered late, past the deadline. This is where your leadership and managerial skills will come into play so that you can inspire your team to work diligently.
Today in 2020, entrepreneurs brave numerous challenges. They use their intellect and determination to keep achieving their business goals despite the obstacles. You need to use the solutions suggested above to make the most out of them to grow your business and keep making profits.