Even in times of changing business environment and considering how well things have eased out in the past couple of years in terms of establishment and operations of businesses, certain key factors still continue to be a challenge for every business. Addressing these hiccups is being able to stay afloat and to be able to scale up in the years to come.
1) Capital is the key– Getting the requisite capital to begin with can give you all the confidence to move forward in life. Having capital in hand has a ripple effect to start and run your business the way you want to do it. To begin with Capital can help you attain several of the milestones such as-
-Finding the right space and infrastructure, in a locality and within the given budget
-Helps in finding the right talent, work force and employees that you want to employ in your business
-Technological support and assistance
-Takes care of all the initial expenses and overheads
2) Technical know-how: With the business environment changing rapidly, Investment in the right technology, and know- how of the digital world has become almost inevitable for every business. Whether it is about operations, or management of finances and accounting, having the right software and online tools goes a long way in effective management of business. Eg: Small businesses and start-ups need to be aggressive when it comes to maintaining track of the payments and receivables. Having user friendly invoicing tools such as SpiderG can help mobilize finances and keep track of all the payments and receivables that are due from time to time. Having great technology in place ensures that there will be no operational and administration hurdles and helps save money, time and effort. Needless to say, they have to be supervised effectively as well.
3) Sourcing it right-Finding the right vendors and suppliers is a key. Needless to say, the cost has to be competitive and the pricing, Right. The one saving grace is that there are a number of options available online who offer varied products at different price points. Choosing the right one that can suit the needs of your customers can set you going in your business.
Trade fairs, expo exhibitions, attending seminars are some of avenues that you can explore to find the right supplier.
4) Getting customers for the business– New businesses require immediate customers to push-start your business. This is a key challenge which has to be addressed intelligently and by the use of right resources. Reaching out to the customers, getting their attention and converting this attention into business is what the challenge is all about.
5) Visibility– Being visible is being able to gaining attention, it is about holding customer interest and is about building a brand. But being there where your potential customers are is a key. This has to be addressed by effective marketing tools and techniques which help in reaching out to right people at the right time. Effective marketing and sales strategy can be adopted to gather initial customers, retain the existing as well as gather more customers. Advertising and marketing through the right channels are a must. If hoardings, signages and advertising helps reach out to customers locally, digital advertising tools and techniques can be adopted to reach out to customers at large.