How To Cope With Challenges Faced By Small Businesses And Their Solutions In 2020

Featured small business problems

  • 6 Mar 2020
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    According to a survey, around 90% of small and home-based businesses fail in India. The reasons for failure differ from business to business. While running a business you will face a lot of problems. To sail through these problems with ease you must have a solution for some of these common problems. Building a reliable and sturdy base is one of the key elements of your firm.

     

    To have a thriving and good business being aware of most commonly faced problems can do good for you and your firm. Here we have listed 7 problems and their solutions for a smoother and more efficient business :-

     

    • Protect your data during the rise of cybercrime

     

    Data Protection
    India ranks second as one of the largest markets for internet users, after China. With this easy connectivity on a global level there is a lot of risks and sensitive information at stake. That is why every company must have standard anti-malware and antivirus features guarding their data to prevent cyber crime. There are a  variety of types of cyber crimes in India that have doubled in the year 2017 raising various issues.

     

    Read:- How To Grow Your Small Business In Spite Of Economic Slowdown

     

      • Keep your Audience interested in your products and services

     

    Target Audience

     

    There is a lot of competition for almost every product on the market. To emerge successful and to be in the limelight you must offer something unique. According to the different types of audience you must start with the targeted audience and keep them happy with your products and services. With this perfect audience for your business you can notice what products and services are more responded to and what is the need of the market.

     

    Read:- Competitive Analysis For Your Small And Home-Based Business

     

      • Value for your product should be Value for money

     

    Product value

     

    Value for money is a very important concept in the market. With rise in inflation it gets more difficult to strike the perfect balance between raw goods, manufacturing, production and pricing the final product. Buying raw material from local businesses will keep the production cost low and also give you better quality.

     

      • How to keep employees happy?

     

    Team Building

     

    Happy employees make a successful firm. As the leader of it you must recognise the progress of your employees. Another way is to plan team building activities unrelated to work so that team-mates bond and boost each others morale. 

     

      • Strong and sturdy relations with your business audience

     

    Customer Loyalty
    Building healthy relations with your customers and audience is another must to have a smooth sailing business. Keeping your social media active is one way to ensure your customers receive fast and reliable responses to their inquiries and concerns. Providing end to end requirements of the customer should be the goal of the business to get more customers and earn customer loyalty. 

     

    Read :- Social Media Marketing Ka Upyog Apne Gharelu Vyavasay Ko Badhane Ke Liye Kaise Kare

     

      • How to have a perfect work-life balance?

     

    Work life balance

     

    A work-life balance is very important so that a happy employee works well, giving good business and resulting in customer satisfaction. Especially for working women, work life balance is a crucial and delicate thing. Prioritising your time according to need is key. Divide your work hours, family time and time for yourself in an efficient manner.

     

      • Investors want to be aware of what they invest in

     

    Investors grants

     

    With easy access to the internet most clients and investors before opting for a product or service do thorough research. In today’s world companies must be able to educate their clients in an engaging manner to have reliable and good investors. Having a reliable introduction and convincing business plan for investors to invest in should be provided. Keeping your investors updated about your business progress will yield good benefits and create a healthy and reliable relation with them. 

     

    Read: 10 Must Read Business Books for every Home Based Entrepreneur

    Posted in Business