Having a small and fresh venture idea is a dream of many. The hope of having their own business and being your own boss is indeed a beautiful thing to accomplish. The excitement starts from strategy planning to capital management, and hiring talented staff is the real preparation. (Of course, studying the market is one unsolvable task that you can’t ignore).

 

However, there are always problems associated with business involving innovation and entrepreneurship. And with the onset of global economic fall down, startup businesses seemed to have crushed into pieces. 

 

So how can an owner or a strategist manage his business problems and find their solutions? Below are 5 keys, along with the issues that every business goes through after their establishment. Hopefully, you can relate to these problems and find answers. 

  • Lack of Capital

Problem:

The most common and never-ending problem is the lack of cash flow in business management. Most fresh venture ideas are short of cash since they are new to the market and need enough time to build networks globally. Finding stakeholders, investors, clients require proper marketing and work. To handle appropriate marketing requires talented employees and dedication. Managing employees and hiring qualified staff requires strong leadership and management in the organisation.

 

Solution:

Where new startups may require huge capital investments and finding good investors is quite a task, there are always funding options and methods the government has measured out. Few options are SBA loans (Small Business Administration), family/friends, equity financing, angel investors, bank loans and NBFCs, and many more. Second, you need to research and focus on what your customers wish to get from you. Only when you fulfil customers’ dreams you can expect real sales and productivity. 

  • Strategy Failure

Problem: 

Entrepreneurs are, for all time, scared of one major thing, which is the failure of their venture. Succeeding in the market means smartly planning organisational strategies and ensuring proper execution. When owners fail to execute a plan that involves budgeting, recruitment, cash flow management, data analysis, the business is sure to fail down. Without a team of dedication, there is no way to survive in a competitive market, even for a minute. 

 

Solution:

What can leaders do here? Ensure that you have a strong and efficient team that, together with your help, can execute smart business strategy planning. When there’s a strategy, there is focus built among the minds of all working in the organisation. Increase your asset utilisation so you can advance the game of winning. Aim to enhance your customer value and expand revenue opportunities. Maintain strong operations and management to motivate each employee. Creativity and innovation are what keep you apart from the rest of the competition. At the end of the day, strong and efficient data analysis is also important to interpret any loopholes in your plans and actions. Utilise advanced data analytics tools to stay ahead in your research. 

  • Lack of Expert Guidance

Problem:

Most owners and professionals require the guidance of a professional in business management and operations before starting their innovative business idea. Usually, experienced consultants have enough experience with difficult challenges and business problems. Therefore, they are the best guides in times of crisis. With little or no guidance, people might confuse themselves in choosing the apt industry to open a startup. 

 

Solution:

Taking the example of a professional business coach in Malaysia from EMS Global – a consultancy firm based in Malaysia, the team offers good consultancy services. What’s important here is to understand that professionals can help you guide through problems with time management, customer acquisition, cash flow management, operations and management, statistic analyses, etc. 

  • Marketing and Advertising

Problem:

What is more important in business after setting it up? It is proper marketing and advertising through which any business can reach their customers efficiently. Since it’s the time for digital marketing and gaining an online presence, the market is thriving for more social media presence. Every people search the internet before closing any deal with a business or turning into their customers. Therefore, many companies need to adapt to such changes to sustain this scenario.

 

Solution:

If you face this challenge while trying to increase your market growth, trust me, you have to start creating your online presence. Start with listing yourself in Google My Business platforms and other review management platforms. Engage with customers more often in mobile marketing, SMS marketing, email marketing, etc., to seek customer testimonials that build authenticity and credibility. 

  • Time Management

Problems:

Owners are always stressed about one thing when they have their own business. It’s managing time and separating personal and professional lives. Running a business is accompanied by continuous and unplanned client meets; there might be cases where the CEO might have to stay back in the office and spend sleepless nights before achieving a major success. Managing an organisation with a minimum of 10 to a maximum of 100+ employees is a major task. Deciding their payroll ensure their development and comfort in the company is always a concern. 

 

Solution:

To ensure an easy and smooth workflow with consistent organisational performance management, you need to employ separate teams to manage your employees well. Like HR, true leaders, managers, trainers, etc., are some good roles you must look for when growing your team. With short-term goals, you must also not forget your long-term goals and mission. 

Get Some Help

Expert Mind Solutions is a dedicated consultancy firm working for startups and businesses early. Their certified business coach in Malaysia advises them in funding options, planning a structured organisation, and dealing with every type of business issue. They also have strong business skills training programs designed for their clients where they train them with skills needed for their growth and sustaining business challenges.