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Challenges you could face as an SME

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Starting your own business is an amazing achievement. Having the drive and commitment to “do it yourself” is not something everyone can say they have done. It is rewarding but, it is important to be aware of the challenges before you begin.

 

1. Money Management

This is probably one of the most important aspects of having a successful business. If you do not have your money in order, things can go “pear-shaped” very quickly and can result in a lot of unnecessary stress.

The first thing you need to do is budget, and budget correctly.

Another tip is to know how to handle your money once the cash flow comes in. Making use of an accounting software package from EasyBiz can help you do this: http://bit.ly/2RR9BcZ

 

2. Time, Time, Time

Planning is a vital part of this, as you need to hit certain deadlines and keep things flowing smoothly and functionally. Take the time to find a way to fit everything into your planning and this way, you will have fewer challenges and bigger success.

 

3. Lack of Planning and Research

This is a very common mistake made by many entrepreneurs.

Before starting off anything, you need to have done research on everything related to the market you are going into. For example; competitor and market research, setting certain goals, current trends, ways of marketing and an action plan to follow.

 

4. Getting a client base

Generally, people get pretty hyped up about a new product, service or business opening. Especially if it is in their surrounding areas. But the catch is that they will only know about it if you make them aware.

It is also very hard to build a sustainable, profitable client base as people prefer to stick to what they know. Remember, quality over quantity and sustainability over a quick fix.

 

Although there are challenges, and once you have overcome them and have a good system starting – the rewards you’ll reap will be well worth the trials and tribulations of starting your own company. Just hang in there!

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