process of making your enterprise reach new heights, hurdles and setbacks are to be expected. For newly established brands, the obstacles you encounter daily may make it seem like achieving entrepreneurial success is an impossible task.
It’s no secret that many new companies can fail. In fact, 20% of small brands fail in their first year alone, and over 50% shut down just after five years of operation. Difficulty in recruiting top talent, inability to generate leads and outdated business processes are just some of the challenges behind these failures. Fortunately, these problems can be addressed with the right approach and strategy.
Drive your business forward by fixing the five biggest challenges that every small business face.
The recruitment industry has been experiencing a drastic shift in recent years. Unlike before, when employers and brands had more control over the job application process, job seekers are more empowered. Now that the recruitment race is candidate-driven, the battle for the top talent is bound to get tougher and tougher.
If you really think about it, recruiters and marketers have very similar roles. In the same way that marketers attract and nurture leads, recruiters apply the same principles when it comes to talent acquisition.
Nowadays, hiring managers can use recruitment software, digital channels, and employer branding to attract the right prospects. When recruitment marketing is done correctly, it will be easier for you to showcase your value and gain an edge over your rival companies.
With the digital transformation happening and the fourth industrial revolution closing in, you’ll need to revamp outdated business processes.
Managing your inventory and customer database and doing other administrative office functions manually can take up a lot of your precious time and energy. Boost your daily productivity by focusing on more important matters and integrating business tech into certain office functions.
Adopting task management, payroll, and other kinds of helpful software will make your life a lot easier. However, learning how to use these programs may take some time, and the proficiency of your employees as users may not let you get the most out of your investment.
Upskilling your staff through training seminars can answer this dilemma, but it can also cause you to shell out a large sum of money. As an alternative, you can acquire back office outsourcing solutions to save your budget, improve your bottom line, and optimize your day-to-day operations.
Knowing who your customers are is one thing; capturing their attention is another. In the ever-competitive digital marketing industry, increasing brand awareness and generating leads is a challenge for every company. Luckily there are many tools under the digital marketing umbrella that can give your brand the attention it rightfully deserves.
Your website is the most important tool for acquiring prospects and converting them into paying customers. Bidding on high-performing keywords on Google Adwords and creating valuable content and enticing campaign material can drive traffic to your site. Sadly, if your website is slow and poorly-designed, you aren’t maximizing your investments towards your digital marketing efforts.
To create a lead generation engine successfully, the first thing you have to do is optimize your landing pages. Instead of letting prospects roam around your site aimlessly, guiding their journey through call to action buttons and creating landing pages designated for subscriptions, resources, and contact information will increase their chances of converting.
Always remember that brand loyalty is what grows a business. Competitively priced products and excellent marketing strategies are crucial for your success, but your ability to provide a frictionless customer experience will define the outcome of your sales and advertising efforts.
If you’re constantly at the receiving end of criticism but not doing anything about it, you’re tarnishing your reputation and missing out on several conversion opportunities. Businesses that keep their customers happy can gain brand advocates and scale their company faster.
Practically speaking, providing excellent customer service and retaining clients are cost-efficient means for growth since it costs five times more money to acquire new customers than to sell to existing ones.
Adopting artificial intelligence and chatbots to help you can make things easier as well, but it certainly has its own limitations. If customer service isn’t exactly what your company is good at, you should look for solutions outside your organization. To boost your client satisfaction levels without breaking the bank, acquiring customer support outsourcing is your best bet.
Whether you’re a business owner or not, increasing profitability is one of your top priorities. Trimming down on expenses and making the necessary adjustments can help you improve your monthly income. However, there may come a point when the growth of your business starts to reach a certain threshold.
To counter stagnation and boost the amount you’re earning, it’s best to seek new business ideas from others. You can consult with other experts, hire an advisor, or take some time to research the different approaches of industry leaders.
After all, learning is a life-long process. Discovering how these figures improved their systems and cash flow problems can give you valuable insights on how to drive your business forward.
The challenges mentioned above have hindered many businesses from attaining success. Luckily, these problems are fixable because they lie within your control.
Whether it’s a big or small organization, gaps in specific processes will manifest themselves in one form or another. If customer service, digital marketing, or recruitment isn’t one of your core competencies, you can always team up with another company for outsourcing services to fill in those gaps.
Enlisting the help of an outsourcing agency can improve your bottom line and allow you to focus on more important matters. The best part? It all comes at a cost-efficient price. Contact us today for solutions!
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