Starting a small business can be challenging. Small business owners have many obstacles to overcome today. This article contains the three top challenges faced by small businesses and how to overcome them.
1. healthcare costs
With health care costs rising, this is a major concern for small businesses. According to Business Leaders Outlook Small Business 2014 survey of CHASE performed, two-thirds of small businesses reported no health insurance for their employees covering. To do the companies that offer their employees health insurance that cost control was a major concern. If these employers were asked what steps they have taken to reduce health care costs, the majority of the cost of their employees had shifted plan contributions through higher deductibles to introduce or increase their staff.
This trend in other research was echoed. In fact, according to the 2014 benefits strategy and Benchmarking Survey, conducted by Arthur J. Gallager & Company, the biggest challenge employers face utility controls costs. While many employers in this survey reported shift health care costs for employees as a cost reduction strategy, 23 percent of employers surveyed reported a contribution approach within the next three years look. Of the small percentage of employers who already switched to a defined contribution solution, renowned costs and increased employee choice to change as reasons to contribution.
2. Recruitment and Retention
to bind employees and recruiting top employees, is another major concern small businesses over. With the dynamic preferences of employees increasingly diverse, employers are to keep the need for a more individualized approach their employees. After Aurthur J. Gallagher & Company survey reported the second biggest challenge employers began to attract and retain a competitive workforce.
According to the CHASE survey 29 percent were very or extremely concerned about the limited supply of qualified candidates. When asked to recruit what strategies they top employees, two-fifths of the small business owners and assumptions keep reports targeted candidates offer higher wages. Although many of these small business owners reported to offer higher compensation to the CHASE survey "Small businesses
are also about two and a half times more willing to lower ability to accept, is at a lower wage to secure talent in place."
Small businesses do not have low skills accept sentences. Alternative ways small businesses can recruit employees are employees use references to add the company's website, a career site recruiting advertisement on online job boards, recruitment of trainees and social media employees. Alternative retention strategies include a high-feedback environment conducive to the Customizing benefits strategically, and to increase the motivation of employees.
3. New customers
looking for new customers a greater challenge for small businesses presented, because they usually do not have the astronomical budgets that larger companies. This can be a challenge, try if to compete with larger companies' advertising and marketing strategies.
According to a recent Wells Fargo / Gallup Small Business Survey customers / looking for new business was the biggest concern for 21 percent the small tightening employers. Ten percent of small business owners reported that the costs for a small business made if difficult to attract customers and to grow. According to the CHASE survey was for more than three quarters of small business owners in sales and growth of chief strategy to attract new customers.
strategies for sales and growth vary from company to company. Thirty seven percent of small business owners surveyed in the Wells Fargo / Gallup poll reported social media with new connect customers.
Other strategies for attracting new customers are online marketing, search engine optimization and email marketing. It is important for small businesses to have a deep understanding of what customers really want and educate customers on everything her small company has to offer.
What are your biggest challenges? Leave a comment below.
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