Coming across obstacles is the one thing that all businesses have in common. However, the way we deal with such obstacles is the factor that sets us apart from the others. Some people learn to jump the hurdles and carry on with their journey, others let the obstacles derail them from their journey’s track.
When we talk about obstacles, a majority of them can be avoided by showing presence of mind and making informed decisions. Decisions that are made in haste often ruin the reputation of a business.
Any shortcoming that a business faces, steals the focus of the people associated with the business, zaps their mental energy, and ends up thwarting some of their most crucial initiatives.
So, what can be done to close the doors on such obstacles and continue down the path of success and glory for your small business?
Let’s have a look
How to Keep Obstacles Out of Your Way
Following are the 5 ways by which you can stay ahead on the journey of your business’ success whilst leaving behind all of the obstacles:
1. Frugality is The Key to Success
This is one of the most common, and yet the easiest, obstacle that can be avoided, without any extra effort. It is very common to cross paths with small businesses that get huge funding from renowned enterprises.
The thrill of getting funded takes over the common sense of some small business owners and they end up spending more than their company can afford. Having great dreams is good.
Related Read: How Accounting Will Impact The Growth Of Your Startup!
But keeping the company’s expenses in check is very crucial, not just in its budding stage, but even when it gets onto the bandwagon of renowned names.
Always ensure that you keep a small company mentality as far as your expenditures are concerned, whether you are a startup or a famed enterprise.
2. Listen to Your Gut Feeling When Dealing
We all have that intuitive power that alerts us whenever we are on our way to committing a mistake when judging someone. But often, most of us choose to ignore that signal. One of the major reasons behind the failure of the majority of startups is their managerial incompetence.
If stats are to be believed, over 46 % of startups fail due to managerial incompetence. Selecting the right faction of people, and especially a deserving co-founder, is crucial when it comes to setting up a new business.
Some of the smartest entrepreneurs pick out their buddy or a like-minded friend from their last company for the position of co-founder. In the sheer excitement of investing in their own venture, they ignore the fact that their friend lacks the managerial competence necessary for the position of a co-founder.
Instead of playing the role of bolstering your weaknesses, they end up being an obstacle for your business. Therefore, resist the urge to ignore your gut feeling when it comes to choosing the right people for your business.
3. Don’t Encourage Emotional Pricing
One of the biggest challenges that small business owners face is finalizing the strategy for the pricing of their products and services. The owners might fear that high pricing will result in low sales and, eventually, they end up setting low prices for their products.
However, what they are unaware of is the fact that this is going to lower their profit margins down the line. This will, in turn, create a legion of obstacles to the success of the business.
Yet another way in which emotional pricing may hinder your business’ success is with low bids or quotes when you contend for a project or a tender. In order to maintain your pride and to get the tender, you may seek solace in taking your quotes as low as possible.
You might see this as your victory over your competitors, but it is a hollow victory, for you and your business. You will end up investing more than you can earn this way.
If your proposals are being rejected often, it is better to consult your customers for feedback on this. It will help your business in the long run.
4. Learn to Let Go of Ineffective Products & Solutions
Yes, we have all been through this. We all love our products and services and find it hard to let them go, even when they don’t work as per the industry standards. Take my advice. Stop this right here and right now.
Remove the blinders that keep you from observing the reality and assessing your products and services objectively. Do an honest evaluation and have the courage to walk away from the things that are not contributing to the profit that your business is earning.
This is one of the most important, and the hardest, obstacles that you need to overcome, as soon as possible. Invest your time and resources in the products that directly contribute to expanding your customer base and increasing profits.
5. Don’t Cling to Old Strategies
Clinging to traditional or old strategies for doing business is the factor that gives birth to numerous obstacles. Such ingrained habits do not allow us to explore new business strategies.
Gone are the times when business owner’s deployed outbound marketing methods, such as direct email marketing, cold calling, spam, etc.
Now is the time for inbound marketing methods, such as blogs, SEO, articles, videos, social media marketing, and much more. Stay ahead of the times and embrace the latest marketing strategies.
Expand your social media horizon, create good quality content, and get on-board with the professionals that can optimize your business.
Like a phoenix, you can be reborn by burning your old strategies.
With all this said and understood, we hope that you are all set to tackle even the toughest problem that crosses your path.
We wish great success for your future endeavors and business strategies
Startup Grind is a Silicon Valley-based organization that educates and mentors entrepreneurs through monthly business events and speaking series in cities across the globe