3 Challenges That SMB Owners Face (And How to Overcome Them)
Owners of small and medium-sized businesses (SMBs) face various trials and tribulations throughout the course of their careers. This is an inevitable part of owning and running your own business.
If you’re currently struggling with getting over some of these humps, you’d hardly be the first—but that just means there are solutions! While every business must find out what works for their unique circumstances, following good advice and learning from others can’t hurt. That’s why, today, we’ll be providing you with solutions to some of the most common problems that SMBs face. We know you’re excited to start learning, so let’s dive right into it!
1. Establishing the Right Company Culture
Far too many business owners overlook the importance of creating a good business culture. In order for your team to thrive and deliver optimal results, they need a supportive environment, which means you need to create a culture that is centered around certain values. Some of the most important ones are…
A good culture will help them cultivate a more focused mindset, perform to the best of their ability, and put them in a position to succeed in both the short and long term.
When establishing this culture, don’t forget that your actions and reactions will stick far more than posters or flyers on a corkboard. Pay close attention to your team so you can praise each member or give them a shout-out at your next team meeting whenever they do something that embodies your company’s values. You’ll want to reinforce them at every opportunity and give them generous feedback.
2. Building a Powerhouse Team
Think about company culture like soil. After going through all the effort to build a good culture, you’ll of course want to get good seeds to plant in it. If you truly want to build a successful business, then you’ll have to assemble a team that you can trust and that has the skills to efficiently handle all your day-to-day operations.
The key to building a successful team is to first identify each aspect of your business that needs to be fulfilled, such as sales, marketing, operations, etc. Think about what you’re looking for and what traits you think would thrive in each position. Keep all these in mind while interviewing potential employees, and ask questions that help you figure out their strengths and interests. This way, you get a better idea of where they will do best and which responsibilities they are most suited to.
A reliable, competent team is one that doesn’t need constant supervision. If you can trust that they’ll keep things running smoothly, you free up your own valuable time—and taking your business to the next level will be a walk in the park!
3. Becoming a Better Leader
Of course, a team is only part of the success equation. As a leader, you need to step up and lead them in the right direction.
While you probably expected to need leadership skills when you decided to start a business, facing the actual thing can be daunting. There is no template or formula that will turn you into a more effective leader overnight, but a good place to start is by simply being more attentive and listening to your team members. Do your best to address and understand their concerns, and communicate your own expectations clearly. This way, you both have a level of mutual understanding.
Remember—the best leaders know how to serve their team and make everyone feel important. Always remind your team members that you are right there with them and that they will always have your support, no matter what. After all, you’re working with them towards the same goal: the success of the company.
The Final Word
We hope you now have a better idea of some of the challenges you’ll face as an SMB—and what to do about them! They may seem difficult, but successfully overcoming these obstacles will help your business come out stronger and better. Good luck, and expect more work-related blogs from TopVA!