Most small enterprise owners have no previous knowledge on running a business and lack mentors that could give them advice on how to effectively manage their business.
As a result, when challenges come, most small business owners get intimidated, overwhelmed, and in worse cases, their businesses get dissolved.
In fact, twenty percent of small businesses fail in their first year of operation while fifty percent fail in their fifth year.
Nevertheless, these numbers are not enough reason to feel anxious. Instead, you should use them as a motivation to keep going and learn more about business management. The truth is, most business problems can easily be managed, once you know the right techniques.
Having that said, here are the key takeaways of the infographic from Business Coaches Sydney which details five small business challenges and how to fix them:
- Funds
- Hiring employees
- Finding customers
- Brand awareness
- Using the right technologies
To learn more about this topic, check out the infographic below.
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Community manager at Visual Contenting. Jacqueline loves to talk about social media trends, new technology and how they help businesses accelerate their marketing efforts.
