Building a successful business gives an individual a sense of pride, recognition, and credibility in the marketplace. Outstanding organizations rise to the top due to many factors, including a great vision, sufficient resources, and a dynamic team.
The satisfaction that comes from winning and pleasing customers are unexplainable. Most Fortune 500 organizations are well-familiar with this feeling.
Google, Apple, and Microsoft all started out as small business and grew to technological giants that now serve millions
However, organizational emergence into the marketplace is filled with complexity. All start-ups face multiple issues which must be overcome if the dream of success is to be realized. The challenges that small businesses must deal with are vast:
- Money problems
- Poor marketing
- Finding the right staff
- Rules and regulations
- Accounting and payroll
- Quality control
- Poorly priced products or service
- Customer satisfaction
Unless a start-up owner is rich, he or she will face money problems. The cost of operating expenses can be staggering, depending upon the type of business. Some small business can start on a limited budget while others need a tremendous amount of money. Some solutions involve applying for a small business loan or securing the money from short-term investments.
The ability to construct an effective marketing plan is crucial to discovering the right target market and winning customers. Without a good marketing plan, a new business will never become known will enough to attract customers.
Finding the Right Staff
Discovering and hiring the best talent for your business will go a long way in moving it forward to success in the marketplace. Individuals who are passionate and willing to promote the business as if it was their own are ideal candidates.
Rules and Regulations
Critical to the success of new organizations is the knowledge the rules and regulations which go along with operating a business. Across the board, businesses must be in compliance with all laws, including federal, state and local regulations dealing with finances.
All employees must also understand the rules and regulations regarding hiring and firing, productivity, treatment of fellow co-workers, handling of crucial data
All businesses must have a thorough knowledge of tax laws if they are going to escape the wrath of the IRS. Both Federal and state taxes must be deducted for various entities, including employee payroll taxes.
Accounting and Payroll
Handling and keeping records of all financial transactions is critical to the credibility of any organization. A knowledge of the where the money is going will save an organization from the wrath of auditors and multiple lawsuits. Therefore, documentation is required. All financial and income statements must be accounted for in time for auditors.
Ignore quality and customers will fly to the competitors as fast as you and say “Wait!” People love quality products and services, especially if the price that comes with them is right. Therefore, organizations must take tremendous care in providing the best possible brand for customers.
Poorly Priced Products and Services
If a new organization desire to compete against the competition, it must get the price right. Offering customers, a reasonable price for a great product or service is a winning combination. Customers are persuaded away from the completion by price and quality. Overcoming the competition is found in such insight.
The purpose and foundation of every business, whether large or small, is to excel in customer satisfactions. A well-pleased customer will return again and again. He or she will, by word of mouth, bring in other customers.
A business should not be in the marketplace for money only. If this is the case, the company will meet with disappointment and failure. Great organizations serve the customers.
If the complexities of such issues are disturbing, maybe an individual might want to reconsider his or her commitment to open and manage a business. Without the passion for enduring the ups and downs of growing a business, an owner will be outdone by overwhelming stress and tremendous struggle. But the passion for a successful outcome is empowering.
Judging from the complexities of opening a business, the necessity of money isn’t the only factor a new owner must deal with, he must confront many others issues with competence and poise.
Preparing for Organizational Challenges
Although the ups and down of business are inevitable, owners of new start-ups must prepare themselves for the expected storms. A well-prepared organization will not be surprised by the struggle it has to go through while reaching for the top of the marketplace.
Organizations that are surprised by the storm of challenges that new start-ups must face will fall into many unexpected traps, financially, mentally and emotionally. Falling into trap after trap will only lead to continuing failure and embarrassment and eventual abandonment of the business.
The Number One Key to conquering the Organizational Challenges
Masterful knowledge of Business
Potentially great business owners should consider knowledge and training in all aspects of business operations, including human resources, payroll, and accounting, business plan construction, team organizing, marketplace research, technology, investment and funding sources.
The advantage of mastering all aspects of business dynamics, an owner of a new start-up will be well-prepared for the trials and tribulations which new businesses must face. With mastery knowledge of business, an individual will not be shocked and discouraged when dealing with the initial issue and obstacles which must be successfully overcome.