Originally written by Simon Willmett on Small Business
Setting up a business is certainly not without its challenges and requires vast amounts of determination, patience and effort. With figures showing that SMEs account for 99.9pc of the 5.7 million businesses in the UK, standing out from the competition has never been more important. If companies don’t make the effort to distinguish themselves from their up and coming counterparts, they risk lagging behind.
So, how can SMEs overcome the challenges they face today?
Attracting new customers
According to research by Statista, 79pc of UK SMEs stated that their toughest challenge was attracting new customers. This is a problem that so many businesses struggle with, and this includes the big players too. However, larger companies with historic success behind them usually find it easier to attract new customers as they have a strong brand supporting them.
Smart branding is hugely important and with it comes greater recognition, increased business value and the ability to generate new customers at a faster pace. Attracting new customers while maintaining a high-quality service with existing customers can be tricky, but it’s vital in order to succeed in a competitive market.
Pro-activity is also crucial for any small business. This means making phone
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Nearly two thirds of SME owners lose sleep over lack of productivity
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Nearly two thirds of small business owners are losing sleep over their company’s lack of productivity.
Sixty-five per cent of SME owners surveyed by Small Business said that their business productivity — or lack of it — keeps them awake at night.
Productivity has been dire in the UK since the financial crisis, sitting around 16pc lower than peer economies. The outlook remains grim, with a recent US study predicting that Britain will be the only advanced economy to experience falling productivity growth in 2019.
Finding and retaining the right staff is the overwhelming factor holding British SMEs back. Forty per cent of small businesses say that not having the right staff is hampering growth. When asked what was the one thing they’d change to improve their company’s productivity, one respondent groaned, “Hire a few more assistants” while another said they wanted somebody to help with sales and marketing.
Old-fashioned processes (28.4pc), out-of-date computer systems (16.2pc) and cramped offices (15.3pc) were also cited as other factors reining SMEs in.
Lack of cash flow to expand is seen as the biggest business challenge over the next 12 months (63pc) followed by finding and retaining staff (15pc), late payment from