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