Common Business Challenges
As a small business owner, realizing this one insight is essential for maintaining a calm head: your competitors face the same problems as you do. All of us, regardless of the industry we’re in, are essentially in the same boat. The responses to these challenges will change the “game” – as the enterprise becomes more successful, thereby leaving the rivals by the wayside. It’s important to remember that these challenges are just that – challenges and people do overcome them.
Seminal Venture Inc. systematically defines the challenge and creates a strategic plan to resolve.
Cash is king. Particularly in human capital intensive business, working capital and effective cash flow management can be a challenge. From electronic invoices and payment to better budgeting systems and payment terms with customers, this challenge can be overcome. However, virtually every small business owner has cash flow problems and in many cases, utilize short-term debt handle cash shortfalls ~ an easy alternative. Is there a better way to manage cash?
client base risk
If a few clients are responsible for a large percentage of your business income, it’s time to investigate more clients, different deals with current clients or alternative products/services. The client profile and risk assessment provides data for decision making on strategy, account management and risk management. Many small business owners have great relationships with existing clients but change is inevitable. Executive transition, company merges & acquisitions, and business strategies morph cutting the supply chain. Is there a customer management program to minimize the risk?
growth and quality
In time, a business may boom beyond growth expectations. Small business owners who haven’t planned for this increase in customers and product/service production are liable to fall by the wayside. As product/service demand increases, without the proper systems in place, the probably of shortfalls increases. Understanding the organization’s capabilities is crucial for you to scale without sacrificing the qualities of culture, quality, and personality. Is there a mechanism to investigate capabilities and make adjustments?