For many entrepreneurs, starting a new business is a significant achievement, but the challenge doesn’t end in merely opening your doors. The uncertainty of the future in this ultra-competitive industry makes maintaining a business even more difficult as a lot of people would mention.
While new establishments make an essential contribution to the economy, some small businesses inevitably fail since they’re unable to build stable foundations. According to the Small Business Association (SBA), about 30% of businesses fail during their first two years of their opening, 50% fail within five years, and roughly 66% during their first ten years.
Businesses would always meet challenges, whether they are large or small. They might receive payoffs or suffer from consequences. Nevertheless, this will have an impact on your company. It’s essential to recognise and overcome these challenges for the continuous growth and prosperity of not just the company, but also for the growth of the business owner as a leader.
Sometimes, desire and persistence alone may not seem enough, and you might feel like you’re barely making any progress no matter how much you work towards reaching your goals. A growing business will always be difficult to handle, but a passionate and innovative leader would increase their chances for survival and success especially when facing a range of problems demanding different solutions.
Business owners would always need to be on guard. A strategy for one problem may not be effective in the next ones. There’s also a need to ensure that the steps you’ll take won’t create additional problems in the future. Luckily, businesses are now equipped to turn these challenges into opportunities that will help create a sustainable growth for the future.
This infographic will show some of the challenges small businesses could encounter and what owners could do to fix them.