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By: Mallory Bowers
Small businesses face a variety of challenges that differ based on your industry, location, and other factors. There are, however, certain pain points that are fairly common for small and midsize businesses. Here are some typical SMB pain points and some guidelines on overcoming them.
Lead generation is crucial in order to attract new customers. A common problem for businesses is attracting relevant, qualified leads. It's easy to waste lots of time and money attracting people who don't really need or can't afford your products or services. Here are some ways to get more quality leads:
Lack of cash flow can be deadly for small businesses. You need a steady flow of cash to meet payroll and other expenses. You also need money to invest in inventory, equipment, and marketing.
Many businesses have trouble finding reliable employees. High turnover is also an issue in many industries. When you consider the cost of training new employees, this can be a real drain on your business.
While it's great to find new customers, people who return regularly are actually your most valuable customers. For one thing, it costs much less to market to return customers. They also spend more. Research shows that returning customers spend 67% more than new ones. It's definitely in your best interest to look for ways to get more repeat business.
These are some common challenges facing small businesses. It's helpful to identify these issues as soon as possible, preferably before they become a major sticking point. One way to prevent and overcome such challenges is to find the right tools.
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