How To Overcome These 3 Common Business Obstacles

StrategyDriven Managing Your Business Article |Business Obstacles|How To Overcome These 3 Common Business ObstaclesNew businesses face several challenges, from financial difficulties to issues affecting brand reputation. As a business owner, it is vital that you have procedures in place to help you overcome these obstacles, to ensure that your business continues to grow and be a success. With this in mind, here are three common business obstacles and how you can overcome them.

1. Brand reputation

Brand reputation plays a vital role in the growth and success of any business. In this digital age, customer feedback travels fast, and many people rely heavily on the reviews of other consumers when making purchasing decisions. Often, new businesses lack the experience of more established companies, and this can lead to issues such as slow order fulfillment or delays in response times. If you find that your business has received some negative feedback or reviews, then it’s crucial that you take action straight away to resolve any issues. Here are some top tips to help you restore your brand reputation:

  • Respond to any written complaints on your social media sites straight away and publically. Doing so will allow potential customers to see that you are dealing with any customer issues quickly and providing a good level of service.
  • Focus on providing the best customer experience possible. Be honest with your customers and never promise more than you can deliver.
  • Consider installing customer support technology like life chat software. It can be used to provide your customers with instant 24/7 support with any queries.
  • Offer customer loyalty schemes to demonstrate that you value their business. This should also encourage valuable repeat business and referrals.

2. Debt

Most businesses require some form of funding in order to get up and running. Unfortunately, some businesses find themselves in debt and unable to make repayments. This can be due to a number of issues, such as unexpected financial emergencies or poor cash flow management. Try to avoid this by only ever borrowing as much money as you can afford to pay back and having a clear plan in place to make the repayments. If you find yourself having issues with debt collectors, then make sure that you seek legal advice to help you fight lawsuits over debt. It is important that you understand what options you have available to you in this situation and take the best course of action to help protect your business in the long-run.

3. Cash flow

The Telegraph mentions the importance of cash flow, with a large percentage of small businesses failing because of cash flow issues. It is vital that you manage your cash flow effectively and monitor your finances regularly, to ensure that you are sticking to your cash flow budget. Always keep in mind that if your business expenses are more than your income, then you have a cash flow problem. You, therefore, need to manage your spending carefully and look for ways to cut expenses to give your cash flow budget more flexibility. Make sure that you take advantage of accounting and management software that can help you manage your cash flow and finances more efficiently. Finally, you should always store important documents like cash flow spreadsheets in the cloud, so that you can access them remotely from anywhere.

7 Tips For Improving Brand Reputation

StrategyDriven Marketing and Sales Article | Nike | 7 Tips For Improving Brand ReputationIn the business world, there are few things more important than brand reputation. A company will never succeed and compete with the biggest names in the industry if it is not respected by its target audience. Building brand reputation can take time and experience which is difficult particularly if you are new to the industry, but there are a few strategies that you can quickly use which could help to give your company a boost in the reputation department. It is important to note that reputation is a constant and fluid factor so it will require constant work to maintain.

1. Get Involved With The Local Community

First, you should show that you are not a faceless corporation and get involved with the local community. This will earn the respect of your local community and further afield (by making your efforts visible on social media). You can do this by:

  • Attending local events
  • Hosting your own events (workshops, lectures, open days, etc.)
  • Sponsoring local charities or sports teams

2. Networking

Networking never stops in the business world and it is vital for building brand awareness and reputation. This should involve attending industry events, hosting your own events and net-working online. In addition to increasing brand reputation, this can also open new doors for you as a business.

3. Internet Marketing

The businesses that have a strong online presence and are highly visible on search engine results lists are the ones that command great respect. Internet marketing is the best way to achieve this, so approach experienced and reputable marketing firms to see how they could help you.

4. Influencer Marketing

One of the most effective methods of marketing to emerge in recent times is influencer marketing where an influential figure on social media recommends your brand. This social proof can work wonders for brand reputation as it is a highly influential figure that approves of your company and what you can provide.

5. Customer Testimonials

Another effective form of social proof is customer reviews/testimonials. You should be seeking feedback from your customers constantly and using any positive reviews on your website, advertising and social media.

6. Content Moderation

Content moderation has become incredibly important in today’s digital world, so it is vital that all of your content is carefully checked to make sure that it is suitable for the public to see. This can be a difficult and time-consuming task, but you can outsource content moderation to specialists like Taskeater which can help to keep your brand safe and well respected.

7. Offer An Excellent Customer Experience

Finally, you need to make sure that you offer an excellent service or product along with a seam-less shopping experience and professional customer service for your target audience. This is one of the most effective ways to build your brand reputation but it can take some time to develop.

Brand reputation is vital to success, but it can also be tricky to improve this area of your business. Try one or all of the above and before long you will start to notice an improvement in the way in which you are perceived by your target audience and the wider world.