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Back to the Issues
As a business owner, starting your own business is the easy bit. The aspect that gets tough is managing the business you made—you have to do so much by yourself, From managing your finances to driving sales, planning a budget and expenses, marketing, etc. It's just a lot to do. At some point, you start to realize that these tasks become challenging and too tasking; here are 5 issues you can't ignore in your small business and our advice on how to deal with them.
#Issue no. 1- Cash flow is stuck
This cannot be ignored; your business depends on the money flowing in and out to survive. Therefore, you need money to get your business up and running on the way to profitability.
Example of some cash flow mistakes you're making-You are not tracking your income and expenses. You forget your debtors. You don't plan for those expenses wey go break bank!
A general tip is managing your business and actively getting positive results to keep cash flow moving. It would help if you strived to transform financial goals and understand your business's Cash flow statement model. It clarifies what happens to the cash from your business endeavours during the Financial statements management process.
Read more about cash flow mistakes here.
#Issue no.2- You're burnt out, but you don't know it
If you're a small business owner, you probably run a one-man show in the business. You do everything yourself; you're the accountant, salesperson, writer, social media manager etc.
But what many business owners do not notice is that doing so much on your own can take a toll on your productivity. You should know that sometimes even the best soldiers need help; you're not a superhero—you have to hire people to do some tasks for your business.
The only downside is that it will probably cost you some money, but it's the cost for your salvation if you look on the bright side.
#Issue no.3- Your customers are not loyal enough to stay
Just in case you weren't aware, customers are the to your business's sustainability. Hence you have to create a product that would make them stay loyal to you, irrespective of what your competitors are doing.
A tip to help you deal with this issue is to make better marketing efforts to create better awareness of what you're selling.
Tip- Use any social media platform you feel comfortable with. Introduce your followers to your product with easy-to-understand content, be consistent and active, share other customers' feedback, and keep your customers entertained! Try this out, and let us know how this works for you.
Bonus tip: Don't be shy. Feel free to ask current customers to recommend you to others because there is no better marketing than a happy customer. Their unique experience will be the best commercial.
#Issue no.4- You're struggling with growth over customer satisfaction (Quality)
This is a very prominent issue for many small businesses; many of them don't notice on time because their business is growing at a better pace than before, so they are not looking back anymore.
This tends to happen when you are the only one running your business. As a result, your attention hasn't been where it is fully needed: where your customers are, their wants, thoughts, and opinions about your business and product.
Tip to deal with this issue- you can have the best of both worlds, and they can co-exist as you upscale your business.
#Issue no.5- You don't know how to move on from a business failure
This one is a very controversial business issue. However, you have to recognize that running a business isn't all roses and rainbows—there's darkness and heartbreak.
When you learn that things are not going your way in business isn't the end, you will become unstoppable. All your business knowledge and skills would improve based on previous lessons learned; it becomes easier to aim higher and upscale your business.
Kippa has goodies for you!
With Kippa, you can now create a free account number for your business. An account number that carries your business name will make you look very professional and let your customers see that you mean business. (or don’t you?)
Getting your Kippa account number is super easy:
Step 1: Log into your app
Step 2: Click the "Money" button located below in your navigation bar.
Step 3: Click on "Account details" located at the top right corner of your screen.
Step 4: Enter your Name, email and BVN.
Step 5: Voila! 🎉 Wait for a Kippa verification message. (You'll get this in a few seconds).
Keeping your business and personal accounts separate is important for better business financial management, and now, there’s no excuse for not having one. So log in to get your account number now and start running your business better.