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Three Major Small Business Challenges

December 11, 2015 by Mark Fregnan

Whilst this graphic illustrates the 2015 three major small business challenges for business owners they are pretty much timeless and universal:

  • How to increase turnover (revenue / sales)
  • How to increase business profit
  • Hiring the best people

I go through a number of solutions below…

Small business challenges profit growth

Increasing sales revenue

Ideally business owner want more profit but as a larger profit is usually a function of sales revenue, then sales revenue needs to increase also.

Increasing profit

There are two main ways to increase profit:

  1. To be more profitable (i.e. increasing your profit margin).  The ceiling is your total sales revenue e.g. if your annual total sales revenue is $200,000, then if you operated a service based business with few expenses it’s possible to increase your profit to the ceiling of your total sales revenue equaling $200,000.  Profit margins can be increased for all businesses.
  2. Increase your sales revenue (see heading above).

Hiring the best people

Unfortunately most small business owners don’t know HOW to recruit GOOD employees. It’s usually a hit and miss approach with business owners relying on resumes from applicants (being mostly embellished) and poor interviewing techniques.

To find GOOD employees requires a GOOD recruitment process and a firm understanding on the roles the new employee is to undertake.

For example, if you want to hire a receptionist who can do cold calls as well, this a very different person to hiring a receptionist that can do bookkeeping.  Their personalities and skill set is completely different.  For the former you need a “influencer” and for the later a “compliance-oriented” person.  See the difference?

Filed Under: Achieving Business Success Tagged With: business, profit, sales

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