The biggest challenges faced by small businesses worldwide are:
Client Dependence - Small businesses face a lot of difficulty in signing up new clients and after signing up a new client they tend to develop a long term relationship with the client and try to do all their work without bothering to sign up newer clients. In such a case, if your main clients have a consistent need for your product or service then it works out fine for you and your employees. However, if the work dries up with time then your small business is in a soup. Diversifying the client base is vital to growing a business, but it can be difficult - especially if you are concentrating on only a few of your select clients. It is always better for a small business to have a diversified client base to pick up the slack when any single client quits paying.
Lack Of Direction And Planning - Many entrepreneurs are so excited about setting up their very own business that they fail to prepare a proper business plan. It helps in focusing on the goal and mission of the business. It determines the financial situation of the business, the roadmap to follow, market research and analysis of the competition. A business plan is basically an investment to your business.
Fatigue of Founders and Founder Dependence - The most passionate entrepreneurs also succumb to the long hours of work and the constant pressure to perform. Many business owners, even successful ones, get stuck working much longer hours than their employees. Moreover, they fear that their business will stall in their absence, so they avoid taking any long breaks away from work to recharge. When fatigue sets in, the weariness with the hours and the results can lead to rash decisions about the business, including the desire to abandon it completely. Moreover, many businesses suffer from founder dependence, and this dependence is often caused by the founder being unable to let go of certain decisions and responsibilities as the business grows.
Balancing Quality And Growth - Whether a small business is in the service sector or manufacturing a product, at some point it must sacrifice in order to scale. This may mean that the founders are not able to personally manage every client relationship or inspect every widget. Unfortunately, it is usually that level of personal engagement and that attention to detail that makes a business semi-successful. Therefore, many small business owners often find themselves tied to these habits that slow down the company's growth. There is a large middle ground between shoddy work and an unhealthy obsession with quality, so it is up to the business owner to navigate the company's processes towards a compromise that allows scale without hurting the brand.
Help Business Diversification - LuitBiz helps small businesses diversify into new markets and sign up new clients by providing them all the tools to study the market, build up a profitable sales pipeline and then support customers and build a loyal customer base. Small businesses can use the marketing tools of LuitBiz to conduct a detailed market study including market segmentation, competitive analysis and SWOT analysis before launching a product / service. LuitBiz guides you through the individual steps salespeople take from initial contact with a potential customer, or prospect, to qualifying that prospect into a lead, and further validating that lead into a sales opportunity followed through the different stages until closed. After you close a sale, LuitBiz provides you the tools that you require to support and sustain your clients. LuitBiz CRM along with the LuitBiz customer portal is the only software in the cloud that provides your small business with a comprehensive set of tools for automating your marketing, sales and support processes that will help you to diversify into new markets and sign up more clients.
Plan Now For A Better Tomorrow - LuitBiz helps you plan your business better by providing you with all the tools to develop a realistic and result-oriented business plan that will force you to think realistically, objectively and unemotionally about your business. The marketing module of LuitBiz CRM provides you the tools to analyze your customer demographics, competition and market, plan your service / product promotion strategy and perform a SWOT analysis. Additionally, you can store your operational, organizational and financial plans in your LuitBiz DMS, get approvals on the plans and easily communicate planning objectives and strategies to bankers, partners, employees, financial backers and so on with complete historical records of all your documents and communications.
Nimble and Agile Founder and Workforce - LuitBiz helps small business owners to dramatically increase their operating efficiency by giving them the ability to both react and change in order to profit in the competitive marketplace. With LuitBiz, you have all your business processes in one place, be it market data, customer information, employee information, orders or inventory. This lets you have a 360 degree view of the health of your business all the time, even when you are on the move and make decisions accordingly. Additionally, LuitBiz helps you delegate responsibilities to your colleagues who could manage your business at your absence but at the same time you will be able to view the real time health of your business when managed by them. This gives a small business owner time to relax and sit back and strategize on growing his business prospects and responding to market changes.
Balanced Growth and Quality Processes - LuitBiz DMS and LuitBiz BPM work together to help you manage the highest quality of your service / product without compromising on your business expansion plans. With LuitBiz, small businesses can plan their business growth, quality processes and associated capital requirements in addition to ensuring that all aspects of the plan are clear and integrated in providing their customers with the best quality of service / product.
Let's get you started with a free trial of LuitBiz. The best way to see which of our modules is best for you is to try it out for yourself for free. Experience the hassle-free advantages waiting for you or get in touch with our support staff to learn how LuitBiz can bring these benefits and cost savings to your organization.