In the Trenches: 4 Common Business Challenges and How to Overcome Them
Every business has its own unique fingerprint. We cater to diverse audiences, offer distinct products or services, and cultivate our unique vibe within the communities we serve. But here's the thing - we all encounter challenges and roadblocks that are pretty similar.
As thought leaders and entrepreneurs with a social purpose, we have had to adapt to rapidly changing world events, shifting customer priorities, and a bumpy economy, and in many cases, despite our best efforts, it can feel like we’re spinning our wheels.
In talking with other business owners over the last few months, I’ve seen four challenges repeatedly show up. Let’s talk about them and what we can do to get over the hump.
Your Sales and Marketing Needs a Tune-Up
We all know that our sales and marketing engine is the heartbeat of the business. Without them, growth stagnates and your big goals and the impact you’re trying to have are just lofty aspirations.
For a long time, the message we’ve heard has been simplified down to:
Build your online presence…
Create more content…
Fine tune your website…
And the money will flow.
But the reality is, none of those things on their own will do the job.
To drive revenue, you've got to get in front of fresh faces regularly. You have to meet new people, bring them into your ecosystem, and build the relationship before you ever make a dime. This is where being strategic about the spaces you're in and your visibility really matters. And yet, it’s one of the areas most of us don’t do… and certainly not with consistency.
One of the ways I’ve found for holding myself accountable is tracking my outreach, calls, offers, and conversions. Knowing that information gives me critical insight into whether my marketing and sales efforts are actually working.
If you’re not already, keep a close watch on those numbers, as well as other metrics, like the growth of your email list and engagement on social media. If these numbers seem stagnant, it's a clear sign to rev up your marketing efforts.
But if those numbers are on the rise and your revenue isn't, it's time to reevaluate your sales approach. Are you having sales calls? Is your offer crystal clear and compelling? Are you reaching the right audience? Are you actually making offers?
Your aim with every prospective client is to get a resounding "yes" or a definitive "no." If not, it's time to refine your communication and/or your follow-up game.
Your sales and marketing strategies can make or break your business. So, start right here. Take a close look at your systems, seek feedback from mentors or coaches, or simply ask your audience for their insights. You’ll be surprised at what you get back!
Smart Investments Over Splurges
From the time you opened your business, you’ve almost certainly been inundated with information and offers - courses, coaching, workshops, … It’s easy to get sucked into FOMO and invest in products and services you don’t actually need.
Investing in your business, bridging knowledge gaps, and acquiring the right tools are all crucial for growth. But it's all about timing.
I know it’s hard to resist the temptation to splurge on a fancy website, new branding photos, or an arsenal of online courses and certifications. While these elements are valuable, they shine brightest when you've really dialed in your audience, fine-tuned your offerings, and the money is flowing consistently.
Take a discerning look at where you're allocating your time and money. Do you really need that specific resource or tool right now? Will that certification you’re eying actually help or are you doing it because you think it’ll make your imposter syndrome go away? Could you accelerate your learning curve with a slightly higher investment, like 1:1 coaching or outsourced services?
In your quest for growth, be strategic with your time and financial resources. Not everything has to be a “right now” investment.
Avoid Burnout: Share the Load
Real talk. At the end of July and going into August, I was freaking burned out. I had been running ragged, trying to plug holes, and felt this constant pressure to show up and keep all the balls in the air. I was really tired… and if I’m honest, seriously considering throwing in the towel.
I’m guessing you’ve been there, too, especially this year. Burnout is reaching alarming levels, especially as we navigate a challenging economy, lots of global uncertainty, and a political hot mess in the U.S.. Add in slow financial growth and resources being hard to come by, and it’s a recipe for burnout extraordinaire.
Here’s my advice: stop and breathe.
Take a second to assess where you're investing your time.
Are you focusing on revenue-generating activities, or are you getting bogged down in busywork?
Are you doing work that you don’t love? With clients you don’t love?
If your revenue doesn't align with the effort you're putting in, it's time for a thorough time and effort audit. Data doesn't lie. And neither does your gut.
Once you have a clear picture of where your time is going and how the work you’re doing makes you feel, you can fine-tune your approach for maximum impact.
What if you just… gave yourself permission to shift?
What if you took the time to build a plan rooted in a robust strategy that made that shift manageable?
You don’t have to keep doing all the things you’ve been doing.
So pause, reflect, plan, act.
I’ll also add that running your business single-handedly can be expensive. It's time to consider strategic support, whether on the personal or professional front. This might involve investing in childcare, household assistance, or outsourcing business tasks like social media. Hiring a virtual assistant to handle tasks that don't require your unique touch can be a game-changer. I know it has been for me.
Invest in Sustained Growth
As a business owner with a few years of experience, you're likely aware of the statistics - women-owned businesses are a substantial force in the market. 1821 new businesses are started every day by women, but according to the State of the Women Owned Business Report only 4.2% break the $1,000,000 revenue mark and just 12% earn more than $100,000 in annual revenue. Those numbers are incredibly frustrating, and yet, I can relate. When I began my entrepreneurial journey, I was an expert in my field but had limited knowledge about running a business. I invested a significant amount of time, energy, and resources into the wrong areas (see challenge #2) and saw minimal progress and a lot of frustration.
Over the years, I’ve seen tons of entrepreneurs experience the exact same thing. This is where having a coach, mentor, or tight-knit business community can be a game-changer. They help you crystallize your vision, set achievable goals, and gain clarity on your audience and offerings. They push you to become more visible, to say what you want to say, and move from practitioner to thought leader. And perhaps most importantly, they provide guardrails and a sounding board as you grow personally and professionally.
Coaches, mentors, and strong, well-put together mastermind communities become your biggest supporters and can help you navigate the entrepreneurial rollercoaster more efficiently than going it alone. If you haven't already invested in a coach, a business strategist, or other support, it's time to explore your options. Your business and the dream behind it are worth the investment, and it could be the catalyst that propels the impact you’re trying to make to the next level.
In my personal journey, this insight has proven invaluable. I encourage you to think about how these four areas look for your business, and embrace whatever changes you might need to make. Your path may be unique, but with the right strategies and mindset, you can overcome any hurdle that comes your way and continue to drive your mission of positive change.
As you take some time to assess the challenges in your business, be honest with yourself. If you’re not sure where to start, reach out and schedule a time to talk through your business. I’ll give you my honest assessment and feedback about what might help and a plan to help you get there.
