What is the SINGLE biggest problem facing business owners?

[kennygoodman]

I'm writing an article for Find The Edge (UK's fastest growing Business News, Tips & Insights website) next week and having asked lots of business coaches the above question I found that they generally only spoke about their particular expertise, in order to promote their service, so thought I would ask business owners direct.

If you would like me to quote you please DM me your Name & Company name.

So what is the single biggest problem you face right now?

Problems that have come up so far is:

- Funding issues
- Finding the right Staff & Staff Management issues
- Growth Issues
- Sales & Marketing issues like being overwhelmed with all the new channels to market etc.
- Time Management & Productivity - feeling there's not enough hours in the day
- Change
- Confidence issues

Do any of these stand out and if so can you elaborate?

Are there any missing off this list?

Any help would be much appreciated

Kenny

 

[thelegalstop]

Usually there is not only a single problem, usually it is mixture of many, however i think the most serious for many businesses is not having clients

 

[MOIC]

I would say the biggest problem is trying to stay competitive as well as making sufficient profit to cover ever increasing costs.

 

[businessfunding]

Lack of knowledge of the broader issues of running a business

 

[Gecko001]

The inability to plan for the future. Uncertainty about what to invest your time and money in.

 

[Deleted member 59730]

I have been supplying about 1200 retail shops in the tourist industry for over 20 years. My sales to one major chain with no money problems are steady. My sales to small shops who rely on bank funding to stock their shops at the beginning of the season have fallen through the floor.

 

[alwaysinamess]

The overall cost of your workspace

 

[Talay]

I have been supplying about 1200 retail shops in the tourist industry for over 20 years. My sales to one major chain with no money problems are steady. My sales to small shops who rely on bank funding to stock their shops at the beginning of the season have fallen through the floor.

Thus in essence, your problems stem directly from the inability of your customers to keep their hands out of the till long enough to save up enough cash to purchase stock for their business.

Hard nut to crack that one.

 

[Anonymouse72]

Late payment. The multi million £ company not paying the main contractor for 120 days (possibly longer & always later than agreed terms), who then can't pay us on time, the sub-contractor at the end of the food chain.

 

[alwaysinamess]

Late payment. The multi million £ company not paying the main contractor for 120 days (possibly longer & always later than agreed terms), who then can't pay us on time, the sub-contractor at the end of the food chain.

Thats a good one but maybe try not to offer credit terms unless you have the capital to back it up. A lot of companies in this current age wont give credit accounts now.

I love credit but wont give it

 

[Psl]

Inability of people to make a decision when they are receipt of al the facts needed to make the decision.

 

[Anonymouse72]

Thats a good one but maybe try not to offer credit terms unless you have the capital to back it up. A lot of companies in this current age wont give credit accounts now.

I love credit but wont give it

If we didn't give credit to our long standing clients that this situation affects, 80% of our business would disappear overnight. In our industry, credit is a given, not a luxury.

 

[Deleted member 162294]

I'm stupid

 

[owas]

Spending to much time on UKBF

 

[alwaysinamess]

If we didn't give credit to our long standing clients that this situation affects, 80% of our business would disappear overnight. In our industry, credit is a given, not a luxury.

I totally understand that.

 

[Jet Virtual]

I'm writing an article for Find The Edge (UK's fastest growing Business News, Tips & Insights website) next week and having asked lots of business coaches the above question I found that they generally only spoke about their particular expertise, in order to promote their service, so thought I would ask business owners direct.

If you would like me to quote you please DM me your Name & Company name.

So what is the single biggest problem you face right now?

Problems that have come up so far is:

- Funding issues
- Finding the right Staff & Staff Management issues
- Growth Issues
- Sales & Marketing issues like being overwhelmed with all the new channels to market etc.
- Time Management & Productivity - feeling there's not enough hours in the day
- Change
- Confidence issues

Do any of these stand out and if so can you elaborate?

Are there any missing off this list?

Any help would be much appreciated

Kenny

One thing you did not mention Kenny which I believe to be one of the BIGGEST problems stratups have is that they don't watch their costs!

Startups have an itch and feel the need to spend money on silly things that don't put money in their pocket.

I can rant about this for ages but might be better if I write an article for your new MAG

Send me a DM if you want.

Best of luck,

Daniel

 

[Deleted member 138423]

Clients who determine payment terms and ignore my payment requirements. That then gives me the choice of put up with it or tough luck!!

 

[Homer J Simpson]

Stupid people!

Stupid people are by far the biggest problem. Be it a customer, supplier, business owner, red tape loving politician etc, they are without doubt the biggest problem.

 

[fisicx]

Lack of a decent business plan.; hoping that things will work out instead of doing the sums and knowing when to quit.

Not budgeting for marketing (thinking that posting on facebook is all they need to do)

 

[businessfunding]

Inability of people to make a decision when they are receipt of al the facts needed to make the decision.

Perhaps the close is emotional, not factual? Facts seldom close a deal..

 

[groovyjon]

Staff - finding the right people, motivating them, retaining them, catching dishonest ones, etc.

Stock control (for our retail business) - never ending job ensuring stock records are accurate

 

[kennygoodman]

One thing you did not mention Kenny which I believe to be one of the BIGGEST problems stratups have is that they don't watch their costs!

Startups have an itch and feel the need to spend money on silly things that don't put money in their pocket.

I can rant about this for ages but might be better if I write an article for your new MAG

Send me a DM if you want.

Best of luck,

Daniel

Just sent you a DM

 

[kennygoodman]

Inability of people to make a decision when they are receipt of al the facts needed to make the decision.

Who are you specifically talkin about here? Clients? If so is this regarding sales oir something else?

 

[kennygoodman]

Lack of knowledge of the broader issues of running a business

Can you give me the biggest specific example of this?

 

[kennygoodman]

Usually there is not only a single problem, usually it is mixture of many, however i think the most serious for many businesses is not having clients

So would you say this is Sales & Marketing issues maybe mixed in with client/customer retention?

 

[kennygoodman]

I would say the biggest problem is trying to stay competitive as well as making sufficient profit to cover ever increasing costs.

So you issue here is the fact you are in a price sensitive marketplace where price is the biggest driving factor of doing business?

 

[kennygoodman]

The inability to plan for the future. Uncertainty about what to invest your time and money in.

So uncertainty about the ever changing landscape? Is this stifling your growth in any way?

 

[kennygoodman]

I have been supplying about 1200 retail shops in the tourist industry for over 20 years. My sales to one major chain with no money problems are steady. My sales to small shops who rely on bank funding to stock their shops at the beginning of the season have fallen through the floor.

Yes this is very common in these times. Would sale or return work or would that set a bad trend?

 

[kennygoodman]

The overall cost of your workspace

I would have though now is a good time to be negotiating with landlords or are you already in a long lease? If so have sales dropped or other costs increased since you started your lease?

 

[kennygoodman]

Late payment. The multi million £ company not paying the main contractor for 120 days (possibly longer & always later than agreed terms), who then can't pay us on time, the sub-contractor at the end of the food chain.

Yes this is very common. The big bully corporates throwing their weight about.

 

[businessfunding]

Can you give me the biggest specific example of this?

Most people go into business by effectively transferring their job, trade or hobby. ('Do what you do')

They have little comprehension of marketing (most will have some ideas on promotion) ('Marketing')

Most of the strategic, financial and legal aspects are pushed to one side, left to the last minute or broadly fobbed off to someone else. ('Other stuff')

Business failure seldom arises from being bad at what you do; it might arise from poor marketing strategy or all too often it arises from lack of attention to 'other stuff' - Which is really what differentiates a business from a job.

Best illustrated by venn diagram!

 

[MOIC]

So you issue here is the fact you are in a price sensitive marketplace where price is the biggest driving factor of doing business?

No, I would not say that price is the biggest factor, but its an important element in attracting new customers.

All businesses can set their prices in order to control and maintain a profit margin.

My general point is that prices are becoming more competitive, due to increased competition, where as costs are generally going up.


1 - I believe the vast majority of businesses are experiencing more and more competition, which generally equates to each business looking at their pricing structure and trying to be as competitive as possible.

2 - Every business is subject to rising costs, rent, rates, staff, materials, products etc etc.

At some point, this will cause a problem.

 

[kennygoodman]

Clients who determine payment terms and ignore my payment requirements. That then gives me the choice of put up with it or tough luck!!

So apart from them miraculously changing their ways overnight you would love a different solution?

I will see what our Expert Panellists can come up with on that one.

 

[kennygoodman]

Stupid people!

Stupid people are by far the biggest problem. Be it a customer, supplier, business owner, red tape loving politician etc, they are without doubt the biggest problem.

Plenty of those around and don't think they are going to go away. I suppose it's just how we deal with them that determines the outcome. Accept their ways, filter them out of our business or bring them round to our way of thinking.

 

[kennygoodman]

Lack of a decent business plan.; hoping that things will work out instead of doing the sums and knowing when to quit.

Not budgeting for marketing (thinking that posting on facebook is all they need to do)

Yes speaking to a well known business coach yesterday and this is where he felt most businesses fell down. He was also talking about regular ongoing business planning.

 

[kennygoodman]

Most people go into business by effectively transferring their job, trade or hobby. ('Do what you do')

They have little comprehension of marketing (most will have some ideas on promotion) ('Marketing')

Most of the strategic, financial and legal aspects are pushed to one side, left to the last minute or broadly fobbed off to someone else. ('Other stuff')

Business failure seldom arises from being bad at what you do; it might arise from poor marketing strategy or all too often it arises from lack of attention to 'other stuff' - Which is really what differentiates a business from a job.

Best illustrated by venn diagram!

Yes people often open up a shop or build a website and expect the footfall or traffic to just appear out of nowhere

 

[Jane zhang]

The most problem is have very good supplier and quality customers,I think step by step will getting better......

 

[kennygoodman]

No, I would not say that price is the biggest factor, but its an important element in attracting new customers.

All businesses can set their prices in order to control and maintain a profit margin.

My general point is that prices are becoming more competitive, due to increased competition, where as costs are generally going up.


1 - I believe the vast majority of businesses are experiencing more and more competition, which generally equates to each business looking at their pricing structure and trying to be as competitive as possible.

2 - Every business is subject to rising costs, rent, rates, staff, materials, products etc etc.

At some point, this will cause a problem.

So increasing costs & increasing competition

 

[kennygoodman]

Staff - finding the right people, motivating them, retaining them, catching dishonest ones, etc.

Stock control (for our retail business) - never ending job ensuring stock records are accurate

Yes the staff issue is a big issue

 

[kennygoodman]

Staff - finding the right people, motivating them, retaining them, catching dishonest ones, etc.

Stock control (for our retail business) - never ending job ensuring stock records are accurate

I cannot add links yet as new member but Good interview with Roger Philby that turns the whole recruitment think on it's head well worth a listen:

Type this into Google & it comes up top:

"roger philby find the edge"

The title is:

Why 75% of Your Recruits Are Probably Bad Hires