Now that the U.S. is on its way to recovering from the pandemic, small businesses need to enforce the right strategies to get ahead. Small businesses make up 99.9% of all the enterprises across the country, making competition very tough for entrepreneurs. On top of that, business owners need to navigate through day-to-day challenges that bigger companies don’t often have to deal with.
If you want your business to achieve growth and success, it’s important to learn how to combat the common problems faced by small businesses. Here’s what you need to know to be able to surpass these small business challenges:
Increasing brand awareness
All businesses, including established corporations, work to capture the attention of their target audience and increase their awareness of their brand. However, small businesses have to work twice as hard, especially since they heavily rely on the support of their consumers.
Even if you aren’t a household name yet, you can effectively target your market by building your brand awareness. You can start by posting educational and informative content about your products and services, which will help you establish your business as an authority in the field. You can even partner up with affiliate brands or with specialized micro-influencers, who’ll be able to promote your business through different online channels.
Complying with tax regulations
Entrepreneurs are faced with multiple responsibilities every day, making it difficult to find time to keep up with filing the business taxes that the federal government requires. Aside from recording and paying these taxes, entrepreneurs also have the responsibility to file their personal income tax every quarter.
Since taxes are obligatory, it’s better to prepare for them in advance rather than rushing yourself every tax season. Consequently, entrepreneurs should map out tax planning strategies by taking note of their income taxes, self-employment taxes, employer taxes, and excise taxes. Once you’ve gathered all the tax forms you need, look into available tax deductions and credits so that you can save more money for your business, or consult with professional accountants to make the process easier.
Finding capital for expansion
Many entrepreneurs plan to scale up their business but, due to the insufficiency of their capital, these dreams are often put on hold. It may sometimes take years or decades before entrepreneurs can invest in equipment or open multiple branches.
Investments are crucial to increasing the income and the success of your business. So if you want to invest in the expansion of your company, you should take advantage of one of the many loan options available for small businesses. To illustrate, working capital loans are ideal for financing salaries, marketing strategies, and inventory needs. Meanwhile, you can finance your equipment and repay through a percentage of your future sales by getting a merchant cash advance.
Attracting qualified staff
Aside from having insufficient capital, small businesses are also unable to expand their businesses due to the lack of manpower. The U.S. Chamber of Commerce points out that less than half of small businesses were able to find employees that had the skills and experience necessary for their roles.
Recognizing that small businesses are suffering from the worker shortage, the Chamber of Commerce has launched training programs and policy solutions to help businesses grow their workforce. Small businesses are also encouraged to attract qualified staff by offering flexible working hours and environments, as well as better salaries and benefits.
If you want your small business to prosper and succeed, you need to find solutions that will help you surpass the common challenges of enterprises. Make sure there will be no barriers holding you back by finding a flexible loan that can help your small business get ahead. Through LendThrive’s small business loans, you can get your capital in 24 hours and make your business goals come true.
Exclusively written for lendthrive.com by Julia Reed