Solutions to common business challenges
MANILA, Philippines – There are lots of reasons to run a business. Some people choose to do so because entrepreneurial blood runs through their veins. Some do it because it’s an actualization of their passion. And others simply believe that it's their calling.
No matter the reason, business is business and it presents entrepreneurs with a set of challenges that they must overcome.
A lot of business owners find themselves struggling with time, for example – where to find it and how to manage it. And more recently, with the advent of technology and the Internet, older enterpreneurs find themselves struggling to transition from traditional brick-and-mortar businesses to digital-first operations.
But there is comfort in knowing that these are challenges almost every entrepreneur must and has faced, and that these challenges can easily be overcome with the right mindset and the right tools.
So to help fellow entrepreneurs conquer these challenges, we asked three experienced business owners, namely RJ Ledesma of Mercato Centrale, Jourdan Sebastian of Taclob, and Toby Claudio of Toby’s to give us insight on some of the most common SME challenges and how to solve them.
Check out this infographic to read up on their advice.
1. Learn to multi-task
Look for pockets of time to do certain tasks (such as sending emails or making calls while in transit).
2. Work smarter, not harder
Be deliberate when accomplishing tasks, and focus on decisions that will only add value and create the most impact to business.
“I make sure to choose my tasks carefully,” says Toby Claudio of Toby’s. “I try to find the ones that will provide the most impact. Stuff that can add the most value to the business.”
Solution: Find a partner who can competently manage the business and slowly learn to let go of the reins.
Solution: Learn to separate yourself from your business
“Over the years, I’ve tried to learn that your business is not you. If you make a mistake, it’s a learning process,” says RJ Ledesma. “And it makes you better as long as you fail fast and fail forward and you can use what you’ve learned to improve upon your business.”
Solution: “Challenges will come heavy and frequent,” says Jourdan Sebastian. “Be ready to have the resiliency and grit to overcome obstacles, and the wisdom to pace your stamina.”
1. Change your mindset
If you’re stuck in traditional business, expose and immerse yourself in the new technologies surrounding you like the Internet, smartphones, and social media.
2. Make use of easy digital solutions that are available
Companies now offer affordable digital solutions that make digital business accessible and easy to use. Globe myBusiness, for example, offers Shopify, an e-commerce platform that businesses can use to create their own website.
In a business, there’s always room for growth – both for the company and the entrepreneur himself. Be ready to shift perspectives and make hard decisions and sacrifices – all for the sake of progress.
Fortunately, entrepreneurs today have technology at their side. Digital tools can be an entrepreneur’s best companion for managing tasks, production, customer service, and more.
Create your success by staying up-to-date with business tips from experts and receive workshop invites when you sign up for the mailing list of Globe myBusiness. – Rappler.com
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