The challenges of running a small business

With political and economic uncertainty and ever changing technology, all UK businesses are facing a tough time and running a small business can be particularly challenging.

Many businesses are struggling to survive and further challenges lie ahead. Amid a changing business landscape it’s key that small businesses are successful in overcoming challenges and avoiding mistakes others have made in the past.

Key challenges that need to be considered by those running small businesses are…

Recruiting and retaining employees

Recruiting and retaining employees can often be costly and time consuming for small businesses. Writing contracts, conducting interviews, training employees and ensuring all necessary HR processes and policies are in place are amongst the requirements for businesses and can be challenging, especially when resources are limited.

Regulation and compliance

One challenge when running a small business is ensuring compliance with government regulations. Amongst others, the GDPR regulation affects all businesses and can lead to large fines for businesses that fail to comply by storing, processing and using data inline with the regulation. Failing to be aware of regulations that must be complied with can cause small businesses many problems, seeking professional advice can help companies to ensure that all necessary regulations are being complied with.

Marketing

With the implementation of an effective digital marketing strategy becoming ever more important to both attract and retain customers. Lack of knowledge and expertise in social media and digital marketing in general can be a large disadvantage to small businesses. The effective use of social media, blogs, SEO and paid advertisements can significantly increase brand awareness and drive sales.

Office space

Finding a suitable office space is a big challenge for small businesses due to the cost of rent, utilities, alongside initial setup costs of office equipment. Having a dedicated office space may not be feasible for many small business, especially when the team is small. Alternatives such as coworking can be a great option for small business, allowing for a professional and collaborative workspace without the high costs.

For advice on overcoming the challenges outlined in this blog and to find out how our experts can help your small business get in touch.