5 Common Business Pain Points and How to Overcome Them

Running a business can often feel like a roller coaster ride, with its share of highs and lows, and full of unexpected twists and turns.  

There will be moments of smooth sailing, but there will also be obstacles to overcome along the way. To ensure a smoother journey, it’s important to learn how to navigate through these speed bumps and challenges.

Just like driving on a bumpy road, you need to be prepared and aware of the common pain points that many businesses face. By familiarizing yourself with these challenges, you can better equip yourself to tackle them head-on and forge a path towards success.  

Understanding Common Business Pain Points Among Businesses 

Businesses of different sizes experience similar issues such as hiring the right people or establishing a reputable brand.  

In this article, we will be examining common business pain points and give some solutions to overcome them. 

Common Business Pain Points

Here are several challenges that businesses face: 

1. Finding New Customers

For new businesses with no recognisable brand yet, finding new customers can be challenging. With so many digital marketing channels available today, it can be difficult to find which one you should devote your attention (and resources) to. 

Before you spend on advertising, you should identify who your target customers are. What are they like? What interests them? And what social media channels do they frequent?. 

To get a sense of how to create specific buyer personas, you can check this free guide from HubSpot. Once you have a clear picture of who your ideal customer is, you can begin developing marketing strategies that will deliver results. 

2. Finding Reliable Suppliers

Finding reliable suppliers is just as important as finding new customers, whether you are seeking new customers or striving to maintain your existing customer base. 

Reliable suppliers not only enable your business to operate smoothly and without interruptions, but they also contribute to building your reputation as a reliable and trustworthy enterprise. 

For retail businesses, such as e-Commerce sites, the importance of reliable suppliers goes beyond just operational efficiency. These businesses heavily rely on the timely delivery of products to overcome their supply chain challenges.  

When suppliers can consistently deliver products on time, eCommerce businesses can meet customer demands and expectations better. This, in turn, reduces negative customer feedback caused by delays, discrepancies, or out-of-stock items. 

By partnering with reliable suppliers, retail businesses can minimize supply chain issues, avoid unnecessary disruptions, and preserve their reputation for excellent customer service. To know more about the importance of finding and working with the right supplier you may read this article from Queensland Government. 

RELATED: Finding the E-Commerce Accounting Partner for Your Business 

3. Managing Your Time

Entrepreneurs and startup founders often find themselves struggling to manage their time effectively. The demands of running a business can sometimes lead to working longer hours than their employees, resulting in fatigue and burnout. 

One key strategy to combat this is improved time and attention management and prioritizing tasks for the day ahead. It is highly recommended to create a to-do list, allowing you to start your workday well-prepared. 

By setting short-term goals and focusing on completing tasks efficiently, you can work towards achieving your objectives in a timely manner. Additionally, establishing morning habits can help you navigate through the day with greater productivity and focus. 

To maximize your time, structure your day to minimize distractions that drain your attention and energy. This can involve reducing time spent on activities like checking emails frequently, consuming news, or mindlessly browsing through social media feeds. 

By implementing these strategies, entrepreneurs and startup founders can enhance their time management skills and optimize their daily productivity. 

READ: Creating Harmony: 9 Tips for a Balanced Lifestyle 

4. Not Having Enough Support

Many entrepreneurs feel overwhelmed when they start a business, thinking that they have to do everything alone. However, finding support is crucial in building a sustainable business venture. But where can business owners turn to for help? 

There are many professional organisations such as the Business Council of Australia where you can meet other entrepreneurs and learn from others who have more experience in the business. 

Many business-oriented websites also offer free resources such as HubSpot and Semrush Academy, and some experts even offer advice or live Q&A sessions. Be sure to tap into your connections (both online and offline) and look for a mentor whom you want to emulate so that you can learn and improve continuously. 

5. Manage Healthy Cash Flow Management

Managing cash flow is important as this serves as the lifeblood of a business that shows if the company is generating and gaining enough cash from its operation.  

Hence, to maintain healthy cash flow, you must pay attention not just on increasing your revenue, but also streamlining your accounting processes and improving payment collection. It is also important to have a clear and accurate view of your financial to keep your books up to date 

The Bottom Line 

If you find yourself struggling to manage your cash flow, it is time to take action and let our accounting professionals from D&V Philippines assist you. Schedule a free consultation with us today. 

You may download our whitepaper, Premium CFO Solutions today and learn how we can be your trusted outsourcing partner for managing your cash flow effectively. 

This article was first published 16 April 2019 and was edited on 19 March 2024 by Angelica Garcia