LinkedIn Conversation: What are the greatest challenges facing your small business?

In addition to giving small business owners access to information and networking events, one of the goals of this blog is to create a forum for discussion for small business owners.  In order to facilitate this, I often ask questions of group members of the various LinkedIn groups I am a member of.  The responses vary, but I believe the questions allow small business owners to think about what they are doing and how they can improve.  This week I asked of the International Trade Network group: What are the greatest challenges facing your business?  I thought I would share my own response and another response that was give.  Share your thoughts and possible solutions in the comments section below.

Robert Rogers-

My great challenges that I am overcoming are creating connections and helping small businesses know and understand the value of having a small business attorney.  Connections are critical in any industry because that is what leads to ongoing business and improved word of mouth referrals.  The key efforts that I am making are in creating the appropriate environment when small business owners can see how I operate and what services I offer them.  Effectively and appropriately injecting myself into the conversation is critical.

Alexander Anisimov-

I guess it's establishing new contacts and moreover earning trust of the people you work with, because it requires time and patience. And of course, implementing the new deal at the very start is the most difficult. But if you've got the thing going it gets easier.

(Alexander runs a materials supply business.  For more information, click here.)

What challenges are you seeking to overcome?

Small Business Lending Workshop:

Information is key in a recession and now is a great time to get information about how your company can get access to funds.  Here is some information on an upcoming event:

 

BUSINESS WORKSHOP
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Thursday, Nov 12th
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FL , 33309.
(Inside the Citrix Building)
To Register:
Call (305) 807-5782
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Get personalized business advice at this FREE
event sponsored by Citibank & ACCION USA.
RECEIVE FREE COACHING FROM PROFESSIONALS IN THE
AREAS OF:
• Banking for Small Businesses
• Boost sales with e-marketing
• Alternative Financing for Small Business

Obama’s Small Bank Plan

Here is an article from Forbes.com that describes President Obama’s proposal to use some TARP money to assist community banks so that they can lend to small businesses.  This is a promising prospect to all small businesses access to capital.  Hopefully they do something that will incentivize lending so that the money will actually be lent to small businesses.  Access to capital is critical to a small business' success.  Here’s the information:

http://www.forbes.com/2009/10/21/loans-banking-obama-entrepreneurs-finance-obama.html

High Impact Marketing on a Limited Budget

Included below is the tip of the day for small business readers of BusinessWeek.  These are some timely tips for businesses as marketing is critical for success but budgets are not what they used to be.  I especially agree with the first point… We need to re-connect with our communities.  Find people that are complimentary to our efforts.  Collaborate to success.  Here is the link for more information:

http://www.businessweek.com/smallbiz/tips/archives/2009/10/high-impact_mar.html

Accountability

Written in an unapologetic manner, this interesting article in Entrepreneur focuses on the importance for small business owners to take personal accountability for the management and success of their business, even in times of economic difficulty.  A truly successful business is managed in such a way that it can weather the storms as well as sail in the sunshine.  The latter is easy to do, the former is where many businesses stumble.  Check out the pointers expressed and let me know what you think:

http://www.entrepreneur.com/startingabusiness/startupbasics/article203238.html

Today's Tip Dispelling Two Sustainability Myths for Small Businesses - BusinessWeek

For those businesses who are concerned about the environmental impact of what they do, this article in BusinessWeek gives an excellent summary of why even small businesses can be engaged in planning a more sustainable business culture.  An important element of compliance planning within any business is to be aware of progressive regulations related to the environment as well as other business legal matters.  Enjoy the insights!

Today's Tip Dispelling Two Sustainability Myths for Small Businesses - BusinessWeek

In race for stimulus dollars, we're coming in last - Business Monday - MiamiHerald.com

In this morning's Miami Herald, there was an article that outlined the stimulus money that is coming in to South Florida.  Not enough projects are being made available to small businesses.  I hope this article inspires people in South Florida to work together to create opportunities for small businesses.  Now is an excellent time to explore opportunities to collaborate and form strategic partnerships in order to succeed in breaking out of this economic downturn.  Have a read and hopefully it gives you ideas as to how to succeed.

In race for stimulus dollars, we're coming in last - Business Monday - MiamiHerald.com

Personal Development

I appreciate today’s tip from BusinessWeek.  In order to be able to truly enjoy and succeed in any effort in life, an individual must take time away from the “task” in order to develop themselves.  What does self development mean, though?  I personally believe that it varies person to person, but there are some critical elements that need to occur.

1) Self development should be initiated by reasonable self evaluation.  Take a look at strengths and weakness and determined when they can work hand in hand.

2) Self development should include measurable and easily quantifiable metrics.  Instead of saying that you want read more.  Focus on what specifically you would like to read and when you would like to accomplish it by.

3) Create a plan for success.  When you road map out your individually development, you can coincide that with the goals you have within your business.

For more ideas, here is the article:

http://www.businessweek.com/smallbiz/tips/archives/2009/08/take_time_to_de.html

What We Have Here is a Failure to Communicate…

It is critical for businesses to improve communication, both internally and externally.  In order to maximize efficiencies, people need to know clearly what is expected and also know that they have the right to communicate alternatives.  Business Week has an excellent article on why we fail in our communications:

http://www.businessweek.com/smallbiz/tips/archives/2009/07/why_we_fail_to.html

What’s Your Big Idea?

The thing that sets apart a successful entrepreneur from a day dreamer is the ability to come up with the RIGHT idea and then do the RIGHT things to achieve that idea.  Here are some thoughts on coming up with YOUR big idea:

http://blog.smallbusinessadvice.com/2009/07/07/the-best-small-business-advice-i-ever-got.aspx?ref=rss

Effectively Assigning Blame

Today’s tip from Business Week is helpful in business and in life.  When assigning blame to any problem, it is best done with a mind to finding a solution to the problem.  Read on here:

http://www.businessweek.com/smallbiz/tips/archives/2009/07/instead_of_assi.html

Overcoming Adversity in Business

All businesses face it, but what makes some businesses thrive and overcome and what causes others to fail in the face of difficulty?  Lecturer, Ron Finklestein, outlines ways that businesses can overcome the adversity they face.