Sometimes challenges feel endless for small business owners, but overcoming the obstacles is part of identifying them. As a small business CEO, here are the top five challenges I tackle every day to make sure my business grows and thrives!
1.) Commitment to new business. It's a juggling act of time, creativity, work, cash, and staffing, but going after new business is just as vital as maintaining your accounts, streamlining good work for clients, and keeping the pipeline full of new opportunities for them.
2.) Moving up the food chain to compete with larger agencies on bigger pieces of business. Small agencies shouldn't be afraid of going after massive projects or large accounts. There are concrete benefits in being serviced by small ad agencies, but it is a challenge to compete with big fish agencies. Internal agency branding is important as well - showcase expertise and project work and make it viral with social media.
3.) Being stereotyped as a particular type of agency. While hyperfocusing is already challenging, specialization can backfire and leave you out of big RFPs your agency can service. Try to avoid being the hi-tech agency, or the lifestyle only agency. Capitalizing on your expertise can help you leverage and win new business without being sterotyped.
4.) Getting the attention of agency search consultants who only pick from their regular flock of agencies. I face this challenge very often. It benefits businesses to look outside their list of regulars and be open to fresh new ideas, especially in today's ever changing environment. Getting your agency's name and message out there requires dedication, persistence and time well spent.
5.) The normal small business operations issues. Cash flow, staffing, time lags, client management, reporting, accounting are required daily operations that must be handled and managed well. Time management skills are put to the test with this challenge; for any machine to work, it must be well oiled and maintained!
As a business owner, finding a balance within the load of all the responsibility is key. It isn't easy, and there are always setbacks I have to manage. But, I keep thinking that by tackling challenges head on, I take the first step in overtaking them.
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