Owning a business is exceptionally challenging yet motivating. Running an enterprise while managing your operational pain points is a motivation for learning to identify the root cause of problems and addressing those that affect your business and your customers.
Managing a business is comparable to raising a child until it matures: you devote your entire being to it, spend sleepless nights caring for it, especially when it is sick, and deal with tantrums or pain points along the way. Most successful companies are quality- or customer-centric; they identify clear operational issues and urgent customer pains, provide solutions for these needs, and deliver significant value to heal the pain points.
Here are some of the most common operational pain points identified by business owners, with tips on how to anticipate operational challenges with a proactive approach to business growth:
1. Productivity pain points happen when employees inadvertently spend too much time on trivial tasks that can be simplified, such as scheduling meetings, demonstrating products, negotiating, and coordinating. Trivial processes are not always undesirable; however, valuable time is wasted instead of focusing on work that requires an employee’s expertise or specialized skill.
Some businesses use the five Lean principles in order to achieve their desired level of productivity by implementing simple-to-apply tools and easy-to-maintain methods. It emphasizes waste reduction and the elimination of unnecessary steps to become an integral part of the organization’s culture. Lean originated in manufacturing practices but has recently transformed work knowledge and management practices. In their book The Machine That Changed the World, Daniel T. Jones and James P. Womack outline the following principles as a formula for boosting workplace productivity:
2. Financial Pain Points happen when capital is misused or insufficient due to excessive spending or a large loan.
Utilize as much bootstrapping as possible when starting up. Finance the business solely with initial sales revenue, including personal savings or funds borrowed or invested from family or friends. In lieu of relying on conventional financing methods such as investor support, crowdfunding, or bank loans, it forces business owners to develop a model that actually works. As the majority of failed businesses struggle due to a poor business model, bootstrapping requires the development of processes that generate immediate and sustainable cash flow through the use of personal funds.
When you have found your footing in your small business, decide on better spending and consider outsourcing to save up for the turbulent times. Analyze work that can be outsourced to contractors and outsourcing firms at a more affordable cost.
3. Marketing Pain Points are a problem when an enterprise spends a significant amount of money on marketing methods that do not produce the desired results or meet the projected key performance indicators (KPIs).
Most businesses develop content channels for a minimal cost, with 70% of marketers investing in digital content creation and content marketing, based on HubSpot’s 2022 State of Marketing Statistics. Add a digital content strategy to your marketing plan to attract customers and satisfy their curiosity as they move through the buyer’s journey. In addition to your conventional marketing methods, you can use a content strategy by posting product-related articles, useful services that connect you to customers, and helpful information campaigns to drive sales and improve customer satisfaction. Later on, this may also lead to an inbound marketing framework.
Learn the process of setting your needed KPIs to be clear about what each KPI will measure, what value it adds to the business objective, and why it’s crucial to gauge its progress.
4. Innovation Pain Points arise from experiencing growth and sustaining it. Businesses can get overconfident that customers will always come back for their products or services. Every enterprise wants innovation, but developing innovative ideas is easier said than done if the management is not willing to explore transformation.
Transformation’s major areas are labor skills and engagement, operations optimization, customer acquisition and retention, and excellent customer service. But innovation isn’t a million-peso strategy. Exceptional customer service starts by adapting to modern payment systems or providing chatbots that quickly respond to inquiries. Training on how to be polite to customers on social media and informed about products can also exceed customer service expectations. Innovating means using technology and emerging trends to build client loyalty.
Talk to Globe Business right away to start working on how to run your business more efficiently with a holistic strategy, leadership, process, technology, communication, and other solutions for your business.
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