Business Mentor: Challenges facing service businesses

Armando Bartolome

Posted at Feb 26 2022 09:41 AM

Even as the COVID-19 pandemic persists, many businesses have thrived for the past two years. Many food businesses have prospered thanks to online selling. But what about other businesses that offer services? 

The challenges they face are not easy to overcome. But understanding these challenges can allow them to create better plans on how to keep the business afloat.

Lack of business development skills 

As a business owner, you are the driving force behind creating and growing the business. Unfortunately, some business owners do not have the ability to start and sustain a business. This means having the right mindset and skills. If you think you are lacking, ask help from someone who knows more about the business. Know your limitations and designate someone to do specific jobs, so you can focus on areas you are excellent at.

Financial mistakes

Some business owners do not know how to use their money wisely. Some think that he has earned so much in a particular month and spend it on personal things without realizing that he should set aside a certain part of the business earnings. A business should prioritize the cash flow. Expenses should not exceed the company's profit.

Although you may think that you are earning more than you expect, consider that the economy is still unstable. Anything can happen because of the pandemic. Apart from having enough resources to sustain the company, you should also consider saving up for your personal needs.


Technology

A business owner needs to keep abreast with the latest technology that can help him grow his businesss and invest in it if possible.

Consumer awareness

How do you let the market know how good your services are? It is by ensuring that you provide the best possible solutions to your customers alongside a great customer relationship. Business owners should take advantage of the various social media platforms to stay connected with their customers and introduce their company and its services to the market to increase their customer base. The information that customers may need should be provided instantly. This allows the customer to remain loyal.

Hiring new employees

This is quite a challenge these days, particularly since we want to be safe from getting infected with the virus. Apart from choosing the right people to do specific jobs for the company, it is also a challenge to know which among these willing "new employees" can remain healthy and work seamlessly. 

Find all possible ways to protect your employees. Keep the workplace sanitized and implement health protocols to keep the workplace safe. 

Poor execution of marketing plans

The projects that you create as you start your business may no longer be helpful in the coming months. Therefore, it is best to check on these plans and know if they are still likely to work.

The battle against COVID-19 continues and business may continue to face new challenges. Hence, we must continue to do our share in making a safer and better place for everyone.

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For more information, you may contact Armando "Butz" Bartolome 
by email: business.mentor@butzbartolome.com
FB Page: Butz Bartolome
website: https://www.butzbartolome.com 

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