Challenges Every Small Business Struggles With and How to Overcome Them

Challenges Every Small Business Struggles With and How to Overcome Them

Have you been running your business smoothly? If you ask this question to business community then very few people may give you an affirmative answer. In order to stay away from issues while doing small business, you have to be smart with the solutions of the challenges and issues. In case you have been suffering from issues related to accounts and billing then assistance from GST Billing Software can be taken. It can certainly ease your stress and tension related to business to some extent. BTHAWK is an amazing company which can help you to attain optimum potential.

According to the reports, 40% business houses have been failing in the first year. So, about 50% of them have been stopping their operations in the 2nd year. It can be looked as a sad reality for the small business and business entrepreneurs.

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In order to conduct business and make it a successful one, pressure and tension have to be managed continuously. Later on, rewards can be reaped. On most cases, challenges faced by the small businesses can be fixed.

Here are some struggles of small businesses and its solutions

1. Too much work

Most of the people suffer from the issues of work flow management. In this competitive world, you may face some time issues. Running a business can become exhausting also. On the occasion, requirement is felt to invest more time than it has been thought earlier. Therefore, it is essential to multitask.

Business owners have to work way more than its employees. So, it may not be possible for them to relax or take holidays for a vacation with the family. They usually do one task after another in order to deal with the competition in market. As a result, life can become really messy

Solutions:

GST Billing Software from BTHAWK can be a great help on the occasion as it can do several things together. As a result, you may able to save a lot of time. It is important to plan everything adequately each day.

Calculations and billing jobs can be concluded in much faster with the utilization of software. Since work is not done manually, lot of time can be saved.

Choosing jobs based on the requirement, everything should be lined up. If a work is not so important then it can be done on another day or delegated to another person.

2. Market Fluctuations

Marketing trends must be kept in the mind always. If you do not keep an eye on the market then trouble can be encountered. Due to entry of a new product in the market with better features, designs and price point, you may face some challenges. Decrease in the number of customers can be noticed as a result.

Solutions:

Due diligence must be done on the industry and the competitors on timely basis. Professionals of BTHAWK may assist you on the occasion also. Through research, you may able to know about the products in demand. Likes and preferences of the customers can be known as well.

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Understanding about the new development in the market, you must try to adapt also.

3. Pain of accounting

As a small business owner, you have to keep track on different types of transactions. It becomes troublesome to manage bill calculations and invoices without a degree in accounting or financial background. Challenges can be faced during transaction of sales and purchases also.

Loss can be encountered by the business houses if they cannot keep their account book properly.  Receivable or payable, GSTR reports and party balance calculations are tough to accomplish manually.

Solutions:

GST Billing Software is available in the market which may help to get rid of accounting issues. BTHAWK has been offering one of the best accounting in the market. Therefore, you can certainly try it in coming days

4. Collection of payment

Small business owners may agree with the fact that most of the customers are not quick with the payments. Diverse kinds of reasons are shown for the payment delay. Based on their payment practice, money may be paid in a way that may not match your time. Individualistic circle of payment can be noticed. Therefore, it becomes really hard to keep a track. Some customers may not even pay you back due to some difficulties. Issues related to the growth can be observed as a result.

Solutions

Before collaborating with a client, it may be important to look into their background and company history. In case of giving credit, time limit must be set certainly. Chances of overdue must be avoided at any cost.

GST Billing Software may able to keep a track on the payment from the customers. In this way, unpaid invoices can be taken care of. Follow-up on the client can be done on regular basis also.

5. Cheaper rates from competitors

Fierce competition can be noticed in almost every industry. Customer can be lost with lesser price from the competitors lf proper attention is not given on the issue. Price slash is very attractive feature. It is certainly best way to motivate the client to purchase a product.

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Solutions:

By looking at the competition and their customers, you must decide on the strategy if it is about the prices. It is essential to distinguish yourself from the competition in the market. On the occasion you can either drop the price or try to offer better service to the customers. BTHAWK can certainly make your business better and different than others in the market.

6. Where to look for help

For improvement of business, it is not ideal to use every possible advice that you can get.

Solutions:

Instead, it is better to seek professionals. Due to new GST rules, lots of problems are being faced by the businessmen that can be dealt smartly with GST Billing Software. It is never bad idea to ask advice from the professionals of BTHAWK. They are experienced and smart enough to find you a solution quickly. Success can be achieved with the business as a result.

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