Small Business Owners (SBOs) of all kinds from across the country are facing extraordinary challenges right now. Every single day, they are overcoming the obstacles on their entrepreneurial paths. In a recent survey conducted by Alignable, 36% of SBOs miscalculated costs and 29% faltered due to poor marketing initiatives. These hurdles, among others, have created huge barriers on the road to creating thriving businesses.
The financial miscalculations and marketing misfires overwhelming small business owners (SBOs). In their quest for growth, 27% said they prioritized their work-life balance. Addressing pricing errors was a frequent response among business owners. Shockingly, 25% said they had a hard time pricing their offerings! Additionally, 15% of SBOs admitted to not doing adequate market research prior to starting their businesses.
Vendor or partner selection was the next most common pain point, with 14% of SBOs reporting this difficulty. Choosing trustworthy partners is key to success. In fact, an overwhelming 79% of small business owners attribute their success to the importance of having a trusted network.
“In the unpredictable world of entrepreneurship, the importance of strong partnerships – especially with a reliable tech partner – cannot be overstated,” – Diana Sroka, SVP of consumer services product for HP.
The survey shed light on several key operational challenges that SBOs routinely deal with. Ten percent said there wasn’t enough investment in the right technology, with another 10% saying they found it difficult to delegate. Customer experience was the last thing on the mind of 7% of small business owners. A whopping 78 percent admitted they failed to outsource work that could make their operations more efficient. At the same time, just 6% of SBOs recognized the consequences of cutting corners on legal and administrative basics.
Between everything that goes into starting a business, the time commitment is enormous. Just to get their businesses up and running – or their side hustles – SBOs on average put in more than 50 hours a week. Only 27 percent of these serial entrepreneurs put in less than 60 hours a week. At the same time, 16% of them indicated that they worked more than 70 hours per week. This major investment of time is a powerful reminder of the dedication and perseverance that it takes to work through the highs and lows of entrepreneurship.
As small business owners work hard to adapt and address these challenges, now more than ever is having a trusted network of support essential. Having a solid network of partners and vendors to collaborate with can offer expertise and resources that come in handy with the long-term game.
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