Whenever I study about flourishing entrepreneurs, there is one common aspect they have to overcome during their start ups. These can be bigger problems like managing finances, having proper access to market and can be small like hiring right person for the job.
Finance- Life blood of Business
The small business owners I have interacted with are always distressed about access to finance. But I wonder if that is the real challenge for them. Today if your business is sustainable and have impregnable economic base then finances may be not a big problem. And founders can found a different method to raise funds.
I really think marketing can be a bigger challenge for small scale business. Marketing involves creating a positive reputation about company. Building a strong company image is your step towards a large scale business.
Another aspect of marketing is about staying in competition. And if you want to break the monopoly of a particular company in market you need excellent marketing strategies to stay in the competition.
Access to market
Apart from these creating distribution channels is also crucial in your business. These channels help you to promote your brand name and expand reach. But if you don’t have a proper access to market creating distribution channel will add to the pile of problems. Having a proper access to market will not only increase your liaisons which can act as channels in future.
Infrastructure and technology
Maintaining the consistent quality of products will also add to the hardships to your business path. Let me give you a small example- A small business in Northern Nigeria dealing in dairy products might not have proper infrastructure or access to technology like cold storage trucks which will affect the quality of the product and thus leading to degradation of his market image. So, this is the main challenge. And I think technology can solve most of the problems.
Technology can help you in marketing online like you can create your website and publicize your products and there are many more means for marketing. It can also act as a bridge for distribution channel as well as having access to market.
Using technology for various methods like communicating with your consumers or partners can reduce other hassles. And if properly used technology can wring every ounce of productivity out of operations.
We at Diamond Bank believe that every business start out small , that is why we offer MSME Banking and Business Banking in which we offer small and medium sized enterprises, the same high level of services a large corporate can expect.