I have carried out various surveys over the last few years asking small businesses what their challenges are. And the top three challenges I have heard are:
- Lack of adequate capital: most small businesses find it hard to access funds to grow their business and this continues to be a major complaint for most of them. The few who are able to access capital from institutions like Micro finance bank or finance houses have to pay very high interest rates that leave them with little to no profit margins. There are also some facilities with lower interest rates, but most small businesses are not able to meet the terms and conditions to access these facilities.
- Absence of skilled or qualified labor: this is another challenge I hear, especially from small businesses in the production and manufacturing sectors. Most skilled personnel want to be self-employed or are quite expensive to hire when they are available. Most small businesses who want to scale are faced with this dilemma and some resort to outsourcing to external parties either locally or internationally to enable them scale.
- Inadequate infrastructure: most small businesses in Nigeria continue to contend with poor electricity, high cost of diesel, poor water supply etc. infrastructure has affected a lot of businesses in the country and driven up the cost of doing business. Some businesses have even shut down because they are not able to keep up with infrastructural challenges anymore.
I am sure you have similar challenges and if that is the case that means it is a level playing field for most small business owners. However the five reasons I am going to talk about are what would set your business apart if you are able to address them.
Growth and success are driven by both internal and external factors like Knowledge, mindset, lack of vision and leadership. I have written a free ebook to address these five key reasons and provided ways to address them so your business can experience quantum growth once more.
You can download your free copy by clicking this -Five reasons why small businesses don’t grow and what to do
Your business doesn’t have to remain stagnant; get the knowledge, apply it and you would experience an amazing change