Eric Dalius Discusses the Top Business Challenges and their Possible Solutions

Starting your new business from scratch is not a cakewalk because you will face too much competition out there. Then, if you have extreme determination and correct vision, you can kick-start your small business and take it to the next level, as Eric Dalius, has seen a couple of entrepreneurs achieve their goals in a short time and succeeded in their endeavors.

There are numerous problems to deal with and some unique to startups or small enterprises. Then, all business problems are not that big and some specific to business types. No matter whether you have a major problem or a small one, make sure you are prepared to deal with it

According to an article published on https://thekatynews.com/2020/07/20/eric-j-dalius-suggests-the-remedial-measures-for-common-entrepreneurial-challenges/, when you are aware of the challenges, particularly those that are widespread across different business niches, it will prevent you from failure so that you can move your startup ahead.

In this post, you will learn about some of the top business challenges and overcoming you and your company. 

Eric J Dalius talks about cash flow management
When it comes to cash flow, it is necessary to startup survival, though some business owners make great effort to shell out payments for the bills when they patiently wait for the client checks to turn up. The major problem is the delay in the invoicing process, which is a common practice in the world of business. You deliver your project, send an invoice to the client, and expect to receive the payment within a month. Once you receive the check, you need to pay your employee salaries or make payments to contractors or pay your office building rent. When your client makes delayed payments, you feel the pinch and which makes things difficult.

The solution : You need to maintain a foolproof budget to ensure cash flow maintenance. Then, people who save have problems paying their bills. Therefore, when you are delivering a project to your client or selling your products to customers make sure that you receive an advance payment. When you get an advance check, you are sure that you will have no problem paying the bills. The remaining payment you can collect within a month and therefore, make an agreement accordingly.

The next way to ensure cash flow is preparing and sending the invoice as soon as you have sold your products or delivered them to the client. Make sure you invoice your customers or clients within a fortnight. It signifies that if your client delays making payments, you have two weeks to pursue the payment. These days, when you have everything digital, initiate your invoice from your smartphone and ask for payment immediately.

Decide what you want to sell
Before you start selling, decide what products you will sell to help you make money and improve margins. You need to choose a niche product that is different from your competitors and makes buyers’ lives simpler and convenient. There is no point in selling the same products or services like that of your competitors, says Eric J Dalius.

The solution : There is no problem if you acknowledge that you lack the skills to recognize niche products and offer the task to someone, who has more experience in such things. That does not mean that you will hire a costly marketing agency or hire a highly experienced marketing professional who demands a fat paycheck every month. An expert will figure out which field is apt for you, be it services, retail, e-commerce, etc. Let the professional do some market research and develop a report with probable niches, which can fetch you better margins. Make sure you have a SWOT analysis highlighting your business strengths, weaknesses, opportunities, and of course threats.

Let a professional do his or her job so that you can focus on the growth and expansion of your small business. Evaluate the expert suggestions and understand whether they will work for your business or not. This step will help you save much of your money, time, and hard work. Let your business stay afloat in this age of stiff competition. 

Learn to manage time
Yes, time management is one of the greatest challenges of entrepreneurs, these days. This is especially true for those who try managing too many things at the same time. Then, you only have 24 hours a day to complete the tasks you have on your priority list.

The solution : You need to manage time just as you work hard to make money. You might be wondering how to manage time effectively when you wear too many hats. Fret not. Here are some of the ways for effective time management:

Make a list of goals. If you have set entrepreneurial goals for an entire year, break them into quarterly goals, then monthly goals, and finally to weekly goals. Once you know which of the things you need to accomplish in a week, you can break these further down into specific jobs per day. This way, no matter what you have on the to-do list on a specific day, you need to stay tuned to the daily goals.

You will find tasks that you need not focus on and complete. In such cases, delegate the task to an experienced person in your business. Ask yourself questions about whether you are doing or implementing the right things. The result or outcome will give you the answers. If you find that, a couple of strategies are not working out, eliminate those and think something out of the box. Effective time management is the key to the success of your business.

Conclusion
It is true indeed that entrepreneurs do have challenges, loads of them. Though much has been said about it on the internet, you cannot use all ideas that you see online. Use your intelligence and patience to help you realize your business goals, which are making money and earning profits in the days to come. You will find many tools and resources to help your brave all challenges and become a successful entrepreneur. It is essential to reap the maximum benefits out of your business, selling products or services.

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