There are seemingly countless challenges that occur for small and medium sized enterprises, both internally and externally. Compiling a list of every obstacle is enough to put anyone off from starting a business in the UK, but with 99.9% of the economy made up the 5.7 million SMEs, they are the backbone on which the UK relies on and more are starting up all the time.
There are countless external challenges that face every business in the UK – from the fluctuating cost of insurance, red tape, the problems with the economy as a whole, competition within the UK and abroad and employee shortages, there is little that companies can do to predict and avoid these challenges that remain out of their control.
What they can do is focus on the internal challenges that they come across regularly. And if you are starting a new business, it is important that you know and understand what these challenges are and how you can get past them.
You need the right tools to attract customers
Whilst your business will inevitably be pitting itself against other competitors whose actions are out of your control, what you do have control over is the way you can attract your own customers. For most companies this is a difficult task, and one of the most common, especially for recently established SMEs.
Attracting customers to a new service or product for the first time is the hardest battle you will face. Consumers have a tendency to choose what they like and barring that, what they know. Getting people to try new things can be incredibly difficult and the most likely way to get people interested in your company is by developing a strong brand. The best way to do this is to maintain high levels of customer service whilst investing in ways to make your brand more recognisable.
Here at Quote Goat we help you compare invoice financing providers to help you free funds tied up in your own clients’ outstanding invoices. With this type of financing you can better utilise your money in establishing your brand and increasing your customer base.
As well as invoice finance, we have partnered with a leading business finance broker who can advise you on a range of finance options from merchant cash advances to secured business loans. Get in contact to discuss your requirements.