If you’re a business owner, there’s bound to be some troubles and obstacles you’ve come across throughout your career. Some may be short term ones that you’re able to overcome, some you may still be facing, and some you may not even be aware of.
And, you know… what’s worse than having problems affecting the success of your business?
Regardless of the type of business you’re operating, all businesses have similar goals in aims to operate smoothly and generate more sales.
But sometimes, pain points can be quite subtle and not so easy to identify.
Here are 4 business pain points that your business may be facing that you should know about.
What is a business pain point?
Oftentimes when people talk about pain points, they refer to the problems their customers are facing, providing an opportunity for the business to deliver their value proposition as a remedy.
However, a business pain point, simply put, is a problem that your business is facing.
Depending on the scale of your business, sometimes these pain points may span across departments and require thorough attention. It is crucial to address these business pain points as they may manifest and affect the bottom line of the business.
1. Not keeping up with business technology
Whether your business is long-standing or new, it is absolutely crucial that it keeps up with technology. In today’s world, technology is what keeps businesses operating smoothly and allows customers to have a seamless transaction process.
This is not to say that your business must at all times, stay at the forefront of the newest technological developments and innovations. However, at the bare minimum, ensure that your business is up to date so it can function as effectively and efficiently as possible.
This is particularly important if you own a larger scaled business. Tech development and software can help tremendously with data and management. Content sprawl can become a massive problem when you’re trying to find the correct document amongst a sea of outdated or incorrect content.
Also, a common misconception about older businesses is that there’s no need to chase technology because they’re already doing well as is. This is simply not true – your business may be doing well now, but eventually may suffer as clients see that you are not investing in new technology.
If you don’t keep up with technology, your competitors will, and the pain worsens.
2. Poor workplace culture
Are you showing your employees that you recognise their hard work?
Are you addressing the concerns raised by your employees?
A poor workplace culture is another pain point that requires attention immediately. When you don’t treat your staff well, it reflects on their performance, which in turns affects your business’ performance. A poor workplace culture with little work- life balance or a boss who doesn’t listen can be utmost detrimental.
“Employees who feel their voice is heard are 4.6 times more likely to feel empowered to perform their best work” — Forbes
It goes without saying that employees are truly your greatest asset.
When they have new ideas or feedback, take it on board and really listen. Sometimes, it’s your employees that have the clearest insights and best advice simply because they work there, and they know what can make things better.
It is also absolutely crucial to ensure that your employees are recognised for their achievements. By celebrating the small wins and working together every step of the way, you can be confident that your employees are working their hardest to achieve your business’ goals.
Besides, a positive workplace environment that welcomes diversity and people from all walks of life not only shows your employees that they are welcomed and appreciated.
From an external perspective, this also shows your customers that your business values inclusivity and really takes care of its staff. It’s a win- win situation.
3. Poor internal communication
Poor communication is a common business pain point when departments realise they aren’t on the same page, working towards different goals, or have unclear goals.
The result of poor communication may lead to different departments working to achieve different things due to the fundamental differences in their roles. Unclear communication will often lead to confusion as each department will have different ideas and goals in mind.
This in turn will also hinder decision- making processes as departments can’t come to an agreement, and could be quite detrimental when decisions need to be made in tight time frames.
According to a Holmes report, “companies that have leaders who are highly effective communicators had 47% higher total returns to shareholders over the last five years compared with firms that have leaders who are the least effective communicators.”
It is important to communicate consistent messages across all departments to keep them in the loop and work together as a whole to help achieve your business goals. Particularly if a crisis breaks out, effective internal communication is absolutely crucial to boost the confidence for not only employees, but also external stakeholders.
When conflicts occur between departments from issues like budget allocations, open and honest communication is required to help tackle the conflict head- on to identify the root of the problem. Effective communication can help align departments together and understand that they are all working together to help the company grow.
At times, conflict between departments is inevitable, but it is up to you to establish an effective communication plan to align your employees and compromise when necessary.
4. Sales & Marketing alignment
It almost seems that Marketing and Sales are long enemies.
According to Microsoft, Only 8% of B2B companies said they have tight alignment between their sales and marketing teams.
Many companies have traditionally struggled to align the two, as if they were two completely separate departments that had nothing to do with each other. This could be due to poor internal communication- but because the two focus on different things and have different objectives, conflict may inevitably arise.
While Sales focuses on the short term results, Marketing efforts can help drive more leads, which leads to more sales. Working on aligning the two departments can lead to improved communication and cohesion, both which are beneficial to increasing revenue for the business.
Marketing results don’t turnover instantly, and for Sales, it is important not to focus on immediate sales but rather the bigger picture.
Understanding every stage of the sales funnel and how marketing can drive new leads through the funnel will help understand and appreciate the efforts of marketing.
Business pain points can range from small problems that can be tackled immediately to larger scale issues that may take time, effort and dedication to overcome.
Being able to identify your business pain points and addressing them immediately will allow your business to run more effectively, and ultimately, drive more sales.
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