Every business has its unique challenges. However, there are issues faced by the average business, in today’s times.

Businesses have to keep up with changes in the society which are relevant to business development. These include new and advancing technology, social media platforms and new trends which serve as important marketing channels. Entrepreneurs have to be aware and be up-to-date with recent information that could help scale-up their business. Another challenge in many businesses is in the area of tax compliance and legal matters. What regulations and taxes are required of your business? (read our article on The Legal and Regulatory Framework of Startups).

Start-ups may also face difficulty managing finance and resources, employing staff and dealing with competition. Regarding the aforementioned, business owners may decide to seek the help of a business consultant or expert in the field.

It is important that businesses are protected against risks and lawsuit. A reputable insurance company will provide advisory services and offer insurance such as:

• General Liability Insurance - to defend employees, products and services against potential damages to others.
• Property Insurance
• Professional Liability Insurance
• Product Liability Insurance.

It is necessary to seek the services of a credible insurance company. Business owners must make sure to have proper documentation and record of their business, to help with the insurance process.

There are also online start-ups which assist with such services (read our article on Legal Start-ups Whose Services You May Need).

A business requires sufficient profit to ensure its smooth running and, to attract investors and funding from financial institutions.

It is necessary for a business owner to regularly evaluate the products and services of the business to ascertain its productivity and profitability. By assessing this, one would know what to do differently.

Make sure to market your products diligently, to create awareness and get customers (download the Ebook on Eleven Ways to Market Your Products Online and Offline). Also, make sure to provide and maintain a good customer service. Customers are good salespersons.

As earlier mentioned, a good profit record and business documentation are helpful tools to get the attention of investors.

An investor is simply anyone who is willing to commit an amount as capital to a business, with the expectation of financial returns from the business.

Business owners can leverage on their connection with friends and family, and engage in networking events to seek investors. It is also advisable to seek organisations and associations which offer investment services.