Here are 10 common problems faced by traders and ways to fix them:
You have never seen a businessman who run his business comfortably since they have lot of work and also have many types of business related problems.
It has been seen that 40% of the small traders have to close their business in the first year and 50% of the traders cannot run their business for more than 2 years and have to close their business. This is a very sad truth.
The life of traders is full of stress and troubles, but if the business is run properly then there is a possibility of getting many gifts. Actually, solutions to many business problems are available.
Freinds, here I will discuss about these common types of problems faced by businessman and will try to solve these problems, because you have to be smart to solve business problems.
Here are 10 common problems faced by traders and ways to fix them:
1) Do a lot of work in a very short time
This is a common problem in 90% of the people. Your time in this competitive world will be over very soon. Running a business is very tiring and takes longer than you think. To take care of your business, you should come to many things at once.
Many businessmen continue to work more than their employees. Apart from work, they are afraid to relax and spend time with family.
Because of this, you have to do most of the work of your business such as engaging customers, picking up calls, fetching goods from the market, etc. yourself. And don’t you think that if you don’t manage your time properly then you will have a lot of trouble running the business?
Solution:
Those who manage their time properly, they are able to do it better than others. You first understand how you spend your time every day and after that think if you can do it in a better way.
For example, if you are spending most of your time in adding account transactions, this work can be done quickly and in a good way with the help of software. Instead of doing these tasks yourself, take help of accounting software like Vyapar. This will save you a lot of time.
Choose the important tasks and focus on them and complete them first. You can ask any of your employees to do the work that is not important. Some business accounting software such as Vyapar helps you to take care of your business even while you are away. Use it
2) Market fluctuations
If you are not paying attention to market trends, then soon your business may be in trouble. The new product comes in the market with good quality, design, price and good features. New traders can come to the market with new methods of selling. Due to all these reasons, you can lose both your market share and customers.
Solution
Always pay attention to your industry and competitors.
Know what’s new, whose sales are increasing in the market, what your customers are choosing.
Keep track of all the changes happening in your industry and adopt them.
3) Difficult business accounting work
Yes, being a small businessman means keeping track of lots of transactions and dealing. Due to lack of accounting degree or finance background, it is natural to have difficulty in managing the sales / purchase transactions of your business properly.
3 out of 10 traders face losses due to not maintaining their account properly. If you do all the accounting work yourself, such as tracking transactions, making GST reports, accounting for transactions and many such difficult tasks, you will have trouble.
Solution
Business accounts are difficult to handle, so many small traders use the help of business accounting software such as vyapar or Tally.
tally is a bit harder and only works on desktop.
But vyapar can also be used in smartphones. It is quite easy to use, in this you can track inventory and cash flow, take reports, estimate tax, create and send invoices, and more. So be smart and use it.
4) Taking Payments From Customers
All traders will agree! Not all customers pay on time, they give many excuses for not making payment on time.
Some customers have different methods of payment, no matter how much you speak, they will pay on their own and according to their time and it will become your responsibility to remind them to pay again and again. Some customers are unable to pay due to difficult circumstances. Due to low cash flow and late payment, the growth of your business can be hindered due to both these reasons.
Solution
Before lending to any customer, make a good check about it, whether it will return the loan to you and whether it is worth believing or not.
Even if you lend, give one sima. Never lend too much to customers.
If you have loaned to a customer and are waiting for payment, then send payment reminder to them.
Some customers have to pay more attention. Talk to them regularly and keep reminding them about the payment.
Take the help of a billing application like vyapar so that your customers will be automatically sent a payment reminder.
5) Competitors are selling at low prices.
In any type of industry there are many competitors. If your competitors reduce their prices then your customers will go there. Indian customers are easily attracted towards low prices. This is the # 1 reason why your customers leave you and go to your competitors.
Solution:
Find out why your customers are going to your competitors. If this is happening because of the price, then see how you can fix it.
Distinguish yourself from your competitors. Try and work hard and provide good service
Focus on your goodness. List what is the best quality of your business.
Promote your business in a better way than your competitors.
6) Exemption of customers due to large companies
One has to agree that big companies do their publicity in a better way. They have good prices. Their online business is also very good. It does not take long to reach them. This is the reason that 3 out of 10 customers in India order online from big companies. Don’t you think this is a threat to your business?
Solution:
Build good relationships with your customers. Treat them well It is seen that 9 out of 10 customers do not come again if they are not treated well.
Customer satisfaction should be your priority.
If you are not online then your existence is not there for your customers. Display your business on google maps and social media.
Facebook, Instagram, are great social media platforms to promote your business.
Being online, you will get more number of customers and you will be able to reach more and more customers.
7) Don’t know helpful people
Not every suggestion given is correct. When you want to take a decision about your business, you will need help. The sad thing is that many times Indian businessmen do not seek help from wrong people or do not take help at all. We do not know about the many benefits offered by the government, and also do not know about many GST rules and more.
Solution:
Do not be afraid to take suggestions.
Join Business Associates, get an Assistant from FB Business Group (Go to Indian Small Business FB Group), Join Business Communities.
Get help from professional people. Always keep in touch with good accountant and lawyer.
It would be good to get suggestions from traders like yourself. They may have suffered all that you are facing.
8) Small budget for new things
Many times the abandoned traders start their business with their deposit capital. It often requires more capital than the budget to run the business and for this reason the business has to be closed.
4 out of 10 small businesses fail in the first year of their business due to these reasons.
Solution
Set the budget accordingly.
Calculate how much you are earning and losing every day.
Financial report, expense tracking, bill filling etc. will be very essential for your business in the initial phase.
Decide carefully so that you do not have to suffer loss.
Having trouble doing all this by yourself? Use this software.
9) No knowledge of sales and marketing
Small traders in India do not pay much attention to marketing due to low budget. You might think it is not necessary but it is not. Marketing is necessary to tell people your existence, otherwise you will not be able to bring any new customers.
Solution
Try to be wherever your customers are.
Show the feedback given by your existing customers to the new customer.
Communicate with customers yourself so that you can differentiate yourself.
Every customer should be your priority, whether you get more payments or not.
Build a special relationship with your customers.
10) Low Cashflow
The problem of cash flow comes when you do not manage your account properly and do not accumulate enough income from your customers. The biggest problem is keeping the cash flow equal. To maintain your business successfully, you have to pay attention to make more money and go out less.
Solution
Keep checking your cash flow equally. Use software to not error
Reduce expenses from everywhere possible.
Instead of buying equipment, take a lease.
Pay late to your vendor.
Pay early using digital payment.
Do you face any problems in your business? Please comment below
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