The 3 Biggest Challenges Experienced by Today’s Small Businesses

The small business sector is a critical component of our nation’s economy. According to information derived from the Small Business Administration (SBA), in excess of half of the entire American population either own their own small business or are employed by a small business.Challenges of Dental Practice Small Business

Additionally, these types of businesses are responsible for creating two out of every three jobs within the country every year. Unfortunately, small businesses face many challenges. The Bureau of Labor Statistics claims that 20% will fail within the first year of operation, 50% by the fifth year, and 80% by the tenth year.

In this guide, you will be introduced to the biggest challenges impacting the small business sector.

  1. Talent Acquisition

Hiring new talent is considered to be one of the most significant issues faced by today’s small businesses. It is a complex, time consuming, and costly process. For most companies, this process averages approximately $4,000 in expenses, in terms of onboarding.

This cost quickly increases if a company fails to hire the appropriate person for the job and suffers from turnover. Most small businesses hire with a short-term mindset; not because they want to, but because they have to due to staffing issues, low budgets, and the immediate need to fill positions.

A significant amount of time and consideration must be placed into this process in order to bypass the “good” and discover the “great”; however, most small businesses simply do not have the resources to invest this time and consideration into talent acquisition.

  1. Discovering and Attracting Customers

The second biggest challenge impacting today’s small businesses is discovering and attracting customers. All too often, only one to two people within a small company are responsible for marketing for the purpose and intent of attracting new customers. There are small businesses that have no one dedicated to this task.

Today, small businesses have to discover who their ideal customer is and then develop a marketing strategy that not only attracts the attention of those ideal customers, but builds their brand so that their business will be an entity in which they desire to do business.

  1. Brand Awareness

The next complication experienced by today’s small businesses is the challenge associated with building brand awareness.

While technology allots a sense of ease when it comes to testing and bringing your products and services to the market, it can be exceptionally difficult to cut through all of the virtual “noise” that is present on various online marketing channels and platforms that will allow a small business to get noticed, to differentiate their business, and to build up their brand.

To truly develop and differentiate a small business brand, that small business must be capable of developing and differentiating their marketing strategy so that they are able to reach a place – both online and offline – where they are drawing the attention of their customers.

How to Proceed

If you are reading this article, it is likely that you are researching information that will allow your small dental practice achieve success. You have probably found some degree of familiarity in the challenges outlined in this guide and are searching for ways to overcome those issues.

We have wonderful news! It can happen! All that you need is to opt to work with a dental service organization. By placing your practice within a dental service organization (DSO), you will gain access to all of the tools and resources that you need to overcome the challenges presented here, as well as the other issues you experience.

For more information, simply visit us today at: https://americandentalofgeorgia.com/contact-us/

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