Small Business Solutions

5 Main Problems Faced By Small Businesses

How can LuitBiz help small businesses to hit a home run?

The biggest challenges faced by small businesses worldwide are:

Client Dependence

Small businesses face a lot of difficulty in signing up new clients and after signing up a new client they tend to develop a long term relationship with the client and try to do all their work without bothering to sign up newer clients. In such a case, if your main clients have a consistent need for your product or service then it works out fine for you and your employees. However, if the work dries up with time then your small business is in a soup. Diversifying the client base is vital to growing a business, but it can be difficult - especially if you are concentrating on only a few of your select clients. It is always better for a small business to have a diversified client base to pick up the slack when any single client quits paying. They should not concentrate all efforts and resources in select clients as they face a greater chance of loss

Help Business Diversification

LuitBiz helps small businesses diversify into new markets and sign up new clients by providing them all the tools to study the market, build up a profitable sales pipeline and then support customers and build a loyal customer base. Small businesses can use the marketing tools of LuitBiz to conduct a detailed market study including market segmentation, competitive analysis and SWOT analysis before launching a product / service. LuitBiz guides you through the individual steps salespeople take from initial contact with a potential customer, or prospect, to qualifying that prospect into a lead, and further validating that lead into a sales opportunity followed through the different stages until closed. After you close a sale, LuitBiz provides you the tools that you require to support and sustain your clients. LuitBiz CRM along with the LuitBiz customer portal is the only software in the cloud that provides your small business with a comprehensive set of tools for automating your marketing, sales and support processes that will help you to diversify into new markets and sign up more clients.

Lack Of Direction And Planning

Many entrepreneurs are so excited about setting up their very own business that they fail to prepare a proper business plan. It helps in focusing on the goal and mission of the business. It determines the financial situation of the business, the roadmap to follow, market research and analysis of the competition. A business plan is basically an investment to your business. From obtaining funding to hiring employees to planning for expansion, a business plan can be your guide to keeping your business on track. Your plan can show the profit potential of your business and demonstrate that you are prepared to handle whatever problems may arise. Most small businesses lack a detail business plan to set specific objectives and goals along with the resources required to achieve these goals.

Plan Now For A Better Tomorrow

LuitBiz helps you plan your business better by providing you with all the tools to develop a realistic and result-oriented business plan that will force you to think realistically, objectively and unemotionally about your business. The marketing module of LuitBiz CRM provides you the tools to analyze your customer demographics, competition and market, plan your service / product promotion strategy and perform a SWOT analysis. Additionally, you can store your operational, organizational and financial plans in your LuitBiz DMS, get approvals on the plans and easily communicate planning objectives and strategies to bankers, partners, employees, financial backers and so on with complete historical records of all your documents and communications.

Fatigue of Founders and Founder Dependence

The most passionate entrepreneurs also succumb to the long hours of work and the constant pressure to perform. Many business owners, even successful ones, get stuck working much longer hours than their employees. Moreover, they fear that their business will stall in their absence, so they avoid taking any long breaks away from work to recharge. When fatigue sets in, the weariness with the hours and the results can lead to rash decisions about the business, including the desire to abandon it completely. Moreover, many businesses suffer from founder dependence, and this dependence is often caused by the founder being unable to let go of certain decisions and responsibilities as the business grows.

Nimble and Agile Founder and Workforce

LuitBiz helps small business owners to dramatically increase their operating efficiency by giving them the ability to both react and change in order to profit in the competitive marketplace. With LuitBiz, you have all your business processes in one place, be it market data, customer information, employee information, orders or inventory. This lets you have a 360 degree view of the health of your business all the time, even when you are on the move and make decisions accordingly. Additionally, LuitBiz helps you delegate responsibilities to your colleagues who could manage your business at your absence but at the same time you will be able to view the real time health of your business when managed by them. This gives a small business owner time to relax and sit back and strategize on growing his business prospects and responding to market changes.

Balancing Quality And Growth

Whether a small business is in the service sector or manufacturing a product, at some point it must sacrifice in order to scale. This may mean that the founders are not able to personally manage every client relationship or inspect every widget. Unfortunately, it is usually that level of personal engagement and that attention to detail that makes a business semi-successful. Therefore, many small business owners often find themselves tied to these habits that slow down the company's growth. There is a large middle ground between shoddy work and an unhealthy obsession with quality, so it is up to the business owner to navigate the company's processes towards a compromise that allows scale without hurting the brand.

Balanced Growth and Quality Processes

LuitBiz DMS and LuitBiz BPM work together to help you manage the highest quality of your service / product without compromising on your business expansion plans. With LuitBiz, small businesses can plan their business growth, quality processes and associated capital requirements in addition to ensuring that all aspects of the plan are clear and integrated in providing their customers with the best quality of service / product.

Financial, IT & Manpower Constraints

Though there is a growing awareness among the SMB segment worldwide towards the threats to their data, deployment of relevant solutions to counter this threat has not matched up. Inadequate budget together with ineffective information security management at the operational level are the main stumbling blocks for most small businesses. Manpower issues are still a major pre-occupation among small business owners. Difficulty in hiring staff and high manpower costs are the top business concerns of most SMB owners. So even though they wish to deploy automation systems that would increase their efficiency they back out fearing huge capital investments in IT infrastructure and hiring IT staff.

Affordable Software That's Easy To Use & Mobile

LuitBiz is a completely responsive business applications software suite that can be used by small businesses to manage the three most important pillars of their business - customers, employees and documents easily over the Internet using any device. THere is no need to download any mobile apps or install any desktop clients to access LuitBiz. Just fire up your browser from any device connected to the Internet and access LuitBiz. Moreover, LuitBiz is extremely easy to use and comes with audio guides in every screen. This makes the learning curve for LuitBiz very low. There is no need to hire IT staff to manage LuitBiz. It is completely managed by Luit Infotech over the cloud along with very prompt customer support.