Recent happenings on a global scale, especially the coronavirus pandemic, the emergence of new, worrying variants of the virus, and the impossibility of overlooking its end, all indicate that 2022 will be extremely difficult for businesses, including small ones.
Ross Buhrdorf, CEO of ZenBusiness PBC, spoke on The Small Business Radio Show about the challenges small businesses will have to face next year and gave a couple of advice to entrepreneurs on how to overcome the crisis as painlessly as possible, all based on personal experience and years of a successful career.
Before ZenBusiness, Buhrdorf was the chief technology officer – CTO, in Home Away (now VRBO) a website specializing in renting holiday accommodation.
Buhrdorf is also known as an angel entrepreneur, trying his entire entrepreneurial career to change the way consumers interact with technology.
In his interview, Buhrdorf characterized the epidemic of the coronavirus as a “black swan” event that accelerated the already existing process of the so-called entrepreneurial renaissance.
7 challenges small business owners face today
Buhrdorf spoke about the research conducted by his company ZenBusiness saying it showed how the biggest problems faced by small companies at the beginning of their operation in order are: attracting customers (50%), business development (41%), ensuring stable financing (41%), tax fill (40%), fulfillment of legal requirements (39%), establishment and maintenance of a website (34%), accounting/bookkeeping (34%).
As a person who has been a successful entrepreneur for decades, Buhrdorf has given a couple of tips to young entrepreneurs who have started their own business or intend to do so.
In the first place, Buhrdorf emphasized transparency and honesty as a condition for a successful business.
He said every entrepreneur should ask himself whether the product or service he offers to consumers is something customers really need?
He explained how the main reason why companies fail is the fact there was no need in the market for the product or service the company offers.
He concluded by saying recognition of the market needs for a product or service is key to starting a successful business.
Secondly, Buhrdorf stated it is necessary for the survival of the first year of business that entrepreneurs invest effort, time, and money to get to know their customers and do it 100%, without reservations.
Getting to know the customer of your products or services is key to a successful business.
Buhrforf cited the need for a presentable website as the next requirement.
He said an efficient and good quality website is one of the investments guaranteeing companies a profit in the first year.
Here, Buhrdorf again referred to his own numbers, saying ZenBusiness customers who set up the website after the company opened earned $15,000 more than those customers who didn’t.
As the last condition for successful business of young entrepreneurs, especially in the coming year, Buhrdorf pointed out competitiveness.
He added by competitiveness he doesn’t mean inflating the prices of products and services, but the way in which those services are provided to customers.
Buhrdorf emphasized how successful business and survival of the first year are guaranteed to those entrepreneurs who always do more than the customer/client expects or asks of them.