Kim Little is Newfold Digital's Senior Vice President Commercial Lead of Web.com and Product Management.
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Over the past year, stories of economic uncertainty and mass layoffs have dominated the headlines. This new reality, coupled with the "great resignation," inspired many to follow their dreams and take their careers into their own hands. This has helped spur the rapid rise of entrepreneurship we’re seeing today, with 10.5 million new businesses having entered the market this year alone.
Small-business owners in every field, from clothing retailers and jewelers to restaurant owners, will attest that the job is no easy feat, especially in today’s increasingly competitive and crowded marketplace.
Data from the U.S. Bureau of Labor Statistics reveals that about one in five U.S. businesses fail within their first year of operation, so it’s imperative that entrepreneurs implement sustainable solutions to overcome any obstacle to success.
If you’re an entrepreneur struggling to juggle it all, you’re not alone. Based on my experience providing web solutions to small-to-medium businesses, here are the top three challenges I see small business owners facing and how to overcome them using digital tools.
Lack Of Time
It’s no secret that entrepreneurs are strapped for time. After all, you are in pursuit of a vision, determined to turn your business dreams into a profitable reality. But with limited time, I think it’s important to leverage the right digital tools in order to work smarter, not harder.
From investing in appointment scheduling tools to setting up automated customer communications, these tools can help you drive more business with less hassle. In fact, a recent survey shows that utilizing marketing software and CRM tools can lead to improved sales, productivity, customer retention and satisfaction (registration required).
To further drive growth and increase digital presence, SMBs can consider leveraging AI tools such as ChatGPT. I find that ChatGPT can help brainstorm and spark unique campaign ideas, quickly transforming raw concepts into refined, professional content. Furthermore, when it comes to branding and searchability, generative AI can instantly suggest SEO-friendly keywords and ways to enhance designs, logos, colors and more.
AI can be a great way for SMBs to earn back time while overhauling their online presence—from accelerating website creation and social media posts to blog articles. However, while AI is a great tool to boost success, it is important to remember that these technologies cannot replace the human touch and should only be used to enhance and fine-tune online efforts.
Incomplete Purchases
It turns out "ghosting" isn’t just an issue haunting the dating world. Shopping cart abandonment is still the bane of every business owner’s existence, despite the e-commerce market growing and gaining popularity. In 2022, there was an average cart abandonment rate of approximately 70%.
There are many reasons why shoppers wind up ditching their baskets. The top reasons for cart abandonment include hidden costs, extra steps (such as creating an account), clunky user experiences, poor return policies and payment security concerns. Additionally, it’s becoming increasingly common for consumers to treat shopping carts as a holding area. (Browsing and curating wish lists—even without an immediate intention to buy—is an enjoyable pastime for many.)
Whatever the case, there are ways that you can help mitigate this issue. Small-business owners can program automated abandoned cart emails and push notifications to nudge the undecided customer, offer different payment options, streamline the checkout process and provide live chat and support. I've seen how these easy changes can help recapture lost revenue and keep customers in the spending—not ghosting—spirit.
Ineffective Web Presence
With 28% of business now done over the Internet, an online presence is essential for any SMB. But when it comes to making a sale, nothing deters customers more than a lackluster brand and outdated online store. For those entrepreneurs without web design, coding or SEO knowledge, establishing an online presence can be daunting and quite time-consuming.
Fortunately, there are tools and resources available that can simplify and streamline this undertaking. In particular, DIY website builders can keep processes simple and intuitive, while professional services can provide expert insights and an elegant touch.
When it comes to succeeding online, it’s true that functionality is key, but personalization is king. To strike the right balance, I recommend that SMBs look to understand their target audience and present themselves in a way that resonates with that audience. For example, if your main customer base is Gen-Z (who do most of their shopping on their phone), you should ensure you have a mobile-friendly site and a strong social media presence.
And if you are looking to market your business to people around the world, make sure to offer multilingual capabilities so customers can more easily peruse and discover your products and services. The right web-building tools and plugins can support all of these efforts.
A professional-looking and high-performing website will not only be effective in promoting your products and services—ushering in valuable sales—but it has the power to be a true representation of your brand and mission, keeping customers loyal, passionate and coming back for more.
Running a small business is hard work, but a big part of entrepreneurship is discovering and implementing creative solutions to problems—and with today’s innovations just a tap away, that’s never been easier.
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