7 Key Challenges Faced by Small Businesses
By KeeVurds Desk
Small businesses can have difficulty accessing capital, such as loans and grants. This makes it difficult to start and scale the business.
Small businesses mostly have less brand awareness as compared to large businesses. This makes it hard to grow and scale.
In usual cases, it is difficult for small businesses to keep up with the changing trends. This makes them a bit weaker competitor.
Because large businesses can provide more benefits, it becomes hard for small businesses to hire and retain great talent.
Hiring & Retaining
Having limited resources makes it difficult for small businesses to comply with local and international regulations.
Small businesses often have limited resources, such as time, money, and staff. This makes it difficult for them to compete with competitors.
A small business is more vulnerable to risks because they have fewer resources to fall back to in an event of a setback such as recession.