Micro, Small, and Medium Enterprises, known better by the acronym MSMEs, share 99.58% of all business enterprises in the Philippines, according to the PSA 2021 List of Establishments. Small business owners share 8.63% in the total MSME market but face unique challenges that are experienced by such businesses alone.

Many small business owners face challenges in obtaining the necessary licenses and permits, building an effective web presence, owner fatigue, finding the right employees, and finding the balance between quality and growth. However, there are ways to overcome these challenges.

Each problem will be briefly tackled below with corresponding solutions and advice that can be provided to small business owners or start-up business owners.

Obtaining the necessary licenses and permits. Government offices have gone online and have increased their efforts in campaigning for the use and application of any license/permits online. This allows owners to take fewer absences from work.

Building an effective web presence. Find where your target market is. Brand awareness does not mean creating profiles and pages on as many social media platforms as you can. Building a simple yet informative website and being present on a social media platform where most of your target market is, would be a good start.

Owner Fatigue. Owners experiencing burnout are a huge loss for the business. Always find the right work-life balance; it all looks different for everyone. Owners should also not create situations where the business could not operate effectively in their absence.

Finding the right employees. Finding the right people doesn’t happen on the first try. Find out what your business really needs and find someone to take on that role. Process building is important which is essential in the first few years of building your business.

Finding the balance between quality and growth. Building a business that is not founder-dependent is no easy feat. At some point, issues from growth may outweigh and overpower the benefits but sacrifices are needed to be made for businesses to grow, scale, and adapt.

The Bottom Line

Businesses will always have their challenges no matter the size. It’s all about getting back up again no matter how deep the fall. Those above are merely a few but persistent problems that are being faced by small business owners daily.

Look into different solutions that can help operations easier such as a payment solution that can help your business scale by allowing business owners to accept various payment options with just one application.

GiyaPay is a third-party payment solution that allows you to track online payments by allowing owners and their customers to experience a full online payment experience. The team behind GiyaPay is open and willing to help you understand more about what it can provide you and how you can use it to your advantage as a small business owner.

To learn more, visit www.giyapay.com or follow the GiyaPay Facebook page.

Sources:

https://www.dti.gov.ph/resources/msme-statistics/

The Challenges of Small Businesses in Today’s Economy

https://www.waldenu.edu/programs/business/resource/top-five-challenges-small-business-owners-face

https://www.investopedia.com/articles/pf/12/small-business-challenges.asp