12 Pain Point SOLUTIONS for Start Ups & SMEs

Let’s get to it, no fluff. Here are 12 pain points that Start Up and SME founders face, and how to solve them using Operations:

Limited Funding:

PAIN POINT: Securing initial capital or ongoing funding can be challenging, with many startups struggling to attract investors or manage cash flow.

SOLUTION: Attract investors and manage cashflow by getting your operations in order. Easier said than done, but if you go through your P&L with a fine comb, understand all of the costs, streamline them, you’re winning.

It also helps to have a project of optimising time, spot any manual tasks and iron them out. Draw all of your processes out onto paper (who?) or something like Figjam (oh!) and identify which parts we can get rid of or automate.

Cash Flow Management:

PAIN POINT: SMEs often face issues with balancing incoming revenue and outgoing expenses, which can threaten day-to-day operations.

SOLUTION: Similarly to the above, make sure you know where money and time is going.

We at Opticks. often see Start Ups and SMEs subscribe to loads of different tools that could all be replaced by one, cheaper alternative. The big CRM systems these days have incorporated a lot of what other tools can do, into one, probably cheaper subscription.

Hiring and Retaining Talent:

PAIN POINT: Finding the right talent, particularly with limited resources, and retaining skilled employees is a major hurdle for growing businesses.

SOLUTION:

First: Do the job that you want to hire for so you know about it. Develop yourself KPIs then you know what good looks like.

Second: Think about your culture, what kind of person you want. You can’t clone you, but you can get someone who works well with you.

Third: Look around your friends and family, if you feel like you could work with them. These people will remain loyal to your cause (hopefully) so will do anything to be successful.

Fourth: Write a JD and hire, you know what you want, who you want and what they’ll be doing, you’re ready.

Retaining them is the next part, do this buy getting them on your journey. Show them what you (pl) can achieve as a team, the difference you’ll (pl) make to the world.

Once you’re ready, Pearl Talent have got the best places to hire from.

Customer Acquisition and Retention:

PAIN POINT: Building a customer base and maintaining loyalty in competitive markets can be difficult, requiring significant time and marketing investment.

SOLUTION: ASK THEM.

Oh so simple. Firstly, validate that you will be able to acquire users by asking them if what you think will fix their problem, will actually fix it.

Once they say yes, develop the service and they’ll come in.

Next is the operations part. Ask them again to cut churn. Ask them before they want to leave and you won’t have a retention problem.

Check out this alternative method.

Scaling Operations:

PAIN POINT: As businesses grow, managing increased demand while maintaining quality and efficiency becomes complex.

SOLUTION: The reason why Opticks. exists 👀

Scaling operations is hard! So that’s why it requires good thought. Stop and do an Operations Audit, document all of your processes, write down your procedures, and try to spot any weakness or bottlenecks that’ll stop you from scaling. Fix those, then do it again, fix them again. Stress test, fix them again!

In other words…CONTINUOUS IMPROVEMENT.

Market Competition:

PAIN POINT: Startups often compete with larger, established companies that have more resources, making it harder to gain market share.

SOLUTION: You can’t get rid of competition. But you can be different.

Using superior operations you can be small but mighty. Streamline everything you can and focus on personal or business branding to step out of the shadow.

Ops can help, become hands off with the processes and be more present in the growth of your business.

Regulatory and Compliance Issues:

PAIN POINT: Navigating legal, tax, and industry-specific regulations can be time-consuming and costly for small businesses.

SOLUTION: This is where we can geek out too. Having been through some ISO certifications, a really good process followed well can help with all of the legal, tax and regs you need.

Make sure to write down what is needed to be covered off, and have a process where you do it periodically in case something changes.

Technology Adoption:

PAIN POINT: SMEs may struggle with integrating the latest technology, whether due to budget constraints or lack of expertise, impacting operational efficiency.

SOLUTION: This goes back to what we were saying earlier about big CRMs using new tech all the time, or use something like Tubular who create zaps for you to integrate other pieces of tech.

That…or use KISS, keep it simple, stupid. Don’t overcomplicate things and you won’t be left behind anyway. Good Ops can help with that.

Brand Awareness and Marketing:

PAIN POINT: Developing a recognisable brand and marketing it effectively, especially with limited budgets, is a challenge for many new businesses.

SOLUTION: Use free platforms and create a consistent process to leverage them.

LinkedIn, Instagram, Facebook. Free platforms to advertise and push your message.

Leadership and Management Expertise:

PAIN POINT: Founders or small teams often lack experience in leadership, making it difficult to manage growth and make strategic decisions.

SOLUTION: Hire consultants on a short-term basis, or partners on a longer-term basis (like Opticks.!!) to help you with the things you don’t know or want help on.

Non-Execs can also get involved here, use places like Connectd if you don’t have anyone that comes to mind.

Burnout and Work-Life Balance:

PAIN POINT: Startup founders and small business owners frequently face long hours, stress, and pressure, leading to burnout.

SOLUTION: All of the above.

Sorry - but it’s true. Ops can help you streamline and step away a little bit, making time for you.

Supply Chain and Inventory Management:

PAIN POINT: Managing suppliers, inventory, and logistics efficiently can be difficult for SMEs with limited resources or tools.

SOLUTION: Again, all of the above! Streamline your processes to ensure your supply chain and inventory can almost be managed by itself. Automate what’s in or out, and get people to help you manage this process.

These pain points can vary depending on the industry and the stage of the business, but they often require strategic planning and resource management to overcome, and using someone like Opticks. can expedite this hugely.