5 Small business problems and ways to overcome them

When you decide to begin your entrepreneurial journey, you prepare for the courage to take on many challenges. Though eventually, these struggles will pay off pretty well, you need to persist in daily business operations. All are aware that half of the businesses fail within three years, that’s why even the banks ask for the business proof of past three years. All, however, don’t know that about 20% of businesses disappear within their 1st year.

As an entrepreneur, you might feel these challenges are unique to your business, but it’s not. We have compiled seven biggest challenges faced by entrepreneurs along with ideas to go about overcoming these challenges.

Sourcing the best employees:

Hiring great people is crucial and often exasperating. Small and medium businesses find it difficult to hire the best employees because many people prefer to work in established firms. For you, it’s vital to have a pleasant working environment and showcase the work culture to attract new employees. Hiring through Facebook, LinkedIn and other social platforms is more effective and will be light on the budget.

Sourcing leads for business is not easy:

Advertising campaign and many marketing collaterals are not what a small business owner can afford. So take your business to social media and start promoting; you’ll get better results for a cheaper cost. Also, as an entrepreneur, always find opportunities to personalise customer service. This will lead to a long way by acquiring new clients through word of mouth referrals.

Managing the budget:

Keeping track of your business finances is critical. To manage this challenge, you must craft a strategy and estimate your expenses at the beginning. Appropriately estimating the cost of each project will help you prioritise tasks for higher effectiveness and with lower costs.

Risk of asset theft:

This unfortunate event might happen when you’re already amidst the storm of challenges. Small and medium businesses cannot afford high-security systems like established businesses. Therefore, they face fraud and theft. To avoid this mishap, you can minimise cash transactions and use POS or swipe machines for business.

HIgh level of competition:

Giving what the customers want is a major challenge for small business owners. As an entrepreneur, you need to come up with new solutions and improvement in the services. Providing a great customer experience is the best way to sustain customers and beat competitors. Like you, even your competitors are facing the same issue, so keep your calm and be confident.

No matter in which business you are, challenges will always strike you. How you respond to these challenges will keep you ahead of the curve. And never hold back your growth due to any financial hurdle. NeoGrowth can help you with collateral free loans to meet your unique business requirements. 

Your business needs you to relax!

Gautam Buddha was once meditating under a banayan tree. A group of young girls passed by him playing a musical instrument called lute. Buddha saw how the girls were adjusting the strings of their music instrument so that it produces the beautiful music.

He thought: “ You must first learn how to tune the string. Make it too loose and it will not sound desirable, make it too tight and it will break.”

He concluded by repeating “not too tight, not too loose”. Buddha had got the answer to attain happiness.

Same as the strings, thinking too much of your business work should be avoided and try to take a break to relax which will help increase your productivity!

NeoGrowth helps to relax your financial strain by its business loans.

NeoGrowth Credit Pvt Ltd can help you get business loans. For more information refer here : https://www.neogrowth.in/applyNow/

You can also download NeoGrowth-business-loans PDF file for your reference.

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

Finance and Bookkeeping Apps Your Small Business Needs to Succeed

Importance of financial mobile apps to Business:

Challenges related to finance and accounting are faced by every small business. Be it related to finance or book-keeping, these obstacles are encountered by all. Great care and utmost caution are required while dealing with these factors as even a small accounting error may cause a multiplied effect on the balance sheet as a whole. Now, the best way that one can employ to deal with these challenges is by preventing it in the first place. And the best way to combat these obstacles include developing a system and standards, using an integrated software system that needs less manual entries, using versatile cloud-based accounting software system, educating yourself on accounting, tax and accounting problems, and partnering with a certified public accountant.

One can keep a tab on finance, accounting and book-keeping using apps on their mobile phones or tabs. Let us take a look at some useful and handy finance and book-keeping apps for your small business:

1. Zoho Books


Zoho Books organizes and manages all of your business transactions. You pay less time invoicing and chasing due payments. On-line payments offer the advantage and convenience to encourage faster payments. With Zoho Books, you’ll be able to simply keep a record of all of your estimates, invoices, credit notes, and continual invoices. Convert estimates to invoices in just a click, and with the filter you can also trace invoices which require your attention.

Zoho Books is stress-free and an easy-to-use accounting app that tracks the cash incoming and outgoing of your business. With Zoho Books, you’ll continually keep up-to-date on your business finance and create choices instantly. Some of features include-

  • Sales – Manage Money Coming In
  • Purchases – Manage Money Going Out
  • Purchase Order
  • Banking
  • Quick widgets
  • Tax Exclusive / Tax Inclusive rates
  • Invoice Templates
  • Track time accurately
  • Download and Print Reports
  • Accept Online Payment
  • Add Attachments and Receipts


2. QuickBooks Online


QuickBooks makes accounting, billing, and payments as simple as a breeze. Run your entire business with this small business cloud accounting solution and enjoy the liberty of operating at any place from your smartphone or tablet. Some of the benefits of using this app are-

  • Create and send professional looking invoices and estimates
  • Get paid faster by sending invoices with a Pay Now link
  • Receive payments directly on an invoice via credit card
  • Do business in multiple currencies using the latest exchange rates
  • See overdue invoice notifications to make sure everyone’s paying you
  • Manage expenses, sales and customers on the go


3. Freshbooks


FreshBooks enables you to create Professional Invoices in seconds. You can create professional-looking invoices complete with your own logo. When you’re ready, simply print off your invoice or email it to your client in a snap. It is exclusively designed for Small Business Owners

  • Create and send professional-looking invoices and estimates
  • Easily capture and manage expenses on the go
  • Turn on the timer while on the clock for your client and never lose another billable second again
  • Your FreshBooks account is accessible everywhere, on all your devices, to let you work from where ever you want and whenever you wish to
  • Your data is backed up and secure across multiple data centers, behind a firewall with 256-bit encryption – that means if you ever lose your phone, all your data remains intact.
  • The cloud accounting saves your time and helps you get paid faster.


4. Tally


This app is a tool to keep up business or personal accounts on android device in “Tally Way”.

A person having no knowledge of accounting can also utilize this tool as it is very simple and user friendly. This app makes it very simple to manage day to day accounting transaction on a mobile or a tab. The screens and operations resembles known Indian accounting package “Tally”.  Even zooming is additionally provided, i.e. from final report one can reach till voucher entry.

Some of the features are –

  • Creation of Masters for all sort of Accounts like Capital, Assets, Debtors, Creditors etc. Entering and maintaining Daily Transactions like Payment, Receipt, Sales and Purchase. Contra entries to manage cash deposited or withdrawn from bank. Journal Vouchers for cross account entries and final settlement entries.
  • Generates Reports like Daybook, Ledger, Registers, Trial Balance and Final reports – Balance Sheet, Profit & Loss Account.
  • Data is always backed up and used from the device itself. But for safety, user can take a backup in a company wise manner and store it at a desired location or can directly mail on his own mail-id. So, in case the user has formatted his phone, there is no accidental loss of data.


We @NeoGrowth Credit help online sellers & retailers grow their business by providing business loans.


Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166