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3 Problems Your Small Business May be Facing

blog | 3 min read

3 Problems Your Small Business May be Facing

Running a small business isn’t always plain sailing. During the more challenging periods, it’s comforting to know that you’re not alone. See if you’re currently suffering from any of these problems below, and find out how you can easily solve them.

1. Skills gaps

The demand for work with specialist data skills in the UK has more than tripled over the last five years, now measuring at 231%1. This in comparison to a general increase of 36% for regular workers. The need for data analysis has grown as a consequence of the vast amounts of available data2, however, there aren’t enough data scientists to meet these requirements. Subsequently, 86% of managers report difficulty in hiring talent in this sector3. Whilst you’re not alone with this problem, shortages in this department can greatly hamper the quality of your data. Outsourcing your business needs will help mitigate the risks posed by skills gaps.

2. Lack of capital

Cash flow, or lack thereof, can be a common issue for SMEs. In fact, 57% of small business owners have experienced problems in this area4. Under these circumstances, companies cannot justify the high costs of on-premise business solutions. Instead, they need cost-effective tools that drive them in the right direction without breaking the bank. Moving to the Cloud will save you a lot of money in the long-run, as most solutions are pay as you go5. This in effect saves wasted expenditure on software you may not always need to use.

3. Customer satisfaction

Whilst a typical day in the life of a small business may be spent focussing on remaining competitive, one key element that some companies forget to prioritise is customer satisfaction. Statistics reveal that UK businesses lose £12 billion every year as a result of poor customer service6. This is quite alarming considering 73% of consumers point to customer experience as an important factor in their purchasing decision7. Dedicating more time to satisfying your customers will help with customer retention and profitability.

Hopewiser can help you overcome these problems

If you need to outsource your data requirements in order to fill skills gaps, or improve your relationship with customers, then so be it. Hopewiser’s cloud solutions are designed for these very purposes. When it comes to your data, you can never be too careful, as the quality of said data impacts greatly on the performance of your business. Online data cleansing is the perfect cost-effective measure to fill shortages in expertise, by automatically cleansing your database of any duplicates, goneaways, and deceased records. With prices starting from as little as £30, this is at a fraction of the cost you could be facing for having poor quality data.

To find out more, register for our cloud services today:

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    1 Data scientist jobs: Where does the big data talent gap lie? (IT Pro 17th September 2019)

    2 Future of Data (Raconteur 25th March 2019)

    3 UK Data Science Skills Shortage Reaches Crisis Point (BDaily News 28th November 2019)

    4 SMEs’ most common issue is cashflow (UK Tech News 2nd April 2019)

    5 12 Benefits of Cloud Computing (Salesforce 16th April 2016)

    6 Sixteen customer service statistics and what they mean for small companies ( 13th May 2016)

    7 Experience is everything: Here’s how to get it right (PwC 2nd April 2018)

    , updated 27th September 2023.