7 Critical B2B Challenges and How to Solve Them

7 Critical B2B Challenges and How to Solve Them

Acquiring Funding

Challenge # 1


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Crystal L. KendrickPresident, The Voice of Your Customer

Myth: It is very easy to obtain a loan from a bank.

Fact:

Small business owners spend quite a bit of time and resources preparing application packets and meeting with bankers, only to be rejected.


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Solution:

• Focus on generating sales and earning more profits.

• Work with the small business development programs at local universities to train our employees, develop websites and electronic media, and provide legal advice.


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Solution:

• Apply for grants and programs by government agencies and non-profit organizations.

• Work with local chambers of commerce to access needed software and databases, to allow our employees to attend business training courses.

Finding the Right Suppliers

Challenge # 2


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Marc ProsserPublisher, Fit Small Business

Vendors like to see deals of a certain size.

They won’t be willing to deal with you on preferential terms unless they see business on a scale that matches their standards.

On the other hand, it’s hard to give the end customers a good deal without that preferential pricing and service from vendors.


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Marc ProsserPublisher, Fit Small Business

Solution:• Give vendors a picture of what you expect to produce in

the future • Show them how you expect to get there

Tip: Once they see that you are capable of producing business on the scale they are seeking, it is easier to negotiate a deal that works better for both sides.

Finding the Right People

Challenge # 3


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Trevor EwenPartner, Neosavvy Labs

Recruiting can be very tough in highly technical fields.

Solution:• Keep a strong personal network of junior, mid-level, and

senior technical people in your industry.

• Initially work with them as contractors on smaller projects before risking on larger relationships.

Getting Noticed

Challenge # 4


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Tedd HortonFounder and CEO, KangoGift

Without a large budget and team, it can be hard to reach potential customers from a small marketing perch.

Solution:Create a partnership with a large company.

Partnerships can help the SMB owner by increasing the potential customer reach and by offering best practices from the more established partner company.

Establishing Credibility

Challenge # 5


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Ryan HullandPresident, Netfloor USA Access Flooring

Potential customers may love your sales pitch, but if your company is only 6 months old they may hold back on committing until they’re sure you are here to stay.

Solution:• Convince them there is more to B2B than how long a

company has been in business.

• Try harder than anyone else, and never give up.

Learning to Delegate

Challenge # 6


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Amad EbrahimiFounder and Writer, Merchant Maverick

The thought of bringing anyone on board can be intimidating.

You might feel that nobody could do what you do.

You might think that it would be too much work to train someone.

Solution:Start by hiring part-time contractors. That way I could test the waters without making a full commitment.

Converting Trials to Paid Accounts

Challenge # 7


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Richard ProtheroeContent Marketing Executive, Veeqo

Potential customers do not have the time learn how our software can benefit them.

Solution:Tweak your marketing strategy.

How we did it:- we set up a webinar twice a week- we identify people who are actively using the free trial software and reach out to them to offer help

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7 Critical B2B Challenges and How to Solve Them