Over the last couple of weeks the yourBusinessChannel research team has connected with approximately two thousand businesspeople from all around the world to uncover what the key challenges facing SMEs and entrepreneurs are, right at this moment.

The responses have started to flood in, so we're now onto phase 2 of the research.

The team will now go out to experts across relevant areas of business and gather the best solutions available to solve the most common problems.

Below is a list of the 4 business challenges that have come up most often so far.

If you're an expert, we'd love to hear your thoughts and advice. And if you're a businessperson who's facing the same problem, or if your problem isn't on this list, let us know that too!

Here's the list so far:

1. Time management and focus
“finding time to manage (plans, invoices/bills/stock), while running the business (day to day)”
“there is never enough, the busier you become the more there is to do”
“my single biggest problem in business today is lack of time to do all I want to do with my business”

2. Reaching more of the right kind of customers
“expanding customer base”
“getting my marketing strategy right to get the best ideal clients.”
“I'd like more wholesale accounts.”

3. The recession
“people are very cautious nowadays because of the recession and they are not willing to take on much risk.”
“I think it has to be the recession. Customers are looking round for bargains but there is only so much I can reduce prices by”
“Dealing with being in the black in this recession while not compromising employee happiness. “

4. Converting customers
“Spent a lot of time learning how to build traffic etc, now it's time for learning conversion”
“Turning a verbal agreement into action. Main obstacle seems to be money.”
“getting more than 10% of click throughs to purchase.”

If you're interested in contributing to this project, you can get in touch with us via our contact page.

We'd love to hear what you have to say!