Common Barriers To Business Growth Today And How To Overcome Them

Common Barriers To Business Growth Today And How To Overcome Them

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No matter how passionate you are about your business and how many hours you log in, you will face many obstacles on the road to success. Here are some of the challenges to your business growth.

The uncertainty and economic turbulence following the COVID-19 crisis has reached a fever pitch. Companies operate against the backdrop of developing technologies, disrupted markets, massive consumer demand changes, the GDPR’s emergence and new legislation. In today’s world, everything is moving faster than ever.

In this environment, you need to mobilise and maximise your business resources. You cannot react to changing markets without anticipating them and must find and implement the right policies to achieve stable and sustainable growth in this uncertain world.

Running a modern company means being at the forefront of many operations and systems that must work together to be competitive. Although some of your organisation’s obstacles are systematic, many are beyond your control. We will examine five common barriers to business growth and how forward-looking companies can overcome them, not only to maintain their revenues but also to work to increase them. The truth is that the most effective solutions often involve simple changes.

Your corporate brand is the foundation of your company. It affects your operations, marketing, sales, customer service, supply chain management, IT systems and future strategic decisions. A consistent brand strategy helps you and your management team make decisions that are consistent with your core mission and values and how you present a clear brand promise to your stakeholders. When there is so much going on, managers can get stuck in micro-management and lose sight of their message to their customers, employees and business partners.

In a decade, we will look back at this period and conclude that the fundamental changes in the business world occurred within the companies themselves. Many studies have shown a clear relationship between corporate value, customer and brand perception, employee engagement and increased profitability. We witness decisive changes in business models and business partnerships today with the digitalisation of commerce, the rise of the gig economy and the growing influence of software, infrastructure and services. Business partnerships are evolving into a more adaptable and organic ecosystem.

To succeed, your business needs to create a flexible and adaptable environment that can respond to sudden changes in demand, supply chains, and cash flows in a highly competitive area. The dismantling of rigid hierarchies, decentralisation and rapid decision-making allow your company to offer personalised products and services on demand. Adapting your business model to today’s realities begins with evaluating your strengths and weaknesses, opportunities and threats and finding the easiest and most profitable way for your customers to go about it.

The pace of business is increasing exponentially. Many important business decisions need to be made in a shortened time frame and in real-time. Quick and effective decision-making generates a competitive advantage.

Data collection and organisational analysis drive modern operational strategies at all levels. Your business can benefit from intuitive technologies powered by artificial intelligence (AI) and machine learning (ML) to organise and analyse data and sometimes influence data patterns. A dysfunctional team cannot exchange ideas, analyse information, and use available resources best.

We are already seeing technology merge with everyday life in the business world. Consider the impact of mobile devices, smartwatches, fitness trackers, and the ever-expanding Internet of Things. Today, customers are looking for sophisticated, personalised shopping experiences that have never been seen before. Businesses will have to follow suit.

With advanced technologies like AI and ML, today’s SMEs can use advanced platforms for cash flow management, marketing, and personalised optimisation operations. Outsourcing time and resource-intensive tasks has helped many SMEs become more profitable. Most people think of outsourcing via offshore call centres. Today, outsourcing in the areas of business administration and operations has exploded. However, many small businesses are reluctant to outsource because they fear it will be too expensive and they will lose control of their business.

It is not a mistake to put resources into systems you do not have the time, money, or workforce to manage or maintain, such as IT or data security.

To overcome the barriers that hamper your business growth and development, you must look closely at your business and the resources at your disposal. It opens your eyes to opportunities you never knew existed and can take your business to a whole new level.

Please read the full article on Business Express

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