Ways to Overcome Common Challenges in Business

1/23/2019 Lokesh kumar 0 Comments

Entrepreneurs have enough on their plates already, even when they are not facing very peculiar challenges in business. But sometimes even the most common challenges can catch them off-guard and leave them confused as to what should be their next course of action.

In this article we discuss how an entrepreneur can overcome some of the regular challenges that they have to face in the day to day workings of business.

Reacting vs Looking Ahead

Even though almost every business owner knows that they must stay on top of their day-to-day operations, ‘short-termism’ also happens to be the most common pitfall that small business owners find themselves in as a result of this approach.

A little exposure to the circle of business professionals will let you know that most of them plan for the coming year or sometimes even a lesser duration. Those that adopt this approach assign greater priorities to the daily issues and keep in mind only the immediate objectives of the organisation.

The downside of having this approach is that you may miss out on long-term strategic opportunities as you are exclusively focusing on the business challenges which you are expecting to encounter in the near future.

It qualifies as reacting and an entrepreneur following such a practice tends to miss out on opportunities to develop new services or products that can fulfill the evolving needs of the modern day consumer.

Failure to do so robs you of the ability to promote your business in a manner that you believe you should. An effective solution to address this problem would be to create a schedule wherein you set aside an amount of time each month or quarter to review financials, ponder over your long term goals and evaluate new opportunities.

Sample Planning Structures

Monthly Plan: Think of three initiatives that you will take in a particular month. Examples of some initiatives that you can take include building partnerships, improving your product, driving traffic to your website etc. You should also put clear metrics in place to measure the success of each initiative.

Weekly Plan: Every week you can take on specific projects which are related to the initiatives you plan to take. It depends on how much work you can take on in a particular week and also how many activities you can dedicate time to. Accordingly you must reserve time in your schedule to work on those projects.

Daily Plan: Evaluate your weekly tasks and choose specific, small things that you can do on a given day. It could be making three new connections on LinkedIn, fixing a bug or two in your product, drawing up a distribution list and sending them a marketing email.

It will not consume much of your time to come up with a plan such as this but it may have higher returns to offer. It may be a better idea to dedicate a time slot of 15 minutes each day to work on your long term initiatives than staying up for two straight days to catch up on the lost time.

Getting It All Done

As the owner of a business, there may be times when you feel that there aren’t enough hours in a day. Business owners will agree that the single biggest challenge that they face is not having enough time to work on things they intend to work on.

There is one way small business owners can make room in their schedule to get more tasks accomplished in a day. To do this they may have to use new technology to their advantage. Things can be made surprisingly quick and easy by utilising things like automation and AI despite them being perceived as complex by most business owners.

Certain processes such as responding to customer questions can be automated without much difficulty. Another such process that can be tackled in this manner is preparation of marketing materials well in advance as it will free up a lot of your time. In this way these activities can be made more efficient and effective and there will also be no compromise on quality.

Besides the challenges detailed above there are some others such as ensuring the financial security of your business but it can be easily taken care of if you get in touch with a knowledgeable solicitor.