Why do you face problems in your business?
Running a business is easier said than done. As the age-old proverb says “the grass is greener on the other side”, the same logic applies to running businesses successfully and for long periods of time. There are a number of things which must carefully be considered and evaluated, before going in for any business activity, big or small. The market is becoming extremely competitive and as per statistics and studies, it has been found that almost 5 out 10 businesses are not able to move into their second year. Furthermore, only 2 out 10 businesses are able to run successfully after 3 to 5 years of their commencement.
Risk issues in business activities
There are a number of problems and issues concerned with many business activities. It could range from lack of capital to lack of trained manpower. Raw material sourcing could be a problem and sudden and violent changes in the market and economy may spell disaster to even well-entrenched business. Who in the wildest of dreams, would have thought that big names like Lehman Brothers would come crumbling down like nine pins, within a matter of months? Hence, risk and uncertainty is a very important point which should be carefully weighed, when you are planning to start a business or if you are planning to push it to the next higher level.
Finding out the source of your business issues
If you are placed with a problem or issue with your business, you should try and find out the main source of such problem. This will help in zeroing on the problem rapidly and take preventive steps or remedial action, without much loss of time. For example, capital, the most common issue when it comes to businesses can be solved with loans for business. The next important thing is to take a leaf out of problems and issues faced by some other company or individuals. This will help you to learn from such previous experiences and take corrective action. Whenever your business is encountered with such problems, it is very important to understand the importance of being transparent with your employees and other stakeholders. Even your customers should be taken into confidence and more often than not, such transparency and openness is a source of strength rather than a problem, which many people think.
Learning how to turn problems and issues to your advantage
There could be situations where many problems may not have readymade or instant solutions. Under such circumstances, it is very important to maneuver around the problem and try to see an opportunity in such problems. You should try and change other elements that are within your control rather than trying to change something that is beyond your control. For example, if there is a general slump in the market because of a big economic problem, instead of breaking your head over it, the better option would be to increase productivity, become more competitive and avoid wasteful expenditure, which will help you to turn this problem into a big advantage. Thus, whenever you are faced with a problem or an issue that is detrimental to your business, apart from looking inside and taking corrective measure, you should also look beyond the horizon and gather as much knowledge as possible from such external sources and situations, to deal with the problem.