The rapidly evolving business landscape is daunting for many, even though it is rife with opportunity. Wasp collated a set of data showing what industry experts thought were the biggest threats to businesses, and showed the large amount of potential challenges that vary with each industry. No singular CEO or managerial team will be fully up to scratch with every element of their business, and so it is important to utilise external skill when necessary and get the experts in to help out! Some of the world’s biggest companies such as Alibaba.com and Skype used effective outsourcing in their most formative years, but when, and how you choose to engage with external talent is something that has challenged business leaders for a long time. For this blog, we look at non-traditional ways to take advantage of talent and skill that influences the core of the way you run your business. Here are some of the challenges your company could face in growth, and why choosing to use reliable and trusted business support to help you optimise your business could be the small difference between success and failure.
Challenge 1: Uncertainty about the future
The ever-changing markets and customer trends are a massive opportunity, but also a dangerous risk. If your company begins to stagnate because you are too focused on the day-to-day, you should be looking for help to keep your mind focussed on the long-term. In this blog, we discussed the art of getting your head out of the day-to-day in more detail. A reliable, experienced consultancy can help prepare your business for these changes, and harness all positive trends that lie await. The future is uncertain – and the only way to head on into uncertainty is through sufficient planning, enough market awareness and an attitude that is poised for growth. Having the right team to help qualify and test your business strategy can deliver unparalleled results on your bottom-line. A combined threat, market saturation and increased competition can also have a life or death effect on your business, and having a reliable market analyser will allow for you to quickly explore and target new audiences before your competitors to help you stay one step ahead.
Challenge 2: Day-to-day operation stresses
Financial decisions and general number crunching to many, may be some of the most consequential, yet arduous, tasks. Where your talent, as a business leader, may lie in vision, there may be elements within your team where you need a little additional help. As a high-growth business, your focus is on the next step. Your focus is on keeping your shareholders happy and engaged. Your focus is where you, as a team, are headed. Your focus is on having enough money in the bank to pay salaries, rent and electricity. But sometimes, many business leaders become too caught up in the day-to-day running of their businesses that they become overwhelmed and ineffective as leaders of their organisations – simply because they haven’t had the chance to look up. We’re saying – leave the operational day-to-day to a partner who has been there, and done it and can help you excel. Giving businesses the propulsion to succeed is what we do – and we do that by taking the headaches away and helping you overcome the day-to-day in order to see tomorrow.
Challenge 3: Keeping compliant
We live in a society where regulations change with the tick of a clock, and if you’re not on it, all the time, you could very quickly get caught out. Just recently, the UK government introduced new regulations that surround the way you recognise revenue. (We wrote about it here). With the rapid evolution of technology and markets, it can be hard to stay compliant with all rules and regulations when they change so frequently. And many are opting for a skilled solution that takes the pressure off, but gives them confidence in knowing that their business is compliant, and effective. Specialist skill also assists you in future-proofing your business for any expected changes in regulation or law. The positives outweigh any negatives in outsourcing your compliance checks, as you will no longer be at risk of any fines or legal charges.
Challenge 4: Change management
Change Management: The words on every business journal’s lips. Digital disruption, Business Transformation, Technological Innovation – all the things that are imminently changing our entire economy. Yes, we nod and agree and find the “latest findings of this platform or that algorithm incredibly interesting”, but many business leaders, deep down inside, drown in their insecurity of knowing how to embrace and overcome change. A common misconception amongst some CEOs is that change is a constant necessity that should be implemented as much as possible. Whilst for some technology companies this is correct, for some it is vital that you know when to stay steady and focus on what you are great at. Investing in the right business support to assist you in embracing change and overcoming challenges, remains a wholly worthwhile investment. Whether your business is currently in a distressed state, or whether you’re soaring ahead towards new growth – it’s time to talk about where you are, to prepare you for where you could be.
Challenge 5: Finding capital
Factor Funding Co. business development manager Joshua Eke says that the only truly universal business challenge is finding access to strong capital. As markets become tighter and competition increases massively, investors are looking for unique companies who are standing out from the mould, but who have a solid and ratified product which is proven to succeed. This busy market means that business owners should understand capital is harder to come by, and will most likely lead to slower growth, unless you have the right assistance to help you prevail. Finding a company to create capital and improve your company’s standing in a market fraught with startups and SME’s can be the difference between your own business folding, or succeeding like never before.
When you’re ready to take the next step to success in your business, contact CFPro Ventures and learn more about the bespoke services we can offer to find you even further prosperity in your market. Contact us here.