8 of Today’s Business Challenges and How to Effectively Solve Them
If there’s one constant that every leader knows they must always keep in mind when it comes to doing business, then it’s the fact that change is inevitable. There’s always one more obstacle to overcome, one more challenge to rise to, one more need to satisfy, or one more gap to fill. Although there are certainly a lot of struggles we need to face, here are eight of today’s biggest business challenges and how to effectively handle them.
1. Surviving Post-Covid
It’s no secret that the effects of the pandemic have managed to reach every corner of the globe, affecting small, medium, and large enterprises in the process. In the US alone, statistics from Yelp show that 140,104 businesses had temporarily shut down in the first quarter of 2020, 97,966 of which have permanently gone under. That’s around 70%! Meanwhile, it’s estimated that 60% of the small businesses in the UK will fail in 3 years – and the situation is just as challenging across all continents.
These global changes are forcing business leaders everywhere to come up with effective solutions to maintain their business operations and keep their cash flowing, even if they have to completely alter their business models. Truth be told, establishing new business models might be the only way to survive.
2. Managing Human Resources
Unemployment rates went through the roof during the pandemic, and that created a global crisis. Fast forward a few months, we’re gradually putting our lives back together, and that directly correlates with reviving our HR departments once again. Unfortunately, we’re starting to realize something we’ve been ignoring for a very long while; there’s a great discrepancy between the talents today’s business world needs and the ones available.
To solve this issue, leaders need to start looking for talents outside the stone-set criteria they’ve been sticking to for years. Not only that, but they’ll need to adopt the right tools for finding and hiring talents as well. As Campbell Fisher from EnableHR explains, adopting an effective tool can streamline the most time and resource-consuming task of all time; paperwork. In doing so, you can not only ensure that you’re pinpointing the exact talent you need for your new business model, but you’ll also ensure compliance, boost performance, and create the right culture for the business to thrive.
3. Physical and Mental Wellness Policies
As if the talent shortage wasn’t enough, employers are facing an even bigger challenge when it comes to hiring new talents. Applicants have become more invested in the idea that a good salary alone just won’t cut it anymore. They’re scrutinizing their potential employers to identify the health and wellness benefits that come with the job before they even consider the offer – and they have every right to do so. If you want to hire top-notch talent, the first step to earn their loyalty is to show them how muchyou care about their physical and mental wellbeing.
4. Automating Business Processes
Speaking of streamlining business processes, it’s high time we all jump on the bandwagon of business automation. Everybody knows that the trend has been gaining ground for years, but in this new world order of business, adopting business automation is no longer a luxury. Another thing we’ve all been forced to confront is that we won’t be able to survive in this world if we’re wasting resources right and left. Business process automation replaces manual and clerical tasks with data-driven solutions that boost performance, increase staff productivity, and provide a high return on investment.
5. Data Security
The issue of data security has also been long-standing, but perhaps it’s becoming more pressing after the pandemic. Now that businesses all over the world are making digital solutions an integral part of their revisited business models, cybercriminals have been enjoying extended Christmas gifts. That begs the need for establishing secure digital foundations, even for small and medium enterprises. Back in 2017, $34 billion were collectively spent by private and business entities on cybersecurity solutions. After the pandemic, an extra 68% of businesses are joining the trend of investing in cybersecurity solutions. This goes to show that it’s no longer considered a luxury that only large enterprises can afford.
6. Migrating to the Cloud
Some say that migrating to the cloud is one of the best ways to increase cybersecurity, but that’s only true if you take the proper measures. That said, it’s irrefutably true that migrating to the cloud can provide an efficient solution to most of the challenges we face today. Between going digital, instigating work-from-home protocols, outsourcing projects, and adopting leaner business models, getting rid of the typical physical premises and operating from the cloud can be exactly what you need to level up your game.
7. Societal Impact
We’re all in the business scene to make a profit, but it’s high time we admit that we’re in a position of power that allows us to make a positive impact on our society. We can’t keep turning a blind eye to discrimination and social injustice anymore. However, we can’t deny the fact that most of us aren’t really aware of these issues happening in our workplace. If we want the business world to become a better place, the change has to start locally.
8. Environmental Sustainability
The pandemic has alerted us that a health crisis can break out of the blue and freeze the whole world, and there’s nothing we could do about it. Unfortunately, the same holds true for the natural disasters we’ve been facing on a more frequent basis lately. The good news is that a lot of leaders have started taking specific measures in promoting environmental sustainability in their workplace, such as training employees, enacting eco-friendly protocols, and setting measurable goals to reduce the carbon footprint.
If there’s one thing we’ve all learned, the hard way, from the last year and a half it’s that there’s never a guarantee that growth will be linear. Millions of small to medium enterprises across the globe have been severely affected by the pandemic, yet new lines of business still managed to not only come to light but thrive as well. As unsettling as accepting that truth can be, it gives us a solid ground to stand on while confronting the most pressing challenges we’re facing today.
