Running a business has never been easy. Yes, the modern world is going digital, and there are numerous opportunities that were not available a dozen years ago. At the same time, new challenges also were born, and it doesn’t matter whether your business is small or large. You’ll cover a lot of ground before you find your place under the sun. It means that you need to hire the right team, build and develop a brand, grow a customer base, stand out among competitors, and so on. So, what are the biggest business challenges that you should be ready for?
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1. Using outdated methods
Will you ride a horse if you can travel by car? Of course, not! Even though the first option is romantic and a horse will definitely help you to reach your destination point, a car is much faster and cheaper. Not to mention that you don’t exploit a poor animal. So why do you use outdated methods for running a business?
Let’s say, a scanner and a fax machine. They are big, expensive, and need a lot of space. They run out of order from time to time, so you have to pay for maintenance as well. Even though they are able to scan documents and send faxes, your investments don’t actually pay off.
What is a solution? Of course, we don’t tell you that you shouldn’t scan or fax. But what if you do this with only an iPhone in your hand? Just install an app for scanning that will provide you with various editing opportunities. With the best pdf scanner app, the process will take you a couple of minutes. A good chance to leave your fax-loving competitors far behind.
2. Trying to make your products perfect
Modern business people are very innovative, and they generate new ideas all the time. Then they hire great professionals, raise investments, and create products that fail. Why? Were these products bad? They were too good, actually.
The point is that you never know what your audience wants until you ask it. When you develop apps, you follow your vision and you believe that people will love it. And then they don’t. You should be flexible, know how to turn problems into growth opportunities, and make changes as fast as possible.
That’s why it is better to start with an MVP development process which stands for the minimum viable product. You create a solution that comes with basic features, and then you test the audience’s response. This approach doesn’t require you to invest a lot of money until you know that it is absolutely necessary. You can make a pivot at any stage, and that is what successful business people do all the time.
3. Underestimating the hiring process
Even the greatest entrepreneurs don’t work alone. You need a balanced team of professionals who will know their zones of responsibility and contribute to the final result. There are many team role theories to build an efficient unit, and we want to share some ideas with you.
Dr. Meredith Belbin believes that a team should consist of action-oriented, thought-oriented, and people-oriented workers. The first group includes shapers who drive the team forward, implementers who maintain orders, and complete finishes who have a keen eye and strive for perfection. The group of thought-oriented people includes rational thinkers, innovative thinkers, and seasoned specialists with in-depth knowledge of the field. Finally, when it comes to people-oriented workers, you need a coordinator, a team worker, and a resource investigator.
Obviously, growing a great team takes time but if you put enough effort, you’ll have a single organism working on common dreams and goals.
4. Promoting your products to the wrong audience
Each business has its audience, and it is maybe the most important task – to find people who will be loyal to your brand. You need soulmates who will understand your ideas, and share the same values.
When you offer apps to people who use their smartphones for calls only, you might succeed. You can spend a lot of time trying to explain that the iPhone comes with a lot of benefits. Who knows, maybe they will sell a scanner and install an application. But you could spend this time working with people who are already looking for an option to scan documents on the go.
So, your main goal is to promote your products to people who need them. That’s why your research should be as detailed as possible – learn everything you can about your target customers. When you know their pain points, needs, and expectations, you can come up with ideas that will make their lives easier, and boost your business.
5. Ignoring your competitors
There are many strategies to work with competitors. Some entrepreneurs prefer to ignore them and focus on their own products. Others are analyzing the market all the time, trying to understand all the benefits and weaknesses of the other companies.
Speaking about efficient solutions for businesses, it would be a huge mistake to live in a bubble and pretend that everyone who is outside is your enemy. You can make your competitors your friends and develop the market together. Or you can learn from them, and share your knowledge in order to gain new insights during the discussion. There are many options and the bottom line is that you should be open to collaboration and unexpected solutions.
To conclude, it is necessary to understand that challenges are an integral part of an entrepreneur’s path. If it goes smooth, you’re in a trap. Be flexible, think out of the box, and you’ll build a great business!