The Biggest Challenges Modern Businesses Face and How to Overcome Them
The business landscape has never been as fluid and subjected to constant change and disruptions as it is now. Modern businesses have more opportunities and tools to prosper than ever before, but with those come challenges that weren’t even a distant possibility only a few years ago. This breeds fierce competition and uncertainty and raises the stakes tremendously.
What should modern businesses do to stay on top of their game? In short, hire tight niche experts in the fields, most relevant to them. Let’s delve into the different challenges and how certain specialists can help businesses tackle them.
Technology
Technology that’s new today is already old tomorrow. And when you take into account that many CEOs started their careers before this was the norm, in fact, before technology was even a factor, such frantic changes can overwhelming, to say the least.
It’s simply impossible for CEOs to stay abreast of all technological innovations while taking care of all the other responsibilities that need their undivided attention. And even if they somehow did have the time to do it, that doesn’t automatically mean they can do it, as some people, especially those born before the digital age, just don’t have the necessary affinity for technology to harness its immense potential.
This is why even big, renowned businesses can easily become obsolete, unable to compete with startups that live and breathe technology and its business applications.
If that’s the case, it’s absolutely crucial to hire a technology expert who can serve as a middleman, a translator of the technological language if you will, so CEOs can make informed decisions and keep their companies relevant.
Globalization
In the business world, globalization equals constant, fierce competition. Businesses can hardly ever settle for the status quo – they can either explore new markets and expand, or be engulfed by some other business, physically so far away from them, it might as well be from another planet.
Starting a business in a globalized market is easier than ever, and while that can often mean a lower bar in terms of quality, it also levels the playing field for small fish to potentially eat the big ones, without even being in the same sea.
That means businesses need to expand their scope by constantly researching global market trends and potential customers’ preferences all over the world.
Data Overload
Businesses are drowning in data, and they can’t simply get rid of it, as they’d lose tons of invaluable insights on their customers which they need to stay competitive.
And it will only get harder to manage the constant swarms of data. Just to give you an idea of the rampant pace at which information is generated, the amount of new data produced every couple of years exceeds the amount of data that had been produced ever, up until that point.
Big businesses absolutely need to hire data experts to manage this flow of information, sift through it, and capture the hidden gems amidst it.
Quality Lead Generation
In our digitalized world, possibilities are endless, but that also increases competition, which makes it harder for B2B companies to find quality leads. It’s often not even about the level of competition – sometimes it’s just a matter of quality leads being scattered around different parts of the Internet and inundated with all the background noise of constant offers.
An email prospecting software is a robust solution to that hurdle which can help you isolate quality leads much more efficiently.
Changing Regulations
Regulations are changing almost as fast as technology does. Businesses have to always be on their toes, or otherwise they can face huge fines even for minor violations.
Whether it’s new tax rates, healthcare requirements, green regulations, international policies that can easily be overlooked, and more – most CEOs are doomed to slip up somewhere if they don’t hire someone to make sure of their company’s compliance.
Social Responsibility
Socially responsible businesses are becoming the norm rather than the exception.
Companies that care about their environment are more popular with both customers and professionals. According to The Sustainability Imperative, a 2015 global survey by Nielsen, 66% of customers are willing to give their money, even if it’s more of it, to an environmentally friendly company, going from 50% two years earlier, while 67% of professionals would rather work for such a company. 4 years later, these numbers are bound to be much higher.
So, besides the obvious moral and survival incentive, there’s the purely business one as well for companies to be socially responsible.
But often times, that may be easier said than done, especially without hindering business operations. This is why, especially for large companies, it’s certainly a good idea to hire a specialist.
Customer Service and Social Image
In today’s day and age, pervaded by a culture of instant gratification, outrage, and social media, voicing dissatisfaction is not only extremely easy, but often even a recreational activity.
Deservingly or not, companies can get a bad reputation at the click of a button.
This is why it’s important, even more so than before, to maintain very high standards of customer service on the one hand, and to keep track of your company’s social image on the other. It might be wise to hire a social media expert who can mitigate damages to your reputation while making sure all the praises and good deeds are noticed.
Bottom Line – Uncertainty
If there was one way to sum up all these challenges, it is uncertainty, fueled by technology.
Running a business nowadays is a much more unstable affair than it was just a few years ago. Virtually anyone can make it, and anyone can fall, even from the top of the business world.
CEOs have no choice but to juggle a myriad of present and future opportunities and risks, but no matter how agile they are, an extra pair of expert hands always works better.
