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5 Tips to Surmounting Major Business Obstacles

5 Tips to Surmounting Major Business Obstacles
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By    |   Sunday, 04 February 2018 07:06 AM

Research shows that about two-thirds of businesses survive 2 years in business, half of all businesses will survive 5 years, and one-third will survive 10. The longer a company has been in business, the more likely it is to stay in business—it’s those first few years that are the hardest.

Business outcome is usually success or failure whether you’re a new startup or an established business. Realistically, one thin line that separate business success and failure lies on the extent to which obstacles were surmounted.

The business world is not static. It can be a rollercoaster in a particular period and a rough ride on some point. There are thousands of obstacles facing businesses in our contemporary world. If you are not prepared as an entrepreneur, you may struggle to find your feet on the ground.

Here are five ways to stay resolute in the face of major business obstacles;

  1. Expect Challenges and make Contingency Plans

Challenge is a part of business, without it, every business would be successful. There may come a time where your business will be unable to defend itself against competitors armed with new products, technologies, strategies as well as dealing with unproductive employees. Every business day carries with it lots of challenges and failure to anticipate them is disastrous.

One thing I have noticed among some entrepreneurs is their total commitment towards providing financial, human and material resources for business startup. On the contrary, there is little effort at instituting contingency plans should incase things didn’t turn out as expected. Just as the way we expect massive sales and profit, we should also expect challenges and make adequate plans to contain them. 

  1. Anticipate changes and Adapt Appropriately

The business world isn’t static; it’s all about change in consumer tastes and behavior. There are also political, social, economic and environmental changes that can affect any business at any point in time. Failure to anticipate these changes can knock off your business.

  1. Intensify the use of Digital Technology

The advent of digital technology is the best thing that has ever happen to the business world. Through it, businesses have benefited from social media advertisement and marketing, business Apps and software. Whether you have a restaurant, fashion store, supermarket, casino, gym house, beauty store or tour centers; online presence matters so much.

It’s very difficult for businesses to survive in the modern world without some kind of online marketing strategy. Study shows that 51% of Americans prefer to shop online and e-commerce is growing 23% year-over-year, yet 46% of American small businesses do not have a website

It is very difficult to survive businesses in long run if they are not adaptable to new technologies.

  1. Stay focused on Business Competition

Today’s business world is characterized with competition; survival of the fittest. So many businesses today are struggling to stay afloat as a result of intense competition. Lots of businesses are established daily with new products, technologies, strategies. If you’re not creative and innovative, you may likely end up a failure.

  1. Upgrade your Business Knowledge

Knowledge is vital to business success. Apart from the knowledge you have during business startup, you’ll need a different knowledge to successfully manage it. Build relationship with successful entrepreneurs, read business books and articles, and attend business conferences and seminars.

These will surely enlighten and sensitize you. By having the right knowledge, you can successfully manage business no matter the obstacles. 

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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5 Tips to Surmounting Major Business Obstacles
tips, surmounting, business, obstacles
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2018-06-04
Sunday, 04 February 2018 07:06 AM
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