A large part of running a successful enterprise is about how you deal with business problems. It’s a common story: your business has taken off and is making good on its deliverables when suddenly it hits a snag. You now have business problems on your hands.
If this rings a bell, then your business is not the only one. The roadblocks that cause some of the most common business problems are varied. They could be challenges involving employees, or an issue with the service or product itself. Do you want to use these business problems to your organization’s advantage and turn them into opportunities for success? It’s important to first outline and understand the types of business problems that lead to such blockages.
Important Business Problem Examples
Identifying the types of business problems your organization is grappling with will determine the business problem solving process for those specific challenges. What are some key business problem examples, and what causes them? Here are a few examples:
Difficulty In Building A Customer Base
This is one of the most common business problems. Looking for new customers is a challenge even for the biggest enterprises. For small businesses, the job is even harder—they aren’t well known, can’t spend as much as larger, more successful businesses and have to contend with growing customer acquisition costs. Finding a solution would involve studying and deciding what constitutes the model customer for your business. You can devise a buyer persona and then amplify the message to target the correct client base in a format that resonates with them.
Failure To Hire The Right People
Getting the recruiting process wrong could lead to a host of other business problems. In 2018, according to a report published by Small Business Trends, 56% of small businesses said they found it hard to find the right employee for their enterprise. This would automatically hinder any business problem solving process. To combat this, it would be a sound long-term investment to bring recruiters on board even if the upfront costs to do so are higher.
A Lack Of Value In The Product Or Service
Plummeting profits are a noteworthy business problem example. There are significant contributors to this challenge. One of these is the possibility that your business is not providing your customers with the same, or a higher, value as its competitors are. Are your clients switching to a competing product because they feel they will get services from them that you don’t offer? Figuring out what your customers want and then ensuring your enterprise gives it to them in ways that generate customer delight are two crucial parts of the business problem solving process. A thriving business will require leaders who are vigilant and can innovate smartly, strategically and in a timely manner.
An Unclear Identity For Your Brand
This business problem example is among the more serious types of business problems. It directly affects whether your business is able to connect with and ultimately retain loyal customers. Devising a strong and clear identity for your brand will determine how successful sales and marketing efforts will be. The aims and central values of your business are encapsulated in your brand’s identity, without which you might just be shooting in the dark. This will have a profound impact on the business’s practices and ethics, ultimately determining your ability to hire the right people, hold on to your customer base and ensure customer delight.
Uncertainty About The Future
Unforeseen challenges are a concern because they are by definition things we can’t plan for. These are common business problems that plague leaders of both large and small enterprises. Not knowing how the future will pan out for the business can be nerve-wracking for owners. They have to worry about the economy, the growing competition, evolving technology and regulation.
Apprehensions about such business problems, while valid, also cause leaders to set only short-term goals. Enterprises sometimes cite uncertainty as a reason for maintaining an arm’s length from strategizing for the mid-term and the long-term. This, however, may prove to be imprudent for the business. Failing to strategize for at least a few years into the future may result in bringing down value—a business problem example we’ve already discussed. The challenge lies in finding a middle ground between generating results in the short term and focusing on making sound, strategic decisions for the long term.
Learn To Solve Business Problems With Ease
Among the key components to being a successful business leader are identifying existing problems, predicting those that might arise in the future and building the solid base required to not just meet those challenges but also scale a business successfully. Harappa’s High Performing Leaders program has been designed to train your organization’s senior professionals to navigate their demanding mandates. They will be equipped to deliver 7 crucial outcomes that include enhancing decision-making, influencing clients, taking risks and deepening collaboration. In doing so, they will expand your business’s footprint, manage crises well, ensure customer delight and reinvent solutions.
Today’s the day to sign up with Harappa to transform your managers into expert problem solvers who can drive innovation to lead your business into the future.
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