When running any business there are always challenges that need to be overcome.
In a competitive market, businesses need to grow in order to survive, and the way a business is run needs to adapt and change as it grows.
Here are 5 major challenges of growth in businesses.
1. Uncertainty Of The Future
At times it can be hard for businesses to predict their performance due to unprecedented or constantly changing events.
Businesses can face uncertainty around matters such as:
- Entering new markets e.g. online or international
- New technology
- Economic uncertainty
2. Regulations And Compliance
Regulations help to protect your business.
The need for Regulatory Compliance has increased with the expansion of technology.
As businesses are using technology more frequently for their day-to-day operations, there is an increased chance of breaking regulations or not being able to keep up with standards.
3. Finance And Business Resource Management
One of the main goals for most businesses is to ensure they are both successful and profitable.
The purpose of finance and resource management is to support compliance and regulation adherence, maximise profits and overall company value.
Challenges for businesses when it comes to finance and resource management include:
- Technology replacing previously used accounting operations
- The need to learn new skills
- Cybersecurity concerns
4. Technology Advancement And Changes
Technology helps businesses create new products and improve their services.
It comes with many benefits including:
- Automating time-consuming tasks
- Increasing productivity
- Reducing business expenses
However, the advancement of technology also comes with it’s challenges.
Many businesses find themselves struggling to keep up-to-date with the latest technology and increasing customer expectations.
5. Recruiting And Hiring The Right People
Having a high turn-over of staff or recruiting people who are unsuitable for the role can have a negative impact on business growth.
Hiring the right employees ensures they grow with the business – this contributes to the business’ overall success.
It also decreases the need to hire externally for each new position you may develop.
Contact KONA today to discuss the changing needs of your growing business and find out how we can help you overcome these challenges.