Biggest Challenges of a Growing Business and How to Overcome Them

Growing businesses face a number of challenges. As a business owner enduring the growing pains that come with businesses, you are somewhat overwhelmed with the issues but are also glad you have them because it means that your business is doing well…. it’s bitter-sweet. The most difficult part about the challenges of a growing business is finding the solution… the solutions that worked a year or two ago, may not work now.

Photo by Andrea Piacquadio.

 

Being able to recognize the challenges that come with business growth is the key to continued growth and success. In order to do that, you need to make sure that the approaches you take to find solutions to your growth challenges today, won’t affect the growth of your business in the future.

Everything from retaining a loyal and happy staff to remaining efficient in business processes, you’re going to face some unique challenges, so it’s crucial that you’re prepared to face and overcome those obstacles along the way. It’s those obstacles that make businesses rely on digital platform networks to boost their businesses.

If your business is in the process of growing and expanding, take a look at some unique challenges your business could potentially encounter and their solutions.

 

Challenges and Solutions of a Growing Business

 

Solving Short-Term and Long-Term Crises

In running a business, you’re more than likely running in perpetual crisis mode just for the simple fact that every day brings challenges that need to be resolved. But all too often, operating in that mode typically means that businesses spend too much time trying to solve those problems, taking them away from actually conducting business.

Short-term crises are definitely issues that need to be solved immediately but sometimes, they’re not as important as the other priorities you have in running your business. Sometimes solving certain long-term crises can prevent you from having those recurrent short-term crises.

For example, one of your business crises is that you continuously have upset customers. Your solution is to spend time calming the upset customer… That particular solution works but it’s only going to solve the problem on a short-term basis. In running your business, you should have upset customers on a regular basis.

A long-term solution to that crisis would be to either hire the right salesperson or retrain your staff to effectively meet the needs of your customers.

 

The Solution

The solution to solving short-term and long-term crises is to solve the long-term crises that impact your short-term crises. There will, of course, be short-term crises that just come with running a business, but there are some that can be prevented by solving for the long-term crises first.

 

Not Having the Right Systems in Place

All businesses run and rely on mass amounts of information. Everything from financial records and employee information to inventory management and marketing strategies, information is key to the growth of a business. But a business can’t operate with all this information without having the right systems in place.

The bigger your business grows, the harder it becomes to make sure that all information is shared appropriately and that all staff is aware of any changes. Most businesses will adopt software programs and applications that handle specific areas of their business. The only problem with that is the high potential of information slipping through the cracks.

The informalities of the procedures, policies, and documentation might have worked for a few employees and a small customer base, but because your business is on an upward trajectory, you need more formal systems in place.

 

The Solution 

Invest in the right services that will meet long-term and short-term needs. JD Edwards EnterpriseOne is a solution that provides your business with a larger degree of flexibility, support, and customizations to help your business run more efficiently. Everything from a wider selection of databases to operating systems, JD Edwards is going to be the IT solution for your business management needs.

 

Meeting the Increasing Needs of Customers

As your business grows, you will quickly realize that meeting the needs and demands of your customers will start to get harder and harder.

Businesses have always operated under the motto of “customers are always right.” According to Forbes, retailers learned from this term that the success of their stores was dependent on the happiness of their customers.

For the most part, businesses try to accommodate customers and meet their needs. Where the challenge lies is that as your business grows, your customer base grows as well, giving you a larger, more unique range of customers, with their own unique needs and expectations.

 

The Solution  

Get to know your customers. Whether it be a healthy dialogue with your customers or analyzing customer data, understanding your customers and knowing what they want is going to be the key to meeting the increasing needs of your customers.

 

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markmunroe

markmunroe

Founder, CEO at Addicted
Mark Munroe is the Creator and EIC of ADDICTED. He's ADDICTED to great travel, amazing food, better grooming & probably a whole lot more!
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