Are You Prepared for the 4 Biggest Challenges of Running a Business?

Whether you have been in business for years or are just starting out, you will quickly realize that there are four parts of running a business that present the greatest challenges. In order to succeed, you must master these four problem areas, and once you have done that, the rest will fall into place quite quickly. If you’ve been struggling to increase productivity, but somehow fall short of the mark month after month, you might want to consider business coaching to help you identify which area, or areas, you need the most help with. Take a look at these key problematic categories and you’ll probably be able to spot where you need the most help.

1) Time

Yes, it’s an old cliché, but in business, time really is money. For every minute you waste, you are wasting part of your profits. But you can learn to manage your time and your team’s time much more efficiently. One of the keys to turning a profit is to make the most of every manpower hour on the clock. You might also want to outsource some areas of your business, such as managed IT services, if you don’t have anyone with expertise in these areas, as this will help save a lot of time. Once you have done that, you can probably turn to the next problem area, and that would be creating a team-oriented climate.

2) Team

A little competition is a good thing, but when it gets in the way of productivity, it can quickly kill a business. Are you struggling with tension between competitive personalities and teamwork in your crew? One of the biggest problems many business owners and directors face is getting the team motivated to work together as a cohesive whole. Team work makes every task easier on everyone involved and with compounded experience, no job is insurmountable. Building a like-minded team should be a main focal point for any director.

3) Sales

Then there are sales to contend with. Do you find that you are not quite making quota regularly enough to sustain an acceptable profit margin? You know you have a great product line and that what you have to sell is in high demand, so why aren’t you selling more? Learning to identify problem areas in your sales staff is the first step towards attaining those goals you’ve set. It just might be that the problem isn’t with your team at all but with the process you’ve set out for them. Their pitch may be all wrong and they may simply not have the motivation to excel.

4) Organization

Could it be that all the other three problem areas are simply the result of a general lack of organizational skills? A roadmap with pieces of the page missing will rarely get you to your target destination. Perhaps you’ve put the puzzle together wrong or are missing a few key interlocking pieces. It takes organization to complete the picture and just like completing a jigsaw puzzle, you put the perimeter in place on one side, the middle on the other and go from there. Organization is vital if you want your business to act as one complete unit headed in the same direction – up.

If you are struggling to raise your profit margin, take a good look at these key problem areas that many business owners and directors face. You can probably spot problems in each of the four which means it’s time for a bit of introspection and a lot of help. Overcome these problems and watch your bottom line grow. Sometimes it’s as simple as asking for help.

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