MGMT20144 | Management and Business Context Answer | Management
Management and Business Context
In the present era, time is changing rapidly specifically for the businesses. Businesses have to accommodate completely advanced marketing channels, consider how to invest in these technologies and use this advanced technologies. One critical consequence of this rapid growth and change is that no chief executive officer or employee can be expertise in everything. Several other challenges faced by the businesses are summarised as beneath:
Keeping up with market
There is continuous change in the business. Thus there is need to perform consistent market research. In case, update research is not performed then it leads to the risk of making decisions by outdate information that results in business failure. Having the potential to foretell market trends, customer trends etc. is crucial to the economic climate. However, not every chief executive offer involved Warren Buffet-like predictive powers.
Mostly, the business employees are not professionals to develop key performance indicators or how to prevent pitfall and how to interact metrics best to make informed decision making. Several organisations depend on simple finance indicators that obstruct the reporting channels of corporate. The incoming meaningful asset of rounded performance indicators providing insight into the business is key to the success of a business.
Competencies and hiring the right talent
Various small and medium-sized organisation may not require full-time resources or recruiting staff. However, in peak growth intervals, determining right employees and creating the right skills as well as competencies is integral to the sustainable future. During the growth of the business, there is need to bring such outsiders for assistance. There is need to delegate responsibilities of specific fields to several specialists. For successful entrepreneurs, learning to listen to and taking advice is one of the biggest challenge faced by them.
Regulation and compliance
During a technological or market shift, rules and regulations depending on the organisation also need to be shifted. Thus, there is need to bring a consultant to assist with such areas instead of understanding the complexities. Theses consultants may bring risk fines or worse for non-compliance.
Attracting new business
Attracting new business is determined as biggest issues faced by several organisations. Due to rocky economy, few individuals and businesses are looking to spend money, implying that market to draw new customers got shrunk.
Financing the enterprise:
Whenever there occur some concerns with the economy, it is assured that there would be a knock-on impact on personal as well as business finances. Through limited funding assistance available, the currently available schemes are difficult to secure due to risk-averse of lenders.
The present economic climate is one which is not experienced by the business owners. Thus, they are not sure about how to direct their business forward without the assurance of stable future. Business continuity and growth originate from business owners being able to develop long-term plans over a time interval, but it is complex to do so due to lack of assurance as to the state of the economy over a couple of years.
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