Business is all about solving people’s problems. In this process, every business faces a lot of problems. Yes, hurdles hit every business every now and then. Be it IT, manufacturing, fashion, food, or any sector for that matter, all businesses face hurdles. There are challenges in pricing, product development, sales, supply chain, marketing, finance, and the list goes on and on.
As a business owner, how can you overcome these business hurdles? Here is our game plan! A few strategies that may help you overcome your business hurdles. These strategies apply to any business irrespective of the type, source, or severity of the hurdles they face.
Strategies to overcome your major business hurdles
- Know the “Panama Canal” in your business
The Panama Canal is an artificial waterway between the Pacific and Atlantic oceans. This canal helps ships reduce their travel time when sailing between these oceans. Closely, ships can save around 2,000 – 3500 nautical miles during their voyages.
Likewise, as a business owner, you must identify the one possible canal that you can build or create. It will help your business grow unimaginably. Yes! Establishing this one canal can save millions of money or years of effort. At the same time, your business can advance over your competitors.
So, now, do you need help in identifying your Panama Canal?
- If plan A is not working, then go with plan B
Most businesses fail because they hesitate to experience change. A smart business team abandons those plans that aren’t working anymore. And immediately migrate to alternate plans. In this case, they do not beat around the same bush but act swiftly. This enables the company to easily sail through its hurdles and find solutions in the due course.
- Hiring the right talent
Earlier this year, Forbes BDC (Business Development Council) panel members shared their stories on how to overcome business challenges. In particular, the GM of a fixed broadband business stated that hiring the right people is the biggest challenge of any business. Yes, in this fast-paced world, not only technology but skills and personalities are evolving. Thus, hiring the right people with the right attitude and relevant skills helps businesses avoid a lot of upcoming hurdles.
- Perform as many MVP trials or experiments as possible
There is no point in launching your products and services without testing the waters. True that 99% of startups sink because they never did experiments or MVP trials. MVP is the Minimum Viable Product that every business should make to test the pulse of the target market. Once you taste the success in your MVP trials, you can confidently invest in commercializing the MVP and then go to market.
With MVP, small businesses can easily forecast the forthcoming hurdles. This allows the business teams to come up with the best solutions effortlessly.
- Emotionally connect with your customers
Brand loyalty is something that most businesses fail to focus on. Establish an emotional connection between your business and your customers. Only then people could recognize your brand. Also, they develop a positive mindset towards your brand or company. Unexpectedly, even if one of your products or strategies goes wrong, people still trust you and save you from the hurdles born out of your mistakes.
Repeated purchase is one another benefit of having loyal customers. Yes, they only buy from you and not your competitors. What is the result? You grow your market share. Double bonanza!!!!
“Customer satisfaction is worthless. Customer loyalty is priceless”
- Jeffrey Gitomer, a renowned Americal Business Trainer
- Learn from your competitors
Last but not the least, this strategy is more powerful than you think. Because the hurdles you’re facing right now may seem new to you. But not to your competitors who’re ahead of you. They might have already faced these business challenges well ahead of you. And somehow found a solution. So just learn from them and then approach your business hurdle. It makes your job easier!
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