Every business faces specific management problems. Each business requires new product and service offerings as well as constant innovation. More so, while the number of qualified candidates has shrunk; staffing expectations have become more demanding than ever. There are also other daily demands that managers must juggle to stay in line with the legal requirements and keep project schedules running. What are some of the most common challenges faced by businesses today and how can they be solved?
Seasonal Workload Fluctuations
Most businesses tend to have very busy seasons. In these seasons, employees are distributed in extra hours to meet the goals of the company. While it may seem like a harmless practice to absorb the workers in the extra hours, it may not be a fiscal move. The solution is: Look for temporary help instead of staffing the company with permanent employees. In times of critical need, this is the only way to evade increased overhead costs such as overtime pay and higher than normal claims in employee injury.
Most managers have a tendency to give orders without putting racquets into the context. Also, the managers fail to explain the goals of the project assigned. By so doing, the employees are involuntarily disempowered, especially those that have input. For the innovative employee, it is vital for them to comprehend the bigger picture in order to contribute. The solution is a clearly articulated objective that all employees understand in terms of roles/job description. Managers should understand the value of context and embrace proper communication in every action related to the goals of the company. It is also important to be open to feedback and understand the motivation of each employee. There should also be a matrix shared with each employee describing what needs to be done to meet the company’s objective on a daily, weekly, and a monthly basis. This is the ultimate way to gain innovation, productivity, and engagement.
Earning a Business Degree
Today, businesses have raised their bars for success. As such, the business school has become a common factor among working professionals. Despite there being alternate paths to business prowess, there is none that can beat the strategic skills learned in business school. More so, earning a degree in business can lead to increased compensations, greater career opportunities, and job promotions.
Managers can be so busy that they forget to make follow-ups on what’s trending in their sector. It takes too much time to keep up with the company’s engagements that following trends can seem an unnecessary burden. The solution is to keep up. Allocate time on your daily or weekly schedule to track competitors. It is also of utmost importance to embrace awareness activities such as blog posts. Attending exhibitions, for instance, can make a major turnaround for any business and the sales can be massive.
Overcoming the challenges that face business involves dedication. There are various key actions that must be taken such as managing cash flow using software, delegate and automate, target the most profitable customers to maximize returns, satisfy employees, among others. With tenacity, every issue has a solution.
Author: Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Rachelle recommends finding more information on an MBA master degree for those that are interested. Follow her on Twitter and Facebook: @RachelleWilber; https://www.facebook.com/profile.php?id=100009221637700