Overcome These 5 Common Business Challenges with Tips From The Pros
John F. Kennedy famously said, “We do these things not because they are easy but because they are hard.”
That is certainly true when it comes to leading a business. Running a company can be challenging, whether you’re an entrepreneur of a scrappy startup with six employees or the CEO and leader of thousands.
In fact, running a business is so tough that many companies don’t stay afloat. Consider the following:
- 20.8% of private sector businesses in the U.S. fail within the first year.
- That number jumps to 48.4% after five years.
- A whopping 65.1% fail after 10 years.
Your business doesn’t have to be one of those! Read on to learn some pro tips for how to overcome business challenges.
1. Build a Great Team
The success of your company is dependent on the strength of your team. But it’s hard to find employees. Part of that is due to the current labor shortage. In 2022, employers added 4.5 million jobs. At the same time, there were two million fewer Americans in the labor force compared to February 2020. That means it’s more difficult than ever to build a great team.
Ben Elder, Regional Vice President EMEA at Simpplr and a Forbes Council member, advises that you build a strong rapport with job candidates during interviews. That helps the candidate better understand the company’s values and tells you what motivates them. The more insight you gain through that process, the more likely you’ll choose the right team member.
You also need to craft a candidate persona to identify the right fit, according to LinkedIn Talent Solutions. As part of that persona, find out where they look for jobs and what skills, technical knowledge, and qualifications are non-negotiable.
2. Not Having a Plan
It may seem obvious, but if you don’t know what your goals are, you can’t achieve them. Building a traditional plan isn’t enough, says entrepreneur and coach Tony Robbins. Create a “business map” that includes all the problems you must overcome to achieve your goals.
Running any size company takes a lot of time and effort. That is why you shouldn’t spend that precious energy doing things that don’t support your goals, says author and marketing strategist Seth Godin. Those time sucks include excessive scrolling on social media, reading blogs, and obsessively checking your phone!
3. Overworking Yourself or Your Staff
Burnout is not conducive to a successful business. Ask for help to avoid overworking yourself or your team, Robbins says. You probably have resources you can tap to close gaps.
Running a business can take over your life, says entrepreneur and Shark Tank investor Lori Greiner. To avoid this, make sure you and your employees make time for social events and hobbies and take care of yourselves, including eating well and enjoying physical activities.
4. Retaining Employees
Building a great team is necessary (see #1), but it’s useless if you can’t retain those employees. Employees want to know you value their opinions. Seek feedback and check in with your team frequently, says human resources thought leader Tawanda Johnson.
Laura Hendrick, an HR professional at Choosing Therapy, emphasizes the importance of a sense of community. Studies have shown that those who feel they belong at work are more engaged and productive.
5. Be Willing to Quit What Doesn’t Work
Tenacity is important. But it is just as crucial you know when to give up a product or service that no longer works for your business.
As management consultant Gary Hamel says in his book, “There’s a simple but oft-neglected lesson. To sustain success, you must be willing to abandon things that are no longer successful.” The energy you regain will allow you to focus on what does work!
Epic Placements – Find Your Best Team-Building Solutions
Contact Epic Placements to learn more about hiring the perfect team members and the best ways to keep that team in place. Are you looking for your next ideal work position? We can help with that, too!