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3 Top Business Challenges & How to Solve Them

by edutechbuddy
Business Challenges

Most businesses have experienced unprecedented challenges over the past two years. Now that life has returned mostly to normal, many companies now face different obstacles to overcome to ensure their longevity. Yet, solutions are available to help businesses not only survive but thrive. Keep reading to learn about the three top business challenges and how to solve them.

  1. The Great Resignation

The Great Resignation struck in 2021 when countless workers quit their positions at a historic rate. Many employees chose to abandon their roles due to a shift in their psychological and economic needs or because they wanted to work for a company that provides a more flexible professional environment and a better work-life balance.

Resignation Business Challenge

Also, resignation rates were at the highest for mid-career professionals, which has resulted in serious talent shortages for many businesses. As a result, companies may struggle to find the best internal candidates for a leadership position, which will impact productivity, profitability, and morale.

How to Solve It:

A business must learn about its employees’ skills and competencies to nurture and retain its top talent. It can then provide the tools and training needed for staff members to flourish and grow with the company.

Identify talent by using a 9-box grid or success profiles to determine an employee’s potential, risk, and how their loss could impact the company. It could help your business pinpoint the training they need to excel in the role, and the professional investment could help you retain your best employees.

  1. Evolving Cybersecurity Threats

All businesses are at risk of a cyberattack. Hackers are developing more sophisticated tactics to penetrate networks and online accounts, which might result in them stealing sensitive data to sell, destroy, or hold to ransom.

Cybersecurity Threats

Even if you have strong cybersecurity policies in place, you must remain updated on the latest cybercrime trends to prevent your company from becoming another victim. For example, it might surprise you to learn that LinkedIn was connected to 52% of worldwide phishing attacks.

How to Solve It:

In addition to installing antivirus programs and educating your employees on cybersecurity and potential threats, you must regularly back up data, perform background checks on all employees, keep all software updated, and activate data encryption.

  1. Global Supply Chain Issues

Companies worldwide are struggling with supply chain issues due to labor shortages, global shortages of materials, price rises, and transport delays, to name a few reasons. Fulfilling orders is now a struggle for many companies, as the supply chain issues are causing ordering and delivery delays, which may lead to customer dissatisfaction and a loss of custom.

How to Solve It:

Expect longer shipping times for the foreseeable future, as manufacturers and suppliers might struggle with low inventory due to current supply chain issues. Unfortunately, supply chain issues are beyond your company’s control, and you must adopt a proactive approach to ordering. Your business may need to place orders much earlier to top up stock and meet consumer demand.

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