Determining future challenges in a business.

[Skysaint]

As a good business man, I think there is a need to acquire skills of seeing future challenges that might befall your business in the near future. This will help you plan out how to circumvent the incoming disaster. This is one of the reasons why most business Enterprise do collapse because they lack the ability to see and curb a future threat to their business maybe because the business in question is still thriving as of the moment.
Are there actually signs to watch out for while running your business so as to not suffer problems in the coming future? One of these signs I think is noticing a decrease in the number of customers patronizing the business. This might be as a result of a decrease in the quality of goods and services rendered to them or maybe due to the existence of a stronger competitor. I think things like this needs urgent attention inorder to avoid future problem which might be detrimental to the progress of the business.

 

[Good luck]

Every business has its own challenges.one needs to understand and get the clear business one want to venture in before doing it to avoid loss .a lot of people have failed in business because they lack insight and they don't determine how such business can be run to make profit.success is for everyone but one needs to have idea of any Business

 

[btaliat]

A good manager should have ability to observe the trend of his buinsess to know when it is coming down or when it going up. This will help him to know when to really strategise the new ways of selling his business it know what to add to make his business attractive.

 

[Sherman198]

Everything in life has its own challenges.... However, even having and managing a business has several challenges. Apart from the fact that most business owners faces financial challenge in their business, we need to be aware that not only financial challenge can confront a business, competitions challenges may face a business, and if it's not managed well, the end maybe the case.

 

[Skysaint]

A good manager should have ability to observe the trend of his buinsess to know when it is coming down or when it going up. This will help him to know when to really strategise the new ways of selling his business it know what to add to make his business attractive.

I agree with you on this. Being a successful business man sometimes do require us to be a bit vigilant and observant regarding stuffs that concerns our business, whether our products are still trending or whether there is a decrease in the number of people who patronize our goods. If the later becomes the case, then there will be a call to device new strategy.

 

[Alexandoy]

This topic is all about the PPA - potential problem analysis. At the start of the business is the plan that would include the PPA. That is being prepared for any eventualities like the emergence of a giant competitor, a calamity, or a devastation of any means. The PPA has the contingent action aside from the preventive action that you can do.

 

[Abhishek chandel]

Rather than treat each new business as a risk, we've welcomed the competition as it increases overall consumer demand and challenges us to provide better customer education and higher-quality products.

To grow our business sustainably, optimized our business systems, and upgraded our manufacturing processes. This has helped us ensure we could adequately meet customer demand and maintain our brand and customer service standards.

 

[Lens1000]

This is exactly what is called a concise business plans. It would be written boldly in the plans the business sighting the potential risk. The ability to manage the business risk makes you a good business man. The business plan must outline the risk that the business could encounter.. if you fail to plan, you are planning to fail.

 

[Phabbyfundz]

Every entrepreneur or business man or woman should know that every business has it own pros and con's in other words benefits or challenges that comes with every business venture. But for a beginner who wants to go into any business venture I would advice you take this into serious consideration before starting any business.
Every business comes with it'd risk and weighing your risks to know if the benefits or advantages out weighs the risk that accompanies any business venture.

 

[Jasmine]

The biggest challenge you need to address is how to survive the competition and stay afloat in the market. In order to address this challenge you need to focus on two things, one, you need to develop more products or better products, two, you need to continue marketing your business and products.

 

[Skysaint]

This is exactly what is called a concise business plans. It would be written boldly in the plans the business sighting the potential risk. The ability to manage the business risk makes you a good business man. The business plan must outline the risk that the business could encounter.. if you fail to plan, you are planning to fail.

You're right about that mate. I think there are some expected risks attached to every business line and it is left for the business owner to draft out these risk factors and sort out ways not to make their business fall a victim of such circumstance. I think that's what every business man should do even before setting up a business

 

[Mika]

Technically speaking, at this moment you cannot see what challenged your business will face 2 years later. Time and situation will change, the market will change, consumer behavior will change, how can you be prepared for the challenges you are going to face two years later? However, there are some steps that you can take to be prepared for future challenges. For example, you can have reserve funds to scale your business by introducing new products or reaching a wider market. You can also develop a strategy to cope up with recession if it really happens in the near future.

 

[Mandy96]

I think there is something called miscellaneous, this is a sum of money kept just incase an unplanned event comes up or an emergency. As a good and experienced businessman, I think it will be very wise to always consider saving up for such kind of money. You can just open a separate bank account for it, and you will be deposit the money in there, it’s just going to be more like a fixed deposit account, like it is untouchable unless the needs calls for it. No matter how small the amount of income you make, you should try to consider this idea.