The business world presents many challenges that companies must overcome in order to grow.
A business strategy consulting company recently identified their list of top ten challenges: Uncertainty, Globalization, Innovation, Policy and Regulation, Technology, Diversity, Complexity, Information Overload, Supply Chains, and Strategic thinking & Problem Solving. I've added a few thoughts to the list.
1. Uncertainty strikes fear in the hearts of the C-suite because the cost of the unforeseen can be costly or strategically crippling. The instinctive reaction is to focus on the more comfortable short-term.
2. Globalization presents markets with varying cultures, ethical standards, and Government involvement.
3. Being more innovative is at the top of most companies’ list, but having a more innovative culture is elusive. Leaders talk about breaking the mold, but enact policies that maintain control.
4. Government Policy and Regulation is very self-explanatory. Some good, some bad, some necessary. At least in theory, everyone has the same burden.
5. Technology is a head scratcher for CEOs. Every CEO knows there are technologies that will greatly improve their business. But, which ones? What’s the ROI? How do we change to take full advantage?
6. Diversity adds value because it brings varied perspectives and insights. The challenge is to focus a diverse employee base on shared goals.
7. Complexity goes right along with diversity, technology, and many of the other challenges. Do we as an organization have the tools, employees, etc, that can adapt and learn at a very fast pace? The problem is how to develop better systems-thinking capability to design business models, processes, products, and services in a way that minimizes unnecessary complexity.
8. Information overload is this simple: we’re all drinking information from a fire hydrant. And we’re storing all that information so we can come back and choke on it again. The challenge is to make it useful and actionable.
9. Supply chains are becoming leaner and the challenge is to continue to meet customer demand with the tight supply chain.
10. Lastly, strategic thinking and problem solving are the keys to future success. The challenge is to move these functions from the C-suite to every employee.
Business Development Manager