The Modern Challenge of Keeping a Business Afloat

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Running a business means being ready to deal with the challenges that come with it. How you solve these challenges can make the difference between profits and losses, success and failure. These challenges vary depending on the type, nature, and scale of the business. In this article, we discuss the modern challenge of running and keeping your business afloat.

Making Changes

As your business grows, you may need to make some changes to accommodate the growing needs of your customers. The same applies to a shrinking business which may need to make some changes as it scales down. Even a stagnating business may seek to make changes in order to grow or attract new customers. This means all businesses are bound to make some type of change. A business that does not adapt to new demands will find it difficult to survive in the market.

If you’re a veteran entrepreneur, you know that making changes is not a new or modern challenge. The only difference is that current changes are designed to suit modern challenges, not old ones. Let’s say you run a barbershop business. A modern barber shop looks different from a barbershop of the 1990s or 1980s.

A growing business needs more space. If your location still has space for expansion, you need to hire a sitework contractor to advise you on the best way to utilize the space based on your new business needs. Maybe you need an additional store for more stock. Or a new waiting bay for your clients. Whichever the business needs, the new changes should enable your business to meet the new demands or needs.

Necessary Updates

The new construction to meet the growing needs of your business is part of the necessary updates that you have to make. Say you own a restaurant and you started your restaurant serving 20 clients a day. Now you can’t keep up with the over 100 clients who each want a piece of your delicious dishes. You need room to expand.

One of the solutions is to create an extension with an open-air design. An open place where your clients can dine as they enjoy the fresh air. If you’re able to hack this, you’ve solved the typical modern challenge of many restaurants – no room for expansion because of the scarcity of land.

As your clients dine outdoors, you wouldn’t want them to be rained on, or bear the scorching sun during summer. You don’t need expensive roofing for the outdoors either. The best roofing company in your city or town should be able to advise you on the best roofing type for the extension.

The extension for the restaurant is just an example of some of the necessary updates a business must make. If you feel the interior of your business location is outdated, you need to update it. If the colors on the walls are fading, update the walls with new paint.

Business Protection

The security of your business should be one of the key priorities. Good security systems and infrastructure should protect your premises, your merchandise, your employees, and your customers. With the wide variety of new security technologies, the modern challenge for businesses is choosing the right technology that suits the business. For example, although CCTV cameras would deter people from stealing your items, you wouldn’t install them inside your hotel guest rooms or AirBnB just to protect pillows or duvets from being stolen.

Security should start from the exterior. You start to deter potential thieves from the outside. The sight of glaring CCTV cameras at the gate is enough to tell anyone that the business premises is well-protected.

You also need a proper fence. In addition to security, some types of fences provide privacy. If privacy is not an issue, one of the best types of fences you can use is the chain link fence. There are many chainlink fence companies you can choose to install or erect the fence around your business premises.

Expanding Possibilities

A business challenge doesn’t have to be negative. When you have too many customers that you can’t adequately handle, that’s a good challenge. However, how you solve these challenges has a major impact on the direction of business. Remember, a modern challenge should have a modern solution. For example, you can solve the problem of too many walk-in customers by introducing online shopping and delivery services.

Online shopping is more convenient, and given the chance, many of your customers would prefer this option. Plan on transport logistics to have the goods delivered to them. You may have to invest in semi trucks for this purpose or use third-party delivery apps that your costumes can use to have their purchases delivered to their doorstep.

An additional solution to an expanding business is opening more branches. This means taking the goods or services near the customers. Please note that expansion comes with huge investments. You should therefore do adequate market research on the areas you want to set up branches before making a decision. Only open branches in locations where you have existing or potential customers.

Repairing and Replacing Equipment

Some types of businesses depend on different types of equipment or machinery to operate. If your equipment is not in good condition or can’t operate, you’re out of business. If these machines or appliances are a core part of your business, you should have them maintained regularly.

Failure to maintain the equipment regularly means they’re prone to frequent breakdowns. In addition, parts of the machines will be worn out faster than expected. When some type of fault pr events the equipment from operating, you’ll have to call a technician to do repairs on the machine.

Going on with our example of a restaurant business, in addition to kitchen equipment that may need repair, your clients’ seating area has some type of furniture that may also need repair. You don’t want your clients dining on a dangling table because one of the legs is shorter. If you spot such an issue, you should contact a company that is in the business of manufacturing table replacement parts and have the table fixed.

Having equipment and furniture that are in good condition also gives a good impression of your business. The modern challenge for many businesses is keeping up with a highly demanding clientele. If you want your customers to return, minimize customer complaints or dissatisfactions, and one way of achieving this is by ensuring everything works properly.

Updating Systems

One of the mistakes some entrepreneurs make is running a business using old methods. Imagine having to walk to a physical office to book a flight that you need to board in the next few hours. A flight booking company without online booking options. That sounds like the 1980s. You’ll be amazed at the number of businesses that have not updated to new changes in technology and way of doing things.

It’s not enough to embrace technology or new systems. The systems should always be working. After installing an online booking system your customers can use, you don’t want them frustrated by a system that is constantly crashing or a slow system. This is why you need to update the systems.

We have already talked about the need to have a good security system on your business premises. Where technology or specific systems are needed, avoid outdated systems. The same applies to various types of security gadgets or items such as locks. It is easy for intruders to break into businesses that use old and outdated locks. Get a professional locksmith to install modern and more secure locks.

Preparing for Disaster

Very few businesses take measures to prevent the adverse effects of disasters, and if they do, it’s to merely comply with mandatory regulations before they get licensed. Depending on where the business is located, disaster preparation can be imperative to the survival of the business. If you want to have a sustainable business that can overcome big challenges, a disaster preparation plan should be a priority.

Disasters can be natural or manmade. The modern challenge of manmade disasters is mainly related to technology. For example, if your business system breaks down completely or your business computers get stolen, that’s a big disaster because you’ve lost all your data. Preparation for this type of disaster is having a reliable backup system, preferably in the cloud.

Fires are also examples of disasters that need proper preparation. Do you have an alarm system and enough resources to suppress a fire when it happens? These are important questions to ask yourself as an entrepreneur.

The challenge that is more complex to deal with is preparing for natural disasters. It’s impossible to prevent natural disasters, and the best you can do is have systems or resources that will help minimize damage to your business. For example, if your business is located in an area prone to hurricanes, you should invest in hurricane safe garage doors. If the area has a history of earthquakes, rent business premises in an earthquake-resistant building.

Managing the Fallout

When disaster strikes, your business is likely to take some form of hit, regardless of the number of precautions you’ve taken. Even if your business is in an earthquake-proof building and there is an earthquake, although your merchandise or stock may not be affected, your employees or clients may be affected. You’re likely to stay out of business for some time.

Dealing with some types of disasters sometimes requires the help of professionals. For example, if your premises experiences heavy storm debris intake after a storm, you may need the services of professional storm debris removers. Because a storm in that specific area is not a modern challenge and has previously occurred several times in the past, these companies have the experience and resources needed to effectively remove the debris without causing further damage to your business.

Raising Awareness

So you have started your dream coffee shop, barbershop, or restaurant but you’re not getting customers. There are many reasons why you’re not getting clients, but top on the list is because people are not aware of its existence. People need to know that the business exists and what it sells before they can even think of engaging with your business.

Raising awareness as a modern challenge should be solved with modern solutions. Don’t buy ad space in your local newspaper to advertise your business if you already get local customers to visit. A simple and more effective way would be to advertise the business online using social media and search marketing. Raising awareness means letting people know about the business, its location, products sold, and any other offerings. If you operate in a highly competitive industry, you need to think outside the box and come up with strategies that give you an edge over your competitors.

Drawing Customers’ Attention

The average modern person has very many options when it comes to shopping. If you’re not able to grab their attention, your business will continue to struggle. The modern challenge for many businesses is to attract the attention of a potential customer who has hundreds of other options for the specific product you want to sell to them.

Don’t do what your competitors do. If they’re a step ahead and led commercial grade Christmas lights on their premises, think of something different that will attract the same customers they’re trying to attract. One of the best ways of catching your customer’s attention is through offers. Buy two get one free or free deliveries for purchases exceeding a specific threshold. Remember, this will only catch their attention if no competitors offer the same incentives.

Whichever situation you’re in, whether in business or otherwise, a modern challenge needs a modern solution. In the context of a business, the wrong solution may have serious implications such as making losses or losing clients. Therefore, you must use the appropriate solution for every challenge you encounter in business.

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