Question

what are 5 major problems businesses are facing today and what can be done to solve those issues, please use references

Answer 1

The five biggest challenges that businesses are facing in the current environment are:-

1. Uncertainty about future: The uncertainty and the lack of predictability about the long-term business outcome have led to short-term thinking and can be the impediment to long-term capital commitment and investments.

2. Globalization: The impact of globalization has meant that certain businesses are discovering new competitors which are competing in the markets through imports and hence they need to be more agile to survive in the market.

3. Technology: With the advent of technology, older techniques of doing a business are becoming obsolete. So firms should always keep learning and upskill their manpower in order to stay relevant in the face of ever-changing technology.

4. Retaining manpower: Due to the shortage of skilled and trained manpower, businesses will always find retaining and hiring trained manpower a challenge and will have to incur significant cost to keep the manpower with them and prevent attrition.

5. Customer loyalty: In order to sustain a business, firms have to build customer stickiness and loyalty which is becoming more difficult because of availability of large number of alternatives and disruption caused by technology and new service delivery models.

References:

1. 5 Biggest Challenges Facing Your Small Business. By Andrew Beattie | Updated March 7, 2018. www.investopedia.com

2. Top Ten Problems Faced by Business. www.leanmethods.com

3. The '8 Great' Challenges Every Business Faces (And How To Master Them All). By Cheryl Conner .MAR 4, 2013. Forbes.com