Question

1. What are some of the issues that arise as a result of new global business opportunities and how can businesses be more prepared to address such issues? Please do not be overly brief or generic

Answer 1

Ans. :

* Growing businesses face a range of challenges. As a business grows, different problems and opportunities demand different solutions - what worked a year ago might now be not the best approach. All too often, avoidable mistakes turn what could have been a great business into an also-ran.

* Recognising and overcoming the common pitfalls associated with growth is essential if your business is to continue to grow and thrive. Crucially, you need to ensure that the steps you take today don't themselves create additional problems for the future. Effective leadership will help you make the most of the opportunities, creating sustainable growth for the future.

* This highlights the particular risks and mistakes that most commonly affect growing businesses and outlines what you can do about them.

• Keeping up with the market
• Planning ahead
• Cash flow and financial management
• Problem solving
• The right systems
• Skills and attitudes
• Welcoming change.

* Keeping up with the market:

Market research isn't something you do as a one-off when you launch your business. Business conditions change continually, so your market research should be continuous as well. Otherwise you run the risk of making business decisions based on out-of-date information, which can lead to business failure.

* Planning ahead :

The plan that made sense for you a year ago isn't necessarily right for you now. Market conditions continually change, so you need to revisit and update your business plan regularly. See the page in this guide on keeping up with the market.

* Cash flow and financial management :

Good cash flow control is important for any business. For a growing business, it's crucial - cash constraints can be the biggest factor limiting growth and overtrading can be fatal.

* Problem solving :

New businesses often run in perpetual crisis mode. Every day brings new challenges that urgently need resolving and management spends most of their time troubleshooting.

* The right systems :

All businesses produce and rely on large volumes of information - financial records, interactions with customers and other business contacts, employee details, regulatory requirements and so on. It's too much to keep track of - let alone use effectively - without the right systems.

* Skills and attitudes :

Entrepreneurs are the driving force behind creating and growing new businesses. All too often, they are also the people holding them back

* Welcoming change :

Complacency can be a major threat to a growing business. Assuming that you will continue to be successful simply because you have been in the past is very unwise.