Unforeseen Business Problems and How to Solve Them
Starting a business is a complex task. Running and growing a business successfully is even more demanding, and it requires a combination of foresight, contingency planning, organization, and a pinch of luck. This isn’t to say that success is a lottery. The smartest businessmen and women are those who can plan efficiently, whilst reacting quickly and decisively to any unexpected occurrences. Sometimes, these occurrences can be positive – a new partnership, or an expansion opportunity that must be grabbed with both hands before it disappears. At other times, however, your business may come under pressure from various sources, presenting you with problems you need to solve before your business can thrive. As much as you plan and prepare, the unexpected is always just around the corner. Here are some of the most common business problems that can come out of nowhere, alongside tips on how to manage them.
Sudden Order Uptick
At first, this might not seem like an issue at all. In fact, surely it can only be a good thing? An uptick in orders, or uses of your service, means your business is proving itself as a lucrative endeavor. You are growing in popularity, expanding your business, and making money. However, it may not be this simple. If you’re experiencing a sudden, unexpected increase in traffic, your business may not yet be equipped to deal with this demand. This can lead to website crashes, delivery issues, and even a reduced quality to the products or services you provide. If managed badly, this can lead to bad reviews, and your growth may be over before it’s begun. To guard against this, always ensure you are three steps ahead and growing your business capabilities well before demand increases. If you are caught short, it’s always better to be honest with your customers rather than make promises you can’t deliver. Respond quickly to any complaints, and you’ll ensure more repeat custom than ever.
You can’t predict the future, and you never know what will happen. So it’s always a good idea to cover yourself for all eventualities. For instance, the global pandemic saw millions of businesses lose money due to lockdowns and restrictions. But the right types of business insurance would help you weather the storm. Speaking of storms, the weather can all but shutter your business before, during and after an unfortunate event. Loss of earnings while you are closed, damage to your premises and even your company vehicles is a possibility. But storm damage insurance claims would help you get back on your feet a lot quicker than if you had to save or use reserves to rebuild your business.
Sometimes, unforeseen issues can arise that are nothing to do with your business as an entity itself, but to do with the location where you are based. Whether it’s an office where your employees work, a shop that welcomes customers, or even a warehouse where goods are stored, premises issues can be various. You may have to deal with damage from extreme weather, structural instability, accidental damage, or slow-developing problems such as mold. It is most important not to panic. Ensure your business insurance covers any premises-related issues, and that you have a roster of services you can instantly turn to for any emergency fixes. These could include Hlrestoration.com for mold remediation or Usaplumbingservice.com for any issues involving your drains and plumbing.
Sometimes, although we wish they wouldn’t, an employee can suddenly decide to leave their job. Now, most jobs have notice periods built into their contracts, but these are not always followed. This can cause great concern for businesses, particularly if the employee in question has a special skill that is integral to running the company, and they will be difficult to replace. However, there are ways to mitigate this risk and ease the process of finding a replacement. Firstly, work with HR to ensure your contracts are airtight. Secondly, try to address the root of any potential problems – employees are less likely to leave if they are satisfied in their work and their rate of pay. Finally, if you are left in the lurch, use recruitment agencies to help you source replacements far easier than you could by yourself.
A Rival Business
One unforeseen problem you cannot plan for is the emergence of a rival business. This can be particularly frustrating if you have discovered and built a hitherto untapped niche in the market. However, the business world is full of opportunists, and you may soon find other entrepreneurs trying to muscle in on your enterprise. Again, do not panic. Instead, focus on promoting your own company and what makes you unique. In your marketing, stress the fact that you are the original business. Emphasize the originality and quality of your products. Look at online course platforms so you can create a course to teach people something they’ll find useful – you can be sure your competitors won’t be doing that. Above all, remember that competition is healthy – and it is only by focusing on your own endeavors, not by worrying about other people’s actions, that you will find success.
In any business, the market will undergo inevitable fluctuation. This can be as a result of a huge number of factors, and although business analysts are brilliant at spotting trends, fluctuations can also be difficult to predict. As a new business owner, any small downturn in the market can feel troubling, particularly if it is large and sustained enough to actively affect your business. Don’t be afraid to adapt to different circumstances, downsizing your operations temporarily to survive any fluctuations or using a pitch deck for seed funding to find new investors, for example. It’s important to make sure any downsizing is easily reversible, so you can quickly adjust and start to thrive as soon as the market perks up again!
As we have seen in the last few months, occasionally unforeseen problems can appear through circumstances completely out of our control. Whether this is conflict, wildfire, or global pandemic, world events can have a huge impact upon your business strategies – yet particularly for small businesses with limited resources, they can be almost impossible to plan for. The key to surviving, and thriving, during these times, lies in adaptability. Don’t be afraid to react quickly and dramatically, pivoting your business to provide a necessary service in response to the event at hand. By using your initiative, you can turn almost any unforeseen problem into a potential business opportunity.
Keep a Contingency
Whilst you may not be able to foresee some problems, you can still plan for them. The best way to do this is by keeping a contingency in place that can help your business survive anything unplanned. Put a small portion of your profits aside and do not touch them unless it is absolutely necessary. This way, you’ll be able to build up a small cushion to help you adjust and survive no matter what the world throws your way.
Categories: Outside Contributors
1 reply »