1. Financial - Poor financial planning can, and most likely will, cause the demise of a company
2. Market Shifts - Few things last forever. As an example, my folks owned a flower shop when I was in HS. The business thrived because flower shops were the only place you could go to buy flowers to send to friends and family. Over the years, grocery stores, convenience stores, and warehouse stores have all started selling flowers much cheaper. This shift caused many flower shops, including my parents', to close because they were more expensive and not as convenient.
3. Human Resources - Whether you are the sole employee(owner) or you have multiple employees, you have to find the right people for the job. Being your own boss is not easy because there is no one there to motivate you, but you!
4. Growth - Not knowing when and how to grow your business can cause the company to go flat, meaning, profits have reached a plateau and the company is not growing or improving. The more a company grows, the more it can profit.
5. Fear - Many business owners become comfortable with the day to day functions of their company and are afraid to make changes that may drive the business forward.
Brandy recommends the following next steps:
main challenges are fear of responsibility and fear of failure.
There are businesses where you can start without budget and experience.
Check some resources online and be open for success.
Remember: there is no failure, just hypothesis that worked or did not work.
Here are some additional items to think through while starting a new or running an existing business:
1. Value proposition - this helps answer why someone would pay for your products or services instead of other similar existing businesses. A strong value proposition will help you stand out in a competitive market, and oftentimes, should evolve with market shifts. Companies will usually include their value proposition on their 'Home' or 'About' page.
2. Customer insights - how well do you know your customer and how they may use your products or services? How can you continuously learn about them? Understanding their mental model will give you an advantage when developing your business because it positions you to effectively connect and engage with them.
3. Core values - what are the core beliefs and values of the company? How do you deliver that along with your products or services? Some examples may be speed, transparency, quality, etc. This sets a standard for how you conduct business. Companies will usually include their core values on the 'About' page.
Hope this helps!
Kristi recommends the following next steps:
Anthony Kofi Hene-Amoah
Please, note the following, concerning some challenges of running a business :-
1. Inadequate knowledge of the business.
2. Lack of/inadequate capital.
3. Unfavourable marketing conditions.
4. Unfavourable government policies.
Best regards in your vision.