Running a business is not 100 % smooth. Even if you have a million capital but time comes when a problem beyond notice emerged. It is better for the business owner to take a look at the possible problems to aware himself of the possible solutions. These are the following possible problems a business owner may encounter: 1. Uncertain purpose. Some companies experience a loss of purpose or uncertainty 2. Weak brand identity 3. Low customer value 4. Minimal future planning 5. No exit strategy. 6. Minimal use of technology 7. Static skill sets and 8. Not using resources. Agree or disagree?
Problems in Business
- Thread starter Starmix
- Start date
I totally agree that these are the problems that a business may encounter. These problems are what people fear and that is why they may be skeptical about starting the business. One needs to know that risks are to be faced and managed, not feared.
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- #4
That's true, it's also the thing I have to remember as having owned a milk tea business. I am always planning and assuming for the possibilities of problems to exist then side by side the good planning and strategic tactics.
Having a list of possible risk and a response plan is very important. Many businesses fail to accept that risks may happen and so they fail to plan for them. It is better to be caught prepared than unaware.
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- #6
That's right many businesses failed because the owner failed to plan. It's good to keep on upgrading or adding strategic plans to avoid business problems. It's better to be caught prepared than not. It will be a crucial recovery.
That's right, this is one mistake most young entrepreneurs make today. They assume the business should just keep going without any issues. But the truth of the matter is issues are bound to happen, and how you handle them determines how you grow.
This is practically the importance of Business Analysis because that is the only way you can be able to know what would likely to happen before it happens in your business so you know how to tackle it.
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- #10
It's very important to make speculations of an upcoming problem in business if sense something malicious like fluctuating sales flow. The business owner must analyse the possibilities why it happens to correct the mistakes before it's getting complicated.
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- #12
The business owner knows better his business problems which is why he needs to check his business flow, check the bookkeeper's record and do inventory successively to know the strengths and weakness of his business. He needs to apply SWOT analysis.
This is the reason why it is very important for you to study the strength and weaknesses of any kind of business that you are into so that you know how to tackle them when they come up.
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- #14
That is right, the business owners must apply the SWOT Analysis to get straight to the point of the causes of low sales for example which might be one of the reasons for the business problem.
I think it is normal to get scared. For example, I am trying to start a business soon but I am scared but the only thing is that it is not good to be very scared so that it will not affect your performance
There is no how we are not going to pass through some problems in life or even in our businesses so we should always expect problems whenever we are thinking of having a business because they work hand-in-hand
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- #20
Problems in business arises if the business owner does not monitor his sales flow. If the business owner doesn't do weekly inventory so innovations will follow after finding the cause of the business problem like low sales.
