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Maintaining a business is a big challenge especially in these days like what Bernard Marr said in Hiscox ” one side effect of these rapid changes and growth is that no single CEO — or any employee, for that matter — can be an expert in everything”. Here are the three challenges that businesses face nowadays,
Uncertainty
Being uncertain might ruins your business and makes you unable to get anything done. This feeling is “because of global debt and economic struggles, uncertainty is more pronounced today than in the past. The sad news is that uncertainty leads to a short-term focus. Due to uncertainty, companies tend to shy away from long-term planning in favor of shorter-term goals”. (Cheryl Conner, Forbes). In order to avoid this, you should be able to predict the market/customer trends.
Financial management
Money management is very important to cover your bills and to improve your business. Many CEOs are good “at the big picture and disruptive thinking” but they usually are not able to manage things like “cash flow, profit margins, reducing costs, financing, etc.”. So seeking professional help is recommended .
Monitoring performance
“Using a meaningful set of rounded performance indicators that provide the business with insights about how well it is performing is key. Most business people I know are not experts in how to develop KPIs, how to avoid the key pitfalls and how to best communicate metrics so that they inform decision-making. In most cases companies rely on overly simple finance indicators that just clog up the corporate reporting channels.” (Bernard Marr, Hiscox).

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