Every year the business houses have to face a new set of challenges that allows them to grow in a very positive manner. A new challenge or problem gives birth to a new solution and on such a basis, the business does research and development. The business challenges can arise because of two different forces, the internal forces and external forces. Internal forces include the changes within the organizational framework and the external factor is wide in nature and includes several amounts of factors. The internal forces are within the control of the company but the company cannot control external factors or challenges. However, precautions can be taken to face the challenges.
1. Data protection – every country has a data protection act that protects the privacy and data of the user. The user license agreement allows the business to protect the data to a certain extent. The minor change in the terms makes the data protection policy more effective and saves the privacy of the users. The external forces such as governmental regulations affect data protection but it depends on the business to make a compromise on the data terms with the agencies.
2. Technological updates - every year new technology is introduced and it is the only competitive factor that allows your business to do well. In order to sustain the businesses have to make continuous efforts in research and development. The solution to the challenge will be to either make research and development and lead in technology or acquire existing technology to get a competitive advantage.
3. Global workforces – in the present era the business is operating at the global level. According to different policies of different countries, different challenges arise and to solve these challenges adaptable policies are developed. There are different global challenges in the business that stops your business growth. Coronavirus is the present challenge that the business is facing nowadays, the only solution to this problem will be to take precautions and divert business operations to get the minimum affected.
4. Staying innovative to sustain – innovation is the only factor that helps the business to sustain but it acts as a challenge also. Business houses are investing more in the research and development aspects to sustain in the competitive environment.
5. Economic challenges – the governmental policies which act as an external challenge affects business growth. Demonetization was a big challenge in India and to some extent, it affected the economic growth of the country also. Depending on the county your business is operating within the job will be to make strategies to overcome these challenges. At different levels, business houses use unique strategies to overcome economic challenges.
The present competitive era provides different opportunities and with this comes challenges that allow the businesses to innovate. Every year there are new challenges in the business and some business houses which found the solution sustains and some which have no solutions breakdowns. 2020 introduces new challenges and accordingly innovatively new strategies should be adopted.