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Studio 05

Business Barriers and Recommendations for Overcoming Them

Being a business owner is an exciting experience that is full of potential and opportunities. It can also be an adventure filled with challenges that test your resiliency and determination. The key to success is recognizing these barriers and learning how to transform them into steps to growth. This article discusses some of the most prevalent business challenges, and offers strategies to overcome them.

Dependence on a single customer is a common barrier to business expansion. When a company becomes too dependent on a single client it can be detrimental in the event that this client loses interest or is acquired by another competitor. To avoid this, business owners must diversify their client base by extending into new markets, offering an array of products and services and building an online presence.

Lack of innovation can hinder growth. A business can lose its position on the market in the event it doesn’t innovate. To counter this, businesses need to encourage an innovative culture at their workplace and allocate resources to research and development.

Money obstacles can be a major obstacle for the organization’s success. They can be either departmental or personal and they may stem from manipulating the bonus system, self-promotion or defending budgets, decisions or rights, even when the organisation is required to change. To avoid this, business owners can encourage a balance between professionalism as well as empathy at work and implement a strategy for communication to ensure that the teams are on the right track.

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