starting-a-business-how-to-overcome-business-challenges

13th May 2022

New business venture: How to overcome business challenges

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The last eighteen months have given us no shortage of business challenges.

Anyone who has been waiting to launch a successful business since March 2020 has been watching and waiting with bated breath.

The UK went from lockdowns and furlough schemes to restriction tiers and layoffs. Then, finally, the summer came around and things started looking just a little bit brighter.

Slowly but surely the government rolled back its COVID-19 restrictions, and now things are looking more normal for businesses.

But you do not need to be a business owner to know that there are plenty of challenges on the way. Some of those business challenges are already here: staff shortages, ongoing Brexit complications, rising energy prices, and the climate crisis.

In short, there are many business obstacles to consider beyond the realm of COVID-19.

Here are some of the biggest issues, and what you can do to prepare for them.

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How to improve cybersecurity

If you are just launching your graduate business, cybersecurity might not be at the top of your checklist. But there is enough evidence to show it should be a business improvement to consider.

When the world locked down, a lot of businesses that did not have a lot of online experience were forced to get up to speed very quickly.

As a result, it was always going to be the case that there would be an uptick in cybercrime statistics.

However, what was truly startling was the sheer size of that uptick. Whether it was Royal Mail scams or massive ransomware attacks on huge corporations, cybercrime drastically increased.

As we head towards the end of 2021 and look ahead to 2022, this threat is going to continue. You need to make sure that you are taking the proper steps to protect your finances and your personal information.

Talk to a cybersecurity professional about which areas of your new business could be at the greatest risk. And work out what kind of security measures you need to be implementing!

Why is sustainability important?

Breaking news about the seriousness of the climate crisis feels constantly around the corner.

Of course, the experts have been calling for action for decades now. But as the extreme weather events around the globe continue to occur, it is clear that this is an issue that cannot be ignored.

It is also no longer an issue that business owners can continue to pay lip service to.

You need to think carefully about what steps you can take to commit to sustainable development when starting a graduate business.

How to improve business sustainability

There are some basic measures that you can take:

Buy machinery with good energy efficiency rating.
Make sure you recycle.
Work with partners who are similarly minded.

Educating yourself on this issue is crucial, and that is why a course in business sustainability could be the perfect fit. This will give the grounding and the framework that you need to put these ideas into practice and help nurture a successful business.

This will depend on what business you’re starting, of course. Sustainability in property will look different to sustainability in tech. And, depending on the type of real estate brokerage you want to start, for example, these processes can look different within the same industry.

What is supply chain management?

The last few months have shown us that problems with supply shortages could persist for all kinds of businesses.

Shortages are everywhere, from hospitality businesses being unable to find the skilled employees they need to operate, to empty shelves at supermarkets.

The UK’s petrol crisis was a great example of how the perfect storm of Brexit and COVID-19 can create a situation that can spiral out of control very quickly.

Arguably the biggest root cause of this issue is the fact that there is still a shortage of HGV drivers. Without enough people to get these supplies to where they need to be, every industry suffers business challenges.

How can you make sure that your graduate business avoids the majority of the negative impact from this?

You are going to need to plan for scenarios involving sudden unexpected delays. You are going to need to be in constant contact with your suppliers for up-to-the-minute updates. Flexibility is going to be vital, which brings us to our next point.

Is the pandemic over?

Things can change quickly, especially in different seasons!

It is therefore very important to remain cautious with our businesses.

We all remember how disruptive the pandemic was earlier this year as businesses had to close their doors due to a shortage of staff.

If you are launching a new business in the months ahead, you need to ensure that you build in enough flexibility to succeed through the coming challenges.

Avoid committing to fixed dates if missing them will cause serious issues. Make sure that your staff can work from home if they need to. Give them the tools and support they need.

This approach will help your graduate business to survive and thrive despite the turbulent times still to come