Starting a new business: How to overcome business challenges

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