What is your companies greatest hinderance to growth and profitability?

The central purpose of Business, is of course, all about profitability and finding solutions to overcome unforeseen hinderances to business growth.  Growth and profitability are intertwined are a key measure of stability as a thriving business. So what really keeps the business owner up at night with worry or concern about the viability of the business. Given the diversity of both customer needs (affordable vs time saving) and expectations ( online vs boutiques experience), and the vast variety of avenues to provide products (web shops, farmers market, door front grocery delivery) and or services ( virtual consultantions vs online payments)  by a myriad of businesse models, ( Franchises, MLM, Resale stores etc) balancing the two is an ever ending challenge for many business owners. With that in mind, as a fastidious consumer and a non traditional business owner, my challenges are many.  At the forefront is how to move my business forward with engaging relevance in this rapidly changing technology focused promotional marketing reality. Many familiar bill board ads are now pop-up ads while we browse on a favourite site. Second, many of us have a genuine lack of understanding of how to apply the new technologies to our benefit our businesses, and consequencially this leads to an inability to tap into a large segment of the consumer base that prefers online shopping from the comfort of a home or phone. To educate oneself on the newest technology skill set at a rapid pace that keeps in step with the latest in consumer shopping choices, trending advertising methods and revolutionary products/services designed for our modernised lifestyles, is truly a seemingly insurmountable knowledge conquest. The traditional ways of doing business are more familiar and easily learned from many corners, be it at the local library or as an apprentice. The newer social media and web based methods are illusive to those of us who are not yet adequately versed on the digital knowledge front. Bring a savvy user of the internet as an individual does not necessarily translate nicely into application to an existing traditional with a strong local presence yet promotes products and or services that would entice a global consumer audience. There is no escaping the digital takeover or upending of traditional business methods. However, I believe the historical business management systems are still the bedrock of tomorrows continued technological metamorphosis, What I find  hopeful is that as the millennial add their creative tech savvy skill set to the business forum through employment at many levels and in the different industries, they mingle with the older (maybe still employed ) generations of sage business owners, who do and will continue to master the trending technology skills to compete competitively, moving forward. There is certainly a wide variety of web based avenues to learn from the palm of my hand and in the comfort of my home or office. What a thrilling time to be a business owner.

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This article was published on 05.01.2019 by Mukasa Venture Partners LLC
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