Doing business in 20th Century was comparatively easy. Rules were simple and complexities were very few. In today’s world, its not easy to do business. With new technologies and changing dynamics of the businesses, it is becoming more and more challenging to do business. In this blog post I will discuss about some of the new business challenges that many organizations are facing right now.
Globalization has really changed the entire world, with new markets – offering new challenges and opportunities, especially in China, India, Brazil, and Russia. Therefore, global issues — including trade barriers, exchange rates, tariffs, and distribution — will become important elements of managerial choice.
Rapidly growing technology is another challenge that businesses in 21st century needs to face. Technology has increased accessibility, visibility, and connection. The connected world is smaller and rapidly changing, and has open information. For example: during the time of Web 1.0, companies used to broadcast their information and consumer had only one channel to know about various products and services that company offers. Thanks to Web 2.0, consumers can now connect to other consumers and get feedback of your product through their social connections. Managing your brand’s image in social media is one of the biggest challenge that businesses of 21st century has to face.
One of the other challenge that businesses of 21st century needs to face is – talent acquisition and retention. In today’s world, employees represent diverse demographic backgrounds not only race and gender but also personal preferences and cultural backgrounds. Also, employee expectations are constantly rising as they gain education and skills.
Other major challenges are increasingly segmented markets, increasingly attuned investors, and innovative and global competitors. With my blog posts, I will try to address these issues and provide some recommendations to resolve those challenges.
I hope my article was helpful and I am eager to hear your feedback. Thanks. – Bhavin Gandhi.