Answer to Question #241827 in Marketing for Penny

Question

What are the challenges in today's modern business? 

Answer 1

At the present time, businesses of all scopes need to adapt to new marketing networks, invest in the best technologies, and attempt to strive on a global stage. As a result, it is almost impossible for an employee to become an expert in every area of business and these are some of the challenges that modern businesses may encounter;

Recruitment issues in that every employee need contribute to the company’s productivity, revenue, and reputation and therefore hiring the wrong member of staff can lead to disappointed customers, a smaller profit margin and a lack of efficiency which is lowers down the growth of the business.

Technology advancement is another challenge which most of today’s businesses are facing. This is because technology is changing as time goes by and if a certain business fails to innovate, then it is likely to be overtaken by their more innovative business competitors therefore causing a challenge for the growth of that certain business.

Another factor affecting the growth of businesses today is supply chain problems as many businesses are attempting to stay as lean as possible, many are choosing to carry a smaller inventory, which can be risky. Due to increased competition for raw materials the supply chain has now become more complex than before therefore undermining the business’s growth.

Integrity is another challenge that the modern businesses are facing today. A number of businesses today are faced with moral challenges, where by employees are working hard to hit quarterly goals, earn a big bonus, and secure a pay raise. It is important to note that lack of integrity can eradicate trust between an employer and their employees, and could potentially damage a company’s reputation with customers, clients, investors, and shareholders.