15 Solutions to 15 Problems of Running a Business
Sindhu Kutty contributed to this article that shares fifteen best tactics for businesses that want to find a solution to problem areas of running a business.
Running a business remains one of the most exhausting and rewarding ventures a person can undertake. As they navigate the challenges and opportunities of entrepreneurship, it’s important for business owners to remain vigilant to the parts of an operation that may not be operating at their full capacity.
While most leaders have no problem identifying common issues, there are some unique opportunities for growth that sometimes go unnoticed. Below, 15 members of Forbes Business Council shared some often overlooked areas where operations can be cleaned up and made more efficient. They also shared their best tactics for businesses that want to find a solution to these issues.
1. Innovation, Research And Development
If you have a department or resource for innovation, research and development, make sure they have the right focus. These can be the most valuable functions or the most inefficient, depending on the task. If you set them up to be able to invent new ways of reaching strategic objectives where the old ways don’t work anymore, they’re up for success. If not, they might just play inefficient innovation theater. – Lysander Weiss, Venture Idea2. General And Administration Functions
2. General and administration (G&A) functions should be streamlined (silo-busting) based on the end-to-end journey taken by internal stakeholders. This might entail predictable, high-volume processes—which should be digitally enabled—as well as project streams focused on delivering new capabilities to support the changing business environment. – Sindhu Kutty, Kuroshio Consulting
3. Developing And Training Talent
From a retail standpoint, I see developing and training talent to be an overlooked area. We often go into a store and can point out the operational gaps, but do we slow down to better understand where the current knowledge level of our leaders and employees is at? There is a true hustle in the retail environment—but take the time to do a pulse check with your employees and you will not regret it. – Sherry Taylor, Office Depot
Areas covered include:
Systemization and processes
Time And motion studies
Read the full article, Want To Improve Business Efficiency? Don’t Overlook These 15 Operational Areas, on Forbes.com.