The business landscape is an ever-changing game. What works today will not tomorrow. Continuous improvement in almost all aspects of your operations is required to prevent the common business problems most enterprises face today.
For every unicorn start-up or success story, there are 100s that bite the dust daily. The entire buzz from over evaluation, mass funding can only sustain so long.
Be it Meru Cabs & Hertz in India that got eaten by the likes of Uber and Ola or the most recent We Work!
One thing experience tells me is that, most of these problems aren’t unique or of a size where they cannot be managed successfully and neither do all of them require innovation & costs.
In hindsight, it is about nipping them in the bud instead of ignoring or procrastinating for another time. And this is when things tend to grow out of hand with irreparable damage.
So what are the common yet very probable business problems to watch out for in 2020?
Innovation is a hefty word. We all like to use and flaunt it as much as we like. It is indeed an integral part of a business but not always advisable.
Before setting up and committing significant resources on your next innovation, look within and around!
Understanding your business is one thing but how relevant and aligned is it with your customer Diaspora and your market is entirely different.
Rapid technological advancements have reduced the competitive gap and benefits of early go to market strategy. Whatever new you build will be done by someone within the next few months.
Your competition will catch-up with you and will do so faster than you think!
The smart thing to do is to identify the key differentiators in your product and service offerings.
Spend time on qualitative analysis of your most sought after product, the customer segment and the queries or requests revolving around these products.
Innovate with tweaks and improvements in your offerings. Do not redefine them with huge expenditures.
Find correlation in terms of pricing, additional features, look and feel, license or support terms, etc.
You will soon find what resonates best with your customers and industry.
Yes, there is the other question of taking things to the next level. If so look around for advancements that can be leveraged instead of reinventing the wheel or doing it all yourself and again.
You will be able to avoid the common pitfalls and instead adopt what is already available and start making money in less than half the investment.
Lastly, unlearn and learn!