THE GREATEST CHALLENGES FACING BUSINESS AND HOW TO SOLVE THEM
Written on the 3 November 2016 by Angela Vidler
THE business environment in which we operate is dynamic; with the only constant being change. Adapting to this change is critical if businesses are to remain successful in this highly competitive environment. With this in mind, I will share some of the key challenges that businesses of all sizes are facing.
The global labour market
The breakdown of geographical communication barrier has allowed organisations to take advantage of the competitively priced global labour market.
Growing revenues without increasing fixed costs
The goal of any business is to grow without increasing fixed costs. Bearing in mind the costs of adding local labour to service your desired growth, providing operational support in the form of office space, IT and human resources support, while maintaining fixed costs can be a challenge.
Empowering your local employees
It's an amazing statistic, but in a recent Harvard Business Review article on employee productivity, it was identified that employees can spend, on average, 41% of their time on activities that offer little value and could easily be performed by others. The article states that "we instinctively cling to tasks that make us feel busy and thus important, while our bosses, constantly striving to do more with less, pile on as many responsibilities as we're willing to accept".
The local labour market is incredibly competitive, especially for digital and technology roles. Thus, many skill sets and capabilities that are required to service clients effectively are unattainable. This is due to high local wage costs or the lack of a sufficiently skilled talent pool.
We live in the age of now - customers want instant responses and service 24 hours a day, seven days a week. Businesses need to meet this need to continue being competitive. With the constant advancement of social media and an increase in customers using online channels to interact, companies need to adapt.
Leverage the power of offshore resources to take your business to the next level
Ultimately, companies are facing more challenges than ever in trying to remain competitive. Many approaches can be adopted to tackle them head on and one of these is via the use of offshore resources.
Author: Angela Vidler
About: Angela Vidler is the Chief Executive Officer at Diversify Offshore Staff Solutions.Connect via: LinkedIn