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Business strategy
Difficulties or challenges encountered as a result of managing a business organisation.
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[QUOTE="Stena, post: 219439, member: 67486"] There's hardly a business where challenges are absent. Every business person face challenges from time to time in his venture. Some of these challenges include: 1) poor managerial ability: this revolves around a whole lot, some business owners do not have the ability to properly manage their business to yield exponentially. They find it difficult to manage their resources, monitor staff progress, meet targets, etc. 2) lack of operational funds: business owners still need funds to keep their businesses running, they would need money to pay staff, promote the business, and carry out other operations. The thing is, money is usually hard to come by. 3) dealing with competition: most business owners face this challenge, and they have no choice than to deal with it. While some are able to devise strategies to maximize profits, others can not. 4) high government bureaucracy: most businesses have to struggle with some stringent government policies and taxation. These are things they can exert no control over. 5) labour issues: some businesses go through the challenge of not being able to employ the right hands as a workforce. Skilled personnels are either difficult to find or the business can not afford to pay them. These challenges can be however overcome or managed through proper planning. [/QUOTE]
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