The Biggest Management Challenges In The Next 5 Years
We live in unprecedented times – the challenges facing business, once the impact of Corona virus is behind us, will be unlike anything we have experienced.
All business must buckle down and deal with the following Challenges, regardless of size, sector and function. These are:
- Meeting increasing customer expectations – put simply, the more that you offer the more the customer wants and demands, coupled with the aggressive actions of your competition bumping up their offer to outbid your own. The art here is to improve your product or service without giving up margins.
- Working with an entitled but unskilled workforce – employers are competing to attract a workforce that generally has a lack of basic education, limited practical skills and underdeveloped soft skills. This then puts a huge strain on resources to train employees to do relatively basic tasks and to deliver to the right quality.
- Creating a clear distinction between your offer and that of your competition – there are too many offering the same or very similar products and services to what you are providing. This has the effect of driving prices down, so the need to have a measurable distinction will be a basic requirement of business success.
- Advertising and the use of “hype” is finished – the only important thing is what your customers say. In the Dark Ages of business (5 years ago!) an organisation with declining sales would design a sales promotion strategy, perhaps discount some products or services to get a better return or hassle and chase customers to buy more. This will not work now – nobody can fake it anymore because you either deliver solid value or you are finished!
- Adaptability – this is not just about using technology to make things easier or to (hopefully) make profit margins bigger. Successful organisations and managers need to expect, and plan for, disruption. If nothing else, rival organisations will change and develop which you will need to respond to and keep up to date with.
- Faster, Better, Cheaper, Friendlier – these will be the new Rules for Success in your, and any, marketplace!
Nobody said it was going to be easy, but then, as we all understand, survival is not compulsory.
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