Owning and running a business is a great responsibility, and the reality is that it’s not always smooth sailing. What should you do when things don’t go according to your plan? We share tips on how to adapt and get your business back on course.

What are some of the biggest business challenges faced?

1. Challenge: Not all businesses are open to being adaptable

Unfortunately, not all business owners, entrepreneurs and teams know how to respond to sudden changes in the market, a disruption in the economy or having fewer resources. So how do we become agile in response to challenges?

1. Solution: Pay attention to trends and customer feedback

Your customers are probably your best source of information in terms of how well, or not, you’re doing. If you don’t yet have feedback channels in place, such as social media pages or a customer care line, set them up ASAP and ensure that you are actively using them to get input from your customers on what they love about what you do, and where there is room for improvement.

2. Challenge: You don’t have the right tech for the job

The volume of technology options available can feel overwhelming. Without the right information, solutions or advice, choosing incorrectly can become a costly mistake.

2. Solution: Partner with people and service providers who have the right skills and technology solutions

Part of your business plan should be to allocate time and money to engage with the right people, with the right skills, who can offer you solutions. If you, for example, have a catering business, you should engage high-quality suppliers for the best ingredients and work with reliable logistics and transport providers. Say, you’re running a digital marketing service, connect with trained SEO specialists, social media marketers and community managers to provide the best skills and services possible to the people that you serve.

Also, your customers need to buy into planned changes, for example, IT security, trust platforms and AI. Identify your needs upfront, research, get professional advice and access the right business resources.

3. Challenge: Your business is being left behind

New information, technology, customer needs, and innovative training modules emerge all the time and you don’t want to get stuck in one place while your competitors are growing and evolving.

3. Solution: Engage in learning programmes to stay on top of your game

Take on extra learning programmes to keep up to date with the markets you serve. If you’re launching something new – or have learned of something that can elevate your existing products or services –  be sure to keep your customers in the loop to provide exceptional customer service. If you recognise the gaps in your or your staff’s skills, there is a wealth of online courses that can help you stay on top of your game.

You can:

• Watch how-to tutorials on almost any topic on YouTube.
• Engage in paid-for learning with LinkedIn Learning.
• Do short courses via Telkom Learn.

4. Challenge: Your business model is outdated and not working for you

A business model is a plan for how you operate. At some point, you may find that you need to adapt your plan due to advancements in technology, a change in your customer expectations or pressure from competitors.

4. Solution: Constantly assess the needs of your customer and staff

Visualisation and reflection are vital for business growth. Use empathy to put yourself in your customers shoes. Ask yourself, ‘Will my customer be able to adapt to changes I want to make?’

But before you action any changes to your business and how you operate, it’s vital that your workforce and internal stakeholders are also onboard with your vision and that you are working closely with them to help you bring it to life. Think about how they will navigate the changes you want to implement and help them to adapt every step of the way. Even if you are an entrepreneur, solopreneur or if you are still building a team, take a step back and assess the skills, software or digital tools that you will need to succeed in your business.

Telkom Business: Telkom Blaze Podcast - Navigating business challenges

Hear from industry experts, including Sydney Siwela: Head of Fixed Sales at Telkom Business; Strini Mandrini, Senior Manager at Telkom Business; and Mukundi Lambani, Founder of Ambani Africa.

Watch our podcast here.