Research shows that about two-thirds of businesses survive two years in business, half of all businesses will survive five years and a third will survive 10. The longer a company has been in business, the more likely it is to stay in business.
The business world is not static. It can be a roller coaster in a particular period and a rough ride on some point. There are thousands of obstacles facing businesses in our contemporary world. If you are not prepared, you may struggle to find your footing.
Here are five ways to stay resolute in the face of major business obstacles:
1. Expect challenges and make contingency plans
Challenge is a part of business: Without it, every business would be successful. Many entrepreneurs try to overcome these by committing to providing financial, human and material resources for their startup.
However, they don't work at instituting contingency plans if things don't turn out as expected. Just as the way we expect massive sales and profit, we should also expect challenges and make adequate plans to contain them.
2. Anticipate changes and adapt appropriately
The business world is in large part about change in consumer tastes and behavior, but there are also political, social, economic and environmental changes that can affect any business at any point.
Ifeoma Agu, the co-founder of Ivonmelda Makeova, said in an interview, "Inadequatefinance and business location were the two major challenges we overcame during our startup period. We decided to download lots of YouTube videos on makeup and hair making, since we couldn't afford the training fees. Secondly, when our target markets (mainly graduate and postgraduate students) massively migrated from one location to another, we followed them."
3. Intensify the use of digital technology
It's very difficult for businesses to survive in the modern world without some kind of online marketing strategy. A large percentage of Americans prefer to shop online, yet many American small businesses do not have a website
In an email interview, Ravi Gullapalli, the founder of Fastra Messenger, said, "At Fastra Corporation, we believe our IT industry will move in the direction of augmented reality. Fastra Messenger is developing lot of new features, and we want to change the total chat experience in a modern, innovative way. We are currently developing not only augmented reality filters for our Fastra messenger application, but also working with retail companies, educational schools and colleges to help them use augmented reality technology.
"It is very difficult to survive businesses in long run if you are not adaptable to new technologies. Most of our current apps in iPhone and Android will be converted to augmented reality or virtual reality apps in next two to three years'.
4. Stay focused on business competition
Today's business world is survival of the fittest. So many businesses today are struggling to stay afloat as a result of intense competition. If you're not creative and innovative, you may likely end up a failure.
5. Upgrade your business knowledge
Knowledge is vital to business success. The knowledge you needed to start your business won't necessarily help you manage it.
Build relationship with successful entrepreneurs, read business books and articles and attend business conferences and seminars. These will surely enlighten and sensitize you. By having the right information, you can successfully manage business amid obstacles.
Copyright © 2017 Entrepreneur Media, Inc. All rights reserved.
This article originally appeared on Entrepreneur.com. Minor edits have been done by the Entrepreneur.com.ph editors