Challenges Faced When Growing Your Business

Francisco Lingad, ANCL Partners BC, Vancouver BC, Futurpreneur Canada Mentor

The biggest challenges for entrepreneur’s growth opportunities in the local as well as other market beyond their provinces are:

1) Sustainability, nurture the ongoing business and grow by making business operations simple, enjoyable and fruitful. Keep the income streams flowing, if you need to expand your products to best seller’s league do so or innovate, keep on improving your products and/ or services? Have happy customers at all times.

2) Financial control and capital buildups keep your business going. Maintain comfortable cash flow operations. There will always be receivables and payables thus manage your operating funds well. Monitor and collect diligently all your receivables, then schedule your payments. Excess fund should be use for expansion programs.

3) HR and talent management is building your winning team by selecting the “right person or talents”. Keep your winning team at bay and conscious of what needs to be done. Focus on their respective jobs and contribute positively with the efforts of meeting your company goals.

4) Risk management moves from a traditional reactive role of taking risk to proactive role. Take calculated risk by studying, researching market practices and norms. Do not be a victim of fraud, avoid them if you can. If you made a mistake once let it be a learning experience and move on.

Rev your local business to expansion, with sustainable business, move on to other market possibly to other provinces and then to the world. The challenges are big and you can counter them with your right proactive moves.

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