10 Challenges a Good Business Should Account For – Wall Street News



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Respond to any customer inquiry promptly.

Hubspot states that 58% of American customers would consider switching business if their customer service was not good enough. Don’t let your business get included in that number. Your customers should not have to wait longer than 24 hours for an answer to any questions they have.

Keep Your Promises

This is a very simple question. It is important to follow through on your promises to customers. Incomplete promises are the most surefire chance to damage trust among customers. The management of expectations from customers is not an easy task, but it’s a must for any business that wants to succeed.

4. Compliance of Regulations

An effective business must follow all rules related to its field. For some businesses, this may be challenging as the regulations are constantly changing.

Integreon has recently revealed that 73% percent of companies don’t have the funds necessary to fully comply with the rules and regulations. A failure to follow the rules could result in heavy fines or other sanctions. In order to avoid this, companies should have a plan to keep up-to-date on the current regulations.

It’s equally important to include reputable lawyers to be part of the team. The cost of lawyers can be high, but they’re a vital source for regulation compliance. It is possible to get strategies to handle regulators by consulting these lawyers.

Compliance with regulations will be one of your biggest challenges as an owner of a business. However, it’s one that you have to prepare for.

5. Economic Instability

According to the National Bureau of Economic Research, (NBER) states that the US has experienced 34 recessions over the last year. This is an average of an annual recession of one every 5 years. If you are the owner of a company it’s important to be ready for an economic recession.

If the economic climate is not stable people may reduce in spending, leading to a decline

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