Challenges Facing Today's Business Leaders

Challenges Facing Today’s Business Leaders

May 28, 2014

Business Leaders

Leadership is a challenge to learn and difficult to master. Not only are there the complexities inherent in organizing projects, but also the human component of managing employees effectively. Often times, these challenges are compounded with having to do more with less, dealing with continual cost cutting and being spread too thin.

Dealing with these challenges successfully is central to running a good business and being an effective business leader. Let’s take a closer look at some of the challenges facing business leaders, to see what problems may develop during work, and what can be done about them.

1. How to Manage More With Less – One of the biggest problems facing business leaders is managing more with less. This means having to operate without the necessary personnel, resources, or time. Often times, this will result in decreased morale among workers, as well as additional strain and anxiety for you.

Dealing with this problem effectively requires leadership and management expertise. It often represents the sharper slope of a learning curve, being one of the greatest challenges for any new business leader. However, with enough time and experience, you can become effective at managing yourself and others, even when you have to do more with less.

2. Making Up for Continual Cost Cutting –Managers from many industries see cost cutting as a continuous problem facing business leaders. Whereas managing to do more with less may be temporary, most companies are seeking to decrease costs, often leading to lack of tools to do the job and underfunded projects.

These cost cutting measures and lack of hiring can cause existing employees to do a greater amount of work and start suffering from burn out. This burnout leads to loss of employee engagement. For leaders, now is the time to make sure your company is proactive in addressing the negative atmosphere within the company. Start focusing on creating a positive, resilient, team that is prepared to take on challenges. Ask your team questions & seek solutions to this cost cutting problem. You may find some small changes have a big effect, such as finding a way to reduce your water bills as one example.

3. Maintaining Organization When Being Spread Too Thin – Business leaders who are overworked often lose important tasks to either a lack of organization or simply not having enough time.

  • The first problem can be corrected by carefully organizing current tasks. Create 3 files; Do it, Delegate it, & Dump it. (Handle everything once)
  • The second problem can be solved by effectively listing priorities. Prioritizing what is truly important, verses those things that can be either skipped or eliminated. This may mean giving up your own ‘pet’ projects as you work towards the greater good of the organization. Companies have the option to use different software packages as solutions to various problems, for example, using document management software from or similar solution providers, in order to keep company files and documents organized, this is especially needed if the company uses and shares a lot of digital files across their networks.

Need help with the business challenges you are facing? Contact us today!
~ Written for us by our associate Gary Sorrell, Sorrell Associates, LLC. Copyright protected. All rights reserved.

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