No business is instantaneously successful. The factors influencing business may become barriers to them. It can also create opportunities for other firms. Those factors are discussed as follows:
1. Business Environment
The business Environment is also a barrier to business. Every business needs to be sensitive to the forces around them whether they are economic, ethical, social, political, or technological. A business that does not respond to the environment will find it a barrier generator. And a business that responds positively can use the environment as an opportunity.
2. Business Plan
A good business plan leads to success. As the plan helps to achieve the goals of the business. Plan provides a direction, it gives steps to the employees to accomplish the aim. A realistic business plan help to detect opportunities. While an unrealistic plan leads to a fruitless effort.
3. Poor Staff Retention
Staff retention can affect business growth. If you keep losing members or staff then productivity, and staff morale will be affected. With a commitment to keep the employees happy one can facilitate business growth and improve staff retention. Here are things to take care of,
- Hire the right employees
- Train employees and develop their skills
- Pay good wage
- Provide flexible working hours.
4. Skills Shortages
You may face a shortage of skills. Training the employees can help to resolve this problem. This can also be resolved by outsourcing certain tasks or work. Skills shortages can actually become a barrier to the business. If in case the business gets a project but the employees don’t have that proper knowledge then at that time the work gets stuck which is not good for the growth of the business.
5. Quality of Direction and Management
Direction and Management play a major role in a business plan. Every manager or director of a business should have the right abilities and skills. So only then they can create a well-structured plan. The managers and directors can also motivate and lead other members or employees of the organization.
6. Outdated Technology
Outdated technology can be a huge problem to success. In this advanced world, if you are not providing proper technology to the employees or staff it can affect the productivity of the business. And also the related staff will not have knowledge of the advanced technology. You just have to invest in the right assets so that it will provide potential growth.