flevyblog

Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.
MANAGEMENT & LEADERSHIP STRATEGY, MARKETING, SALES OPERATIONS & SUPPLY CHAIN ORGANIZATION & CHANGE IT/MIS Other

Challenges for Big Businesses and How to Resolve Them

Editor's Note: Take a look at our featured best practice, Objectives and Key Results (OKR) (23-slide PowerPoint presentation). Successful organizations are using Objectives and Key Results (OKR) now. OKRs are efficient way to track company and team goals and measure their progress. It helps every organization's success by cutting out unimportant goals and focusing on what truly is important within the organization. OKR [read more]

Also, if you are interested in becoming an expert on Performance Management, take a look at Flevy's Performance Management Frameworks offering here. This is a curated collection of best practice frameworks based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. By learning and applying these concepts, you can you stay ahead of the curve. Full details here.

* * * *

In the age of wage stagnation and growing competition, it’s inevitable that big businesses will come up against some pretty hefty struggles. Learning how to resolve this is the only way to ensure that your company continues to grow in the face of challenging economic times. It’s also important to be able to progress through obstacles for the sake of your employees. Those who work for you will withstand these hard times alongside the senior management of your company. By facing up to the challenges, you are not only protecting your revenue, but also your employee turnover.

Performance

If you’re a business owner who believes that the only thing a company should be concerned about is financial progress, then you may wish to think again. KPIs, or key performance indicators, are a helpful way of measuring different types of progress. This doesn’t just refer to the money your business makes, however. Employee and customer satisfaction are two big indicators of how well you are performing. On top of that, you will need to track and monitor the quality of your product and service. All of these combined together will ultimately determine whether you’re still on track to generate high levels of revenue.

Waste

Waste is a big issue for businesses; after all, not managing your waste effectively could lead to fines and local authority complaints. Therefore, it is vital that your waste management is as effective as it can be. Companies such as recyclingbalers.com ensure that your garbage is not only managed effectively, but that it is sorted in an eco-friendly and sustainable way.

Expectation of Globalization

Once you reach a certain size, there is an expectation that the company can grow and develop beyond its country of residence. This is exciting for any large company, and it usually precedes the growth and expansion of a brand to having worldwide repute. However, it does come with its challenges. In order to do this successfully, you will need to do extensive research into those countries’ markets and figure out how best to respect cultural differences when you move out. You will also need to check that there will be no government intervention into what you have to offer.

Along with your analysis of international economies, you will also need to conduct some research into regulations and policy. While you’re doing this, it’s worth doing some investigation into your home country’s regional and governmental policy. Staying up to date on how regulatory changes could affect you in any country is a wise precaution to take.

Wage stagnation and economic growth are certainly two of the biggest challenges that businesses face today. However, these are mostly affected by the government, not singular businesses. When it comes to more domestic challenges, you can prepare for these by doing extensive research and by streamlining your business’ waste management. If you are worried about expanding a large business even further, then the best way to prepare yourself is to research widely and to learn government policy and regulation from back-to-front.

241-slide PowerPoint presentation
Benchmarking is the pursuit of superior company performance through best practices. It involves setting operational targets based on industry best practices. Traditional target-setting methods have left some companies vulnerable to global competition. Japanese philosophy of "dantotsu" [read more]

Want to Achieve Excellence in Performance Management?

Gain the knowledge and develop the expertise to become an expert in Performance Management. Our frameworks are based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. Click here for full details.

Performance Management (also known as Strategic Performance Management, Performance Measurement, Business Performance Management, Enterprise Performance Management, or Corporate Performance Management) is a strategic management approach for monitoring how a business is performing. It describes the methodologies, metrics, processes, systems, and software that are used for monitoring and managing the business performance of an organization.

As Peter Drucker famously said, "If you can't measure it, you can't improve it."

Having a structured and robust Strategic Performance Management system (e.g. the Balanced Scorecard) is critical to the sustainable success of any organization; and affects all areas of our organization.

Learn about our Performance Management Best Practice Frameworks here.

Readers of This Article Are Interested in These Resources


20-slide PowerPoint presentation
Most organizations only realize 60% of their strategies’ potential value due to issues in strategy development and/or execution. This gap between the strategic plan and actual performance results is known as the Strategy-to-Performance Gap. This presentation explains the [read more]


 
106-slide PowerPoint presentation
 
 
100-slide PowerPoint presentation

About Shane Avron

Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.




Complimentary Business Training Guides


Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]

  This 48-page whitepaper, authored by consultancy Envisioning, provides the frameworks, tools, and insights needed to manage serious Change—under the backdrop of the business lifecycle. These lifecycle stages are each marked by distinct attributes, challenges, and behaviors. [Learn more]

We've developed a very comprehensive collection of Strategy & Transformation PowerPoint templates for you to use in your own business presentations, spanning topics from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management. [Learn more]

  We have compiled a collection of 10 Lean Six Sigma templates (Excel) and Operational Excellence guides (PowerPoint) by a multitude of LSS experts. These tools cover topics including 8 Disciplines (8D), 5 Why's, 7 Wastes, Value Stream Mapping (VSM), and DMAIC. [Learn more]
Recent Articles by Corporate Function

  

  

  

  

  


The Flevy Business Blog (https://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most of our articles are authored by management consultants and industry executives with over 20 years of experience.

Flevy (https://flevy.com) is the marketplace for business best practices, such as management frameworks, presentation templates, and financial models. Our best practice documents are of the same caliber as those produced by top-tier consulting firms (like McKinsey, Bain, Accenture, BCG, and Deloitte) and used by Fortune 100 organizations. Learn more about Flevy here.


Connect with Flevy:

     
  


About Flevy.com   /   Terms   /   Privacy Policy
© . Flevy LLC. All Rights Reserved.