Discuss two critical challenges facing business in the next 10 years Essay

Discuss two critical challenges facing business in the next 10 years and what part management process will play in the developme - Essay Example Business leaders encounter numerous challenges in keeping their businesses growing as the economy deteriorates. Establishing a business remains an outstanding accomplishment for numerous entrepreneurs, even though upholding one remains a challenge. There are numerous elements such as hiring appropriate persons, constructing brands, and maintenance of a business. Business limitations touched on fundamental aspects of space and time. Partners, when not busy, could converse in person. Presently, technology has granted businesses conference and email-hosting capacities. Additionally, business prototypes are moving towards accepting more instant communication in every framework (Group, Bespoke Investment 1). This implies businesses should become conversant with performing important businesses around the world at any prearranged timing. This is because distances no longer matter, and communication capabilities are becoming pervasive. Additionally, businesses are becoming politically active . Businesses in America should encompass opinions on political matters such as immigration and guideline. In such instance, businesses will not straightforwardly pick out the path towards anything that increases their profits, rather than aspects that will function best during the existing political climate. Presently, customers examine the political leanings of businesses when deciding on companies to frequent (5 issues facing small businesses in 2013 1). Uncertainty A significant proportion of the populace especially business leaders especially are uneasy with uncertainty. Uncertainty regarding global economy, credit markets, and ways through which innovative technology will influence businesses, pose numerous challenges. The result is that uncertainty results in the short-term concentration. Businesses are drawing back from long-term plans, in place of short-term concentration owing to the excuse of uncertainty. Failure to strategically plan10-years into the future could end up d amaging value. The problem requiring solution is balancing the need for more responsive, short-term concentration with the necessity for cognizant, long-term approaches (Shelton 1). There is an increasing marking of conflicts between individual and team skills within the business world. Businesses require the experience of coping with such paradox. In order to fashion an efficient labor force, businesses should overcome the uncertainty tension. Companies could meet the challenge through offering additional creative packages of benefits and become further interested in the emotional health and well-being of employees. Businesses could accomplish this ideology through centering on employees’ lifestyle aspects, attempt to encourage creativity and well-being amongst others (Love 1). Technology The pace of technological advancement is exponential making capital investments beneficial to businesses. Other businesses choose to postpone their realization of comparative advantages by waiting for the next generation technology. Similarly, the capacity for the unsurpassed technologists to remain informed regarding emerging technologies remains a challenge when mastering the current technology of the business. The challenge involves developing long-term technology strategies, whilst remaining flexible enough to grasp unanticipated technological advantages (Brooks and Paul 128). Businesses could find it particularly difficult dealing with the rapid changes in business