It’s easy to think that it’s only what we do that impacts our business, but that’s not the case. While the strength of your ideas and your execution of those ideas will, of course, be highly important, they are not the only things that can impact your company. There’s also the matter of external factors, too. These are the things that aren’t a fundamental aspect of your operations (which are internal factors) but which can play a big role in your business. Some of them you have control over, some of them you don’t! Let’s take a look at what they are.
Customer Needs
You might think your business exists for your benefit, but actually, it’s more about your customers. They’re an external factor in that they’re not directly linked to your business, but they do, of course, have a massive impact on your overall success or failure. To make sure that you don’t end up in a position where your customers have moved on without you, it’s important that you’re regularly engaging with them about what they like/don’t like about your business. By soliciting feedback, you’ll never be too far away from what your customers want!
Supplier Quality
It’s unlikely that you’re doing everything related to your business operations. In all likelihood, you’ll have suppliers that you need to work with in order to deliver your best. As with most things, the quality and performance of suppliers can vary significantly. You need to both ensure that they are delivering high-quality materials and that they’re reliable. If you’re not fully happy with your suppliers, then take a look at Vogueboard, a platform that can streamline the procurement process. Indeed, in virtually all senses, you’ll find that working with great suppliers allows you to keep your business running smoothly.
Rise of Cybercrime
Crimes have always been committed against companies; that’s nothing new. In the olden days, it was reasonably easy to keep crime at bay — all you needed to do was invest in good security measures, such as a good lock and secure windows. These days, it’s a bit more complicated. Cybercrime has been growing significantly in recent years, and it’s a crime that’s only projected to grow in the future. To make sure that your business doesn’t become a victim, it’s important that you’re working with an expert IT company; they’ll be able to ensure that you have all the latest security measures in place.
The Economy
There are some things you just can’t influence. If the economy takes a hit, then it’s probable that your business will do too. The best you can hope for in this situation is that you have the foresight required to be adaptive to the changing conditions. Also, doing things like giving yourself a safety cushion of cash will help to take some of the pressure off. The economy usually bounces back pretty quickly, as we’ve seen with the coronavirus pandemic, so it’s just about riding out the tough months and waiting for things to recover.
