In the minds of successful entrepreneurs, but also in that of the most rampant freelancers, there is a fixed thought: how to maintain your competitive advantage. This is because once you get to the goal, another challenge begins, perhaps even more difficult, and that is to stay on the crest of the wave.
Threats are around every corner, and Mark Zuckerberg recently demonstrated it crystal clear when Facebook betrayed its subscribers’ privacy. The Palo Alto giant took the hit but will have to work hard to regain user confidence.
There are not only issues related to online security or digital transformation to pay attention to but also concerns related to “analog life.”
Let’s take some practical examples:
- a period of recession that brings problems to suppliers forcing them to close leaving us suddenly without raw materials,
- the birth of an innovative super startup that threatens a consolidated business model for years (think of the Uber affair for the Taxi market),
- new laws that suddenly complicate the regulation of the sector and to which one has to adapt (condominium administrators know something).
The truth is, you never win in business. There never comes a time when you can sit on your laurels and continue to succeed without doing anything to maintain that position.
As this is so, it becomes essential to learn to recognize the risks before they arise and, therefore, know how to deal with them.
“Knowledge is power.”
By borrowing an aphorism agée, we can begin to think of risk reduction as an investment for our future: the more we know about the risks our business runs, the more we will be ready to avoid them. Let’s look at the three most common threats that could compromise our success.
Shortage of human capital
We may have the perception that, due to the high percentage of unemployment, the job market is a magic hat from which to bring out the professional figure we need at any time. In reality, we must admit that not all people have the same skills and knowledge, so some professionalisms are most in-demand. The war of talents exists, and those who possess certain skills are more popular and remunerated. Consequently, some figures are very difficult to find, and consequently, their “cost” is higher.
To deal with the possible lack of human capital, there are two ways to go, possibly in parallel: to recruit and update. Insisting on recruiting even in times of abundance allows your company to be ready if this risk becomes a reality. If necessary, we can outsource the job to an outsourced professional until we find the right person.
At the same time, it is important to strengthen the existing workforce by offering opportunities for updating and education. A good idea is to ask them what they would like to learn and then make it available. Many online portals offer courses, even at low costs (for example, Udemy). This will allow us to have increasingly qualified employees who perceive our willingness to help them reach their maximum potential.