There are a thousand and one problems businesses in the UK face, but some of the most challenging are getting the money they need from investors, hiring the right people and cyber security.
Why is it so difficult to get investment?
With the number of startups springing up every day, you might think the amount of funding available would increase as well, but this is not the case at all. Investors likely hear dozens of great ideas every day, so there’s a slim chance they’ll be impressed by another good idea. The key is execution and investors are keen on finding businesses that can ensure a return on investment.
Sometimes a business does not go to an investor meeting adequately prepared. Investors need to know that you have a stellar management team that can deliver as needed. In other cases, the problem is businesses don’t have a clear market strategy. Investors need to know that an entrepreneur understands how their idea fits in the current marketplace. They need to see a clear exit.
One of the reasons businesses don’t get the funding they need is they lack understanding of their financial situation. If you paint a picture of overnight success, you may not get a second glance. Realistically, experienced investors know their best bet is being able to see return on their investment in the next decade.
Finding the right people
Finding, getting and keeping the right people is a major challenge and it’s a complex one too. One of the major problems is skills shortages in key roles and then there’s the problem of young people entering the work force without necessary soft skills such as taking responsibility, problem solving, decision making, self and time management and communication.
UK businesses lack a creative workforce that can come up with the ideas needed to deal with a difficult competitor. With a creative workforce that can adapt to change, businesses would be in a better position to deal with uncertainty and complacency. Experts believe the problem is the educational system, but there’s hardly anything that can be done now in that area that will produce the needed results soon. Businesses need to invest in training their staff to be what they need them to be.
Cyber security concerns
2017 was a bad year for UK companies as far as cyber security is concerned. From supply chain weaknesses and data breaches to ransomware and cloud storage theft, there’s a need for better cloud storage infrastructure and implementation of cybersecurity provisions when dealing with the internet of things.
Experts say UK businesses are increasingly facing more complex cyber threats, which means that firms need to be on their toes in order to avoid risking serious reputational and financial damage. Businesses can also do their bit by ensuring they report cybercrime early and fully.
The better understanding businesses have of their challenges, the more likely it is they’ll be able to solve their problems.