Growth and challenges

Most of the businesses are going through transformation driven by technology where new hires and skills with the legacy of expertise is probably the biggest challenge to shift with modernized mindset. So during the talks with few of the leaders in industry and some of the references those were cited in some recommended articles I summed up some of the challenges faced by small to midsize companies and consultancy owners.

• Talent search: Finding the right talent has been a challenge and cost of hiring becomes more with training proximity fits and then letting them go if plan doesn't work out , adds to cost and damage in market reputations as the social media is becoming more of sentiment markets without logics.
• Sales and Quality of delivery mismatch: During the contract negotiations there are some defined works and expected quality promised by sales team defined by milestones those are anticipated to be delivered during certain time lines which if not met jeopardizes the ability to project for newer sales.
• Growing cost to security: Since the data breaches and privacy concerns are arising due to more malicious internet users (humans and scripts) even smaller orgs are forced to use sophisticated security tools which gets harder to add to the cost of client billing as this is something client expects from organizations as default.
• Performance and risk: Smaller organizations rely on subject matter experts those are high performing assets which pose risks and costs to retain talent and sometimes exceptionally approve the non standard requests from this workforce.
• Focus from micro to bigger: Some of C level positions comes from high performing talents those are detailed in certain tasks and their vision is blocked by problems at micro level and they are unable to match the expectations to thrive an overall organization.
• Funding and budget: Some organizations have limited funding to sustain research and development department and heavy relying on client's billed amount which restricts the amplified growth.
• Big players: To compete with market operated (NYSE) organizations is another challenge as they have abundance of project funding, which finally settles with smaller organizations as mergers and acquisitions and key actions are then driven by buyer organizations.
• Client motivation: Its great challenge in dynamic market to keep clients retained without excellence and unique ideas with proven results backed up by math. Some times client hear buzz word and wants similar implementations on their premises without cost increase.

To all the aspiring entrepreneurs and service owners who desire to be successful, needs to approach the above problems with right approach to solve. Sometimes wearing multiple hats is only solution and other times delegation to right consulting department is correct way to approach it. Deadlocked problems can incur more debts vs equity stakes and can take several years to recover.

---- Ankit (Technology and management consultant, MNC)