According to the article “5 Tips to Overcoming Major Business Obstacles” by contributor Richard Agu on Entrepreneur’s website, the longer a business survives, the better chance it has of continuing to do so. However, every business still faces periods of ups and downs, and obstacles can present truly difficult times. Agu says that if you are not prepared, you can really struggle during these rough bouts; therefore, he offers these five tips to help you prepare your business to face obstacles:

  • Plan for tough times. Just as you should plan for success by allocating financial, human and material resources, so should you make contingency plans for the times when things don’t go as you expect them to.
  • Anticipate change and adapt. Businesses are not just reliant upon changing consumer tastes but also on changing political, social, economic and environmental trends. Keep an ear to the ground, and when you see change coming, start adapting your business to meet that change.
  • Step up your digital technology usage. According to Agu, staying in business today is extremely difficult if you don’t utilize digital technology in some way. For instance, many Americans prefer to shop online or look up a business before patronizing it, but many American small businesses don’t even have a website. Agu states that, if you want to make your path easier, you should have some sort of online marketing in place today.
  • Keep an eye on the competition. Today, no business is without competition. In the business world, it’s survival of the fittest, and that means that you need to be creative and innovative in order to stand out from your competition and reap the market share.
  • Learn how to manage your business. The knowledge you need to start your business isn’t necessarily going to help you keep it running. Invest in deepening your knowledge of business matters, such as by connecting with other successful entrepreneurs, reading business books and articles and attending business classes or conferences. By being prepared with the proper information, you will be able to better navigate your business around obstacles that surface.

Read the original article here.