24 Classic Challenges That Companies Struggle With (4 of 4)
In case you missed Part 3 of this series, I’ll introduce the concept of the Classic Challenges again. If you did read Part 3, you can skip the introduction and go straight to final 6 Classic Challenges listed below.Business leaders face a constant stream of challenges that often seem to be unpredictable and hard to define.
The 24 Classic Challenges, defined in The Stages of Growth™️ methodology, gives business owners and leaders clarifying language and insights about the challenges they are wrestling with.
The Stages of Growth™️ methodology, identifies the “Stage” a business is in based on the number of employees in the organization at that time. Businesses can be in one of 7 Stages, ranging from 1 to 350 employees, and each Stage has 5 of the 24 Classic Challenges that are common to that Stage.
So, the Classic Challenges are actually well defined and predictable. Business leaders who understand what Stage their business is in, will know what Classic Challenges they will face at that Stage. They will also be able to predict the Classic Challenges they will encounter as their organization grows in headcount and they transition into the next Stage. This makes managing the change more effective and the change less stressful for organization to deal with.
This is Part 4, of a 4-part series, where I’ll be covering the first 6 of the Classic Challenges ranked in alphabetical order.
Products Not Differentiated
- There are new competitors that result in loss of market share
- There is downward pressure on prices
- There is a loss of customers
Slow Getting Offerings to Market
- Offerings are outdated
- Competitors consistently launch to the market early
- Customer base is stale with few new customers