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Business problem

With reference to the above image, we will start with the first step of this stage which is to “Understand Project Objectives”. Setting up a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges every business faces whether they are large or small. Business problems are current or long-term challenges and issues faced by a business. These may prevent a business from executing strategy and achieving goals. Every business has two primary objectives, first is to maximize the profit and the second to minimize cost. Consider a company experiencing a decline in the quality of work, productivity, and revenue. What could be the factors for all these challenges? a). Low Sales – An obvious reason for the decline in operating profit is a decline in sales. b). Increased Expenses – Another common reason for a decrease in profits is rising costs. Even if your cost to make a product doesn’t increase, you might have increasing overhead costs, especially as you increase the pay of long-term employees each year. Also if there is an error in a product then chances of its return by the customer shall increase and due to which rework is done, then that can also increase the expenses. c). Unknown or Unresolved issues – Sometimes in an organization, the employees, team leaders or managers have different issues with the management, utilization, advancement, company policies and practices, compensation, co-workers, moral values and work culture. These issues are very common in every organization and if they remain unknown and unresolved it could hamper business productivity, work culture, social health, and ROI. Now you must be wondering what exactly are these issues and how they impact business negatively. For this let us consider a case of a well-known organization. There is a very common saying: “Workplace meetings are an important element of business management”. Meetings give you and your employees a platform to share information, resolve issues, helps in team building and to take projects further. One of the most effective meeting is HR meetings as: They value employees opinions Discuss employee performance Maintain transparency between employees and the management Increases employee satisfaction Solving managers and employees issues HR department meets employees and listens to their concerns at a regular time interval. They build a strong relationship with employees by providing an effective solution. It builds a satisfied workforce and trust.

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