There will always be a variety of challenges to face in order to achieve successful business development. In pursuit of fresh perspectives, we interviewed business people from different industries including Fisheries, Med-Tech, Mining and Travel & Leisure. In the first of a series of posts on the subject, we explore the answers to our initial question: What is the biggest challenge faced by your industry today?
The top 4 responses – in no particular order- were the following:
- Regulatory Barriers
What is interesting is that the challenges identified by each respondent are not mutually exclusive to the sectors. In fact, each of the industries represented faces more than one at any given time. Cindy Collins founder of Mining Technology Partners, identified innovation as the primary challenge to the mining industry. She noted that “…the need for innovation is great due to minerals being more difficult to find and financing being in other industries such as tech… This is great for innovative providers of technology and services and the combination of the two”. Alejandro Godoy founder of Seafood Business Solutions, identified sustainability as “…the current low captures of wild seafood has increased all seafood prices… and aquaculture needs fish-meal to farm species. Seafood needs better sustainable standards to help future industry growth”. Rahul Samant, CEO of Rehabtronics said that “…in the medical device industry there are many challenges: Regulatory, Export barriers, R&D costs, health care procurement and adoption… Its very difficult to say one challenge that is the biggest, but if I had to I would say the pace of Health Care adoption which is slow in-part due to regulatory barriers”. Carlos Escobosa Commercial and Administrative Director of The Residences at Solaz identified “overall security and image issues that affect Mexico as a whole”.
The first step to overcoming such issues is identifying them. That also allows companies to seize on any areas of opportunity that present themselves by dealing with them in an effective way. Some barriers are more complex and systemic such as threats to environmental sustainability. Failing to address challenges early on risks creating unnecessary obstacles or complications in the future.
This article is part 1 of 3.