10 Golden Dilemmas in Business
How do you keep employees, shareholders, customers, suppliers and the local community all happy at the same time in a business?
Its a juggling act that all business owners will be well aware of.
Drawing inspiration from Riding the Waves of Culture by Fons Trompenaars, I’ve compiled the 10 Golden Dilemmas in Business
Either motivate employees and reward staff.
Or satisfy shareholders with profit.
Either develop the skills of employees.
Or become cost conscious & results orientated.
Either focus on cashflow & working capital i.e. cash is king.
Or serve the wider community in a sustainable and responsible way.
Either supply products that enhance the reputation in the wider community.
Or supply products that clients & customers want.
Either supply global standardized products.
Or supply products responding to customers or local tastes or needs.
Either educate customers with new solutions, innovations & whizzy ideas.
Or keep customer delivery in focus ahead of your own personal preference.
7. Investing in people
Either maintain equal opportunities for all existing staff.
Or apply positive discrimination in areas of recruitment for the good of society.
8. Planning ahead
Either cut costs to maximise shareholder returns in the short term.
Or invest in long term sustainability.
9. Return on Investment
Either maximise shareholder returns from the existing business.
Or adapt to the future as society evolves.
10. Responsibility to stakeholders
Either satisfy client & customer needs at all costs.
Or satisfy shareholders.
More dilemmas in business?
There are undoubtedly more than 10 dilemmas in business. These 10 points illustrate the conflicting demands placed on business. It shows the pressure on owners to get the balance right between the various stakeholders. To heap more pressure on, the owner often has no one independent to turn to for advice.
Are there other dilemmas in business you can add to the list?