Managing a business is all about problem solving. This is because all businesses, whether big or small, experience challenges that will require problems to be solved. No matter how thoroughly you plan or how detailed your financial forecasting is you will have to face difficult challenges.
But not everyone has problem solving skills. If you’re one of those entrepreneurs who struggle to solve difficult situations then this article is for you. We’ve provided all the tips and techniques to help you consider options, make choices, define problems and fix them.
What is Business Problem Solving?
Business problem solving is the process of removing challenges or obstacles that are preventing you from reaching your goals. These are complicated issues that create a significant gap between results and your desired outcome. Entrepreneurs must find solutions to complex issues in order for the company to keep growing.
Additionally, problem solving requires two mental skills: creativity and analytical abilities. Analytical skills require you to compare, order, select and evaluate a scenario. These characteristics allow you to choose the best alternatives by narrowing down all possibilities or outcomes of a problem. Creativity is the use of imagination that allows you to create a series of solutions.
To solve problems you must have:
- Excellent critical thinking skills
- A lateral mindset
- Resilience
- The ability to adapt to change
- Level headedness
- The ability to work under pressure
Why Problem Solving is Important for Your Business
If you don’t solve problems in your organization you may experience a negative corporate culture, a poor reputation and a decrease in company growth. Furthermore, you won’t be able to stay ahead of your competitors which could affect your revenue. Your marketing strategy and plans will also fall short.
You must be able to tackle any problem within your company as soon as it arises. As a business owner, you must show the same level-headedness you expect from your team members. Getting everyone involved in the problem solving process will help you deal with issues quicker.
Problem Solving Processes and Techniques
One aspect to remember is that top CEOs of massive corporations also struggled to solve problems when they first started. These business owners built their problem solving skills when they were faced with challenges. To assist you we’ve provided processes and techniques that will help you build on your skills to solve major problems in your organization.
Define the Problem
The first step to solving any problem is to thoroughly define it before creating a solution. Your strategies may fail if you try to solve an issue before fully understanding it. There are many problems you may face in your organization. Here are the most common issues and how to define them:
- Your team: If you see more conflict within your team it may be a sign that you have a poor corporate culture. You may need to devise a plan to improve the relationships between team members.
- Competition: Your competition may be the culprit if you’re losing sales. Ensure your prices are competitive and your customer care is still top-notch.
- Business model: Is your business model sustainable? You may need to rethink your model to ensure you have realistic expectations for company growth.
- Marketing issues: If you’re not seeing results from your marketing strategies you may need to readjust your methods.
Question the Cause of the Problem
After defining the problem you should question everything that could be causing it to happen before finding a solution. If you find the root cause of the problem you can find a strategy that will prevent it from happening again in the future. You don’t want to waste valuable time resolving past problems.
Document Everything
Once you’ve completely evaluated the problem it’s time to record everything. The best solutions to your business problems will require refinement, iteration and reflection. This process will help you hone your problem solving techniques to help you if you experience future problems.
Additionally, documenting the problem will help you reflect on your choices and to determine if you could be the cause of certain issues. For example, some managers can be the cause of poor time management which can affect workflow.
Don’t Jump to Conclusions
When solving problems within an organization you should avoid jumping to conclusions. You must gather all your evidence so that you don’t presume what the problem is because this can amplify the issue.
For example, if your sales are dropping don’t assume that your team is slacking. Find out what the root cause of the problem is so you can devise a strategy to boost your sales again.
As mentioned before, problem solving requires level-headedness. Anger can cloud your judgment and there are even studies that show how anger affects decision making. So approach a problem calmly so that you can provide critical thinking to solve the issue.
Create a SWOT Analysis
SWOT stands for Strengths, Weakness, Opportunities and Threats and it’s a strategic management technique that can help you solve major problems.
Although the SWOT method is used for business ventures you can also use it to define certain problems in your organization and how to use your strengths to solve them. It allows you to bring multiple viewpoints to the problem to solve it.
Seek Input from a Board of Advisors
As a business owner, you don’t have to try and solve problems on your own. You could create an advisory board to help you solve internal and external problems within your organization. These members are experts that will help you solve problems quickly so you can concentrate on other important aspects of your business.
Final Thoughts
Are you having trouble building your problem solving skills? Or perhaps you keep experiencing the same problems in your organization after solving them. Daveron Networking has a team of professionals that can assist you with any issues you may be facing in your organization.
We have a range of services that we can assist with such as business models, business plans and financial forecasting that may help solve some major issues in your company.
Schedule a call with us today so we can develop a strategy together to help solve all issues that are preventing your company from growing. Daveron Networking has over a decade of experience with helping entrepreneurs like you to eliminate obstacles so you can reach your goals!
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