Creating and managing startups and businesses takes a lot of problem-solving skills just because there will be numerous instances when these skills could work wonders. Entrepreneurs require great problem-solving skills in order to resolve any queries and complaints from customers because, at the end of the day, a business will need a way out to keep it afloat. But the question is, what is a problem-solving skill and how can it be leveraged in your business?
What is Problem-Solving in Business?
Problem-solving in business relates to finding out obstacles and taking appropriate actions to mitigate them. Obstacles could be lurking in your office, or with the team, or the process in use or the entire organization as a whole. It could diverge you from your actual goals and outcomes. Problem-solving then becomes a learnable skill where you can take the initiative to establish processes and evaluate, execute and measure analytics to enhance a process.
What is the Approach Toward Problem-Solving in Business?
According to the book "The Power of Self-Discipline" by Brian Tracy, there’s a formula that entrepreneurs can utilize in order to master the art of problem-solving.
Understand the Problem
The very first thing that you should be looking after is understanding the problem in the first place. You can’t expect any resolution to work out without knowing the nature of the problem clearly.
Pursue Alternate Paths
You need to understand that some problems are going to exist and plan accordingly for them. Just because you had a problem in your business doesn’t mean there’s only one definition to it. It could be anything from strong competitors, poor sales processes, or ineffective advertising, among others, in case you are talking about your sales being too low. Assess the problem and create solutions that can have the best possible outcome.
Investigate the Root Cause
It goes without saying that finding the root cause of the problem is imperative. You can fix a recurring problem superficially but still end up with the same issue sometime later. It is crucial to find the root cause and why the problem is striking your business time and again. Only then can you be able to apply different problem-solving techniques to fix it.
Ascertain Potential Solutions
Every major issue at any organization was once small. It could be anything from fixing a longer timeframe to higher cost and complexity, among others. Find solutions, prioritize potential solutions and follow them through. Otherwise, you will end up losing time, money, and efforts, delaying taking action against fixing a problem.
Measure Solutions and Adjust
There’s nothing in this world that cannot be measured and adjusted to find better results. Certainly, measuring if a solution has worked on fixing a problem or not can help you ascertain what works and what will not. In fact, you still make adjustments in the approach to find better results in the process.
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