Business Education

Hurricanes, Wildfires, and Earthquakes: How Business Owners Can Effectively Deal with Big Problems (Without Ignoring Smaller Ones)

Two monstrous hurricanes hit the southeast late last year – Helene and Milton. Weeks later, ferocious wildfires engulfed southern California. This past Sunday, earthquakes shook Greek islands, followed by a pair of earthquakes rocking San Bernardino on Monday.

Each of these natural disasters wrought widespread devastation, particularly Hurricanes Helene and Milton, which ravaged multiple states, causing billions upon billions in damage. The wildfires consumed homes and businesses and the earthquakes left a huge swath of destruction. While each caused a lot of damage, their severity can be quantified.

Running a business comes with big challenges. And, when they happen seemingly at once or in quick succession, it multiplies the magnitude and the stress. Such a situation can easily be debilitating and even paralyzing. But, taking a step back and prioritizing each one (without ignoring any due to its relatively small size), makes the circumstances appear much less foreboding.

Mastering Problem Prioritization for Business Owners: A Step-by-Step Guide

Big-time challenges arise constantly in any business, and the ability to prioritize and solve problems efficiently is crucial for sustained success. Business owners must navigate complex issues, avoid becoming overwhelmed, and ensure that no problem is left unresolved. So, let’s take a few minutes to help business owners master the art of prioritization and tackle problems one by one without neglecting previous issues.

1. Identify and Categorize Problems

The first step in prioritizing problems is to identify and categorize them. Business owners should make a comprehensive list of all the issues they face. Categorize problems based on their nature (e.g., financial, operational, customer-related) and the impact they have on the business.

2. Assess the Impact and Urgency

Once problems are categorized, assess their impact and urgency. Some problems may have immediate consequences that demand quick action, while others may have a longer-term impact. Use a matrix to rank problems based on their urgency and significance:

High impact, high urgency. Address these problems first, as they pose immediate threats to the business.
High impact, low urgency. Plan and schedule solutions for these problems to prevent future complications.
Low impact, high urgency. Address these problems quickly, but don’t let them overshadow more significant issues.
Low impact, low urgency. These problems can be resolved later, as they have minimal impact on the business.

3. Develop a Prioritization Framework

Create a prioritization framework that aligns with the business’s goals and values. This framework should guide decision-making and ensure consistency in addressing problems. Consider factors such as:

Business objectives. Align problem-solving efforts with the company’s strategic goals.
Resource availability .Assess the resources needed to address each problem and ensure they are allocated effectively.
Stakeholder impact. Evaluate how each problem affects stakeholders, including employees, customers, and partners.

4. Create an Action Plan

Develop a detailed action plan for each problem, starting with the highest priority issues. This plan should outline:

Objectives. Clearly define what success looks like for each problem resolution.
Resources. Identify the resources required to address the problem (e.g., time, budget, personnel).
Responsibilities. Assign specific tasks to team members and establish accountability.
Timeline. Set realistic deadlines for each phase of problem resolution.

5. Implement Solutions and Monitor Progress

With a clear action plan in place, begin implementing solutions. Regularly monitor progress and make adjustments as needed. Use key performance indicators (KPIs) to track the effectiveness of solutions and ensure that problems are being resolved as planned.

6. Review and Reflect

After resolving each problem, take the time to review and reflect on the process. Conduct a post-mortem analysis to identify lessons learned and areas for improvement. This reflection will help refine the prioritization framework and improve problem-solving capabilities for future challenges.

7. Revisit Previous Problems

It’s essential to periodically revisit previously resolved problems to ensure they remain resolved and that no new issues have arisen. Regularly reviewing past problems helps prevent recurrence and allows for continuous improvement.

How It All Wraps Up

Effective problem prioritization is a vital skill for business owners. By systematically identifying, categorizing, and addressing problems based on their impact and urgency, business owners can ensure that they tackle challenges efficiently and effectively.

Developing a robust prioritization framework, creating detailed action plans, and continuously reviewing past problems will lead to sustained business success and growth. Remember, no problem should be ignored; every challenge is an opportunity for improvement and innovation.

Want to Accomplish More?

Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do?

We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test.

You can call us for your free appointment at 480-939-4794, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

Like this article?

7 Ways Entrepreneurs Can Deal with a Competitor Who Plays Unfair

March 20, 2025 No Comments

We tend to think of unfair trade practices as a multi-billion dollar corporation scheme. Mega companies like Microsoft, Facebook, Apple, and Google typically come to mind. And while it’s true these International entities do as much to monopolize their industries as possible, unfair practices can happen on a much smaller scale.

Business Owners Thinking about Switching to a 4-Day Workweek Here’s What You Really Need to Know

March 24, 2023 No Comments

The 4-day workweek continues to gain traction, though it’s a long, long way from becoming standard. Still, recent trials by companies have shown promise for reducing the workweek by one day (something instituted almost one-hundred years ago in 1926 by Henry Ford). The change is definitely full of ostensible advantages – and big potential. But, this certainly doesn’t mean it’s all upside and no downside. So, let’s take a look at what business owners need to know about switching to a 4-day workweek and what to expect. 4-Day Workweek Pros Switching to a 4-day workweek can have several benefits for a business. While some are obvious, others may not be so intuitive. Here are a few reasons a company might want to switch over: Increased productivity Research shows that shorter workweeks can lead to increased productivity. Employees may feel more motivated to get work done if they have more time to rest and recharge. Better work-life balance A 4-day workweek can give employees more time to spend with their families and pursue personal interests, leading to better mental health and job satisfaction. Cost savings A shorter workweek may lead to reduced operating costs for businesses, such as lower energy bills and reduced use of office resources through less use of computers, lights, climate control, and more. It can also help to rein in office expenses as it offers an opportunity to scrutinize spending expenses. It’s hard to say if many employers will find the 4-day workweek structure agreeable. Everyone is watching these kinds of experiments and learning. Plus, it depends on how the economy and workforce evolve and whether these become new expectations from the vast majority of the workforce—as being able to work at least part-time remotely has become for most knowledge workers. —Boston University So, the very fact that a business will be operating fewer hours translates directly into operating expense savings. (This is something that generally comes to light when there’s a big change and businesses are forced to examine their spending amounts and frequency.) Attract and retain talent Offering a 4-day workweek can be a unique and attractive perk that helps businesses stand out in a competitive job market. It can also help retain current employees by increasing their job satisfaction and loyalty. 4-Day Workweek Cons While these are certainly compelling reasons and sound good in theory, in practice they may not necessarily materialize (or simply manifest in different forms). Of course, as with any new idea, there are bound to be possible drawbacks and problems that could arise unexpectedly. Here are some things you might encounter by adopting a 4-day workweek: Reduced hours A 4-day workweek means employees will work fewer hours, which could lead to reduced productivity and output, especially for businesses that require around-the-clock operations. Workload distribution Businesses may need to redistribute workloads or hire additional staff to compensate for the lost hours of those who are working a 4-day week. Operational difficulties A 4-day workweek could create operational difficulties, such as coordinating schedules with clients or customers who operate on a 5-day schedule. Reduced profits Reduced hours could lead to lower profits for businesses that rely on hourly work or have tight deadlines to meet. Ultimately, whether a 4-day workweek is a good fit for a business depends on its unique needs and goals. It’s important for businesses to carefully consider the potential advantages and disadvantages before making the switch. What other considerations would you suggest be a part of these? Please take a moment or two to comment so others can benefit from your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Tips for Choosing a Brand Name

September 20, 2018 No Comments

Okay, so you have a great idea and want to launch a brand. You’ve got plenty of inspiration in every other aspect. But, when it comes to giving it a brand name, the well is just plain dry. So, you’re looking for various ideas to give you some direction. Well, one thing is for sure, it’s got to resonate with people. Or, does it? Now that’s a scary thought. However, it’s a necessary thought-experiment. Differences between a Company Name and a Brand Name Let’s first look at what we’re actually talking about. If you’re going into a trade or profession, it’s customary and wise to go with tradition. In other words, if you’re going to open a specialty bakery, it’s perfectly okay to go with something like “Little Miss Muffin.” People will get it. Although, you might toy with the prospect of giving it a more eccentric name. Just be aware, doing so is a big gamble. Throughout the entire life cycle of your business one thing is constant – your business name. And this means getting it right, the first time. Why? Consider this – assuming you optimize your Web site, post your business on local online listings, develop a social media strategy, and deliver a great service, your business name and all that it represents will go viral (and hopefully in a good way). —Small Business Trends That’s really the difference between a company name and a brand name. Think about it this way. If you were approached in 2005 and asked “What is Facebook?” Or, “What is Twitter?” Could you answer? Nope. The reason why is obvious, neither existed back then. But today, they are household names. Even though their names do not describe what they are or what they offer. Tips for Choosing a Brand Name Let’s put it another way, when you choose a brand name, you’re giving your entity a brand or an identity. Now, it makes sense to name it after yourself or to take off from an existing brand. But, doing so creates some problems. So, here are some helpful tips on how to choose a brand name: Conduct several web searches. Dropbox. Twitch. YouTube. Though familiar to nearly everyone now, at one time, these were unknowns. A good place to start is simply by searching the web to learn if there’s already a spot-on or similarly named company out there. Compare and contrast what’s out there. Speaking of out there, once you begin to identify organizations, take the time to compare and contrast what’s similar and dissimilar. It’s definitely worthwhile because you’ll learn important lessons. Find something that will set your brand apart. Of course, you’ve got to pick a brand name that will set you apart from the competition. But, don’t go too far out or you might confound anyone who encounters it. Don’t rely on incumbent brands because it’s a mistake. One the other side of the coin, some organizations take an approach of building off another entity. For instance, publications like “Android Police and Mac Rumors.” While these make sense for the present, they could well look outdated in the future. After all, Google might rebrand its mobile platform or Apple could very well come out with a new line of computers. What other suggestions do you have for choosing a brand name? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.