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.

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How to Fire Someone, Anyone, Like a Boss

May 16, 2017 No Comments

In business, there’s going to be times that put your toughness or timidity, to the test. If you’re an owner, partner, or manager, you might be tasked with firing someone. It could be your employee, your business lawyer, your accountant, a vendor, or someone else. You’ve heard that character is defined by what you do when nobody’s looking, and though giving someone the boot generally happens in a private setting, the other person will be walking out with their own perspective. So, it’s imperative you don’t turn a bad situation worse. Your goal is threefold, to end the relationship, to maintain your good reputation, and to do so with grace and respect. Even someone that’s toxic deserves your forbearance, because it says a lot about you as a person, and, as a leader. It also preserves a semblance of the relationship, something that might be valuable in future encounters and situations. You might even find yourself in the unenviable position of rehiring that same person. How to Fire Someone, Anyone, Like a Boss A firing begins with the first signs of trouble. In those moments, you might feel anger or surprise, depending on what occurs. What you should do when problems begin to arise, is to get to the underlying reasons. Approach him or her, ask questions, and listen to the answers. If the problems persist, try mentoring or some other type of support. Should that not bring the desired change, set boundaries and benchmarks. Firing an employee–looking someone straight in the eye and telling them they no longer have a source of income–is one of the toughest things you’ll ever have to do as a business owner. It’s often as hard on the person giving the bad news as it is on the person receiving it. And yet it still needs to be done, especially if you have someone who’s “poisoning the well” and bringing the entire business down with them. —Entrepreneur Even at these great lengths, you might still find the problem isn’t being solved. So, when the decision to part ways is the last option, know your legal limits. If you’re in an “at-will” employment state, you generally won’t have a problem. However, if he or she is under contract, run it by your attorney. Now, if it’s someone who is involved in impropriety, that’s a whole other manner, because it might be a criminal matter, and, you might be civilly liable. When the time comes to have the actual meeting, do the following: See him or her early in the day. There are several reasons for this, one is for your own benefit, because you’ll be distracted if you wait. Other reasons are you’re not wasting his or her time (which he or she will feel cheated and/or used), you are taking poor work out of his or her hands and giving it to someone who is competent, and, you’re sending a message to others that you listen and act when someone else isn’t working out. Be direct, honest, but not blameful. If it’s reached the point that firing is the only option, he or she is probably quite aware of what’s going on and how it will end. If the individual is not aware or seems blindsided, then you need to look at your Leadership and Management communication as it relates to setting expectations, boundaries and clear direction. Give reasons why, don’t sugarcoat them, but do not be blameful or belligerent. Give praise where it’s deserved. You can give points of praise where it’s deserved but don’t overdo it. Be genuine and graceful while keeping yourself aware of how it’s being received. Be ready to listen. Being told you’re no longer needed or feel unwanted are powerful emotional stirs. You might hear insults, threats, or other unpleasantness, but it’s out of an emotional outburst, don’t take it personally. Explain what will happen next. The finality might take time to sink-in, and, you’ll do him or her a great service by explaining what happens next. For instance, returning company property, retirement account options, these sorts of things. Another kind gesture is to allow them to say goodbye and get their personal possessions together. Rushing someone out the door isn’t dignified, and, it creates a lingering, negative perception that will be with those you still employ. Show courtesy, respect, and empathy and you’ll make the best of a bad situation. [shareaholic app=”follow_buttons” id=”26833294″]

Ways Business Owners can Deal with Personal Crisis

May 18, 2017 No Comments

Entrepreneurs, by their very nature, are self-reliant. They set goals and achieve them with confidence. When a personal crisis strikes a business owner, it can be very damaging to their corporate environment and even its micro-culture. Suddenly, the dynamics change and can lead to irreparable harm. We’ve all heard the advice not to bring personal problems into professional space, but, some are so large they have a nearly uncontrollable effect. It’s best to bring the situation into perspective, but, doing so might be difficult to accomplish. Ways Business Owners can Deal with Personal Crisis In some instances, it’s possible to prepare a business for a crisis. When it’s impending and inevitable, business owners should prepare by speaking with their team members about delegating and assigning responsibilities, seek legal advice (if applicable), and focus on what’s most important. There will be difficulty in maintaining balance but by being proactive, you’ll have less to worry about. Eventually it happens to the best of us. Something occurs in our personal lives that is so devastating, we have difficulty concentrating at work. It may be the death of a loved one, a divorce, a financial crisis, or serious damage to our homes. When our personal lives are in chaos, it can be hard to focus and get what we need to do done. —Inc.com Unfortunately, it’s often the case that a personal crisis strikes without warning. When it does occur, it can be very burdensome to get through. Even the toughest entrepreneurs will have difficulty trying to deal with upset in their personal lives while continuing to run their businesses. Here are some ways business owners can deal with a personal crisis: Outsource and be willing to ask for assistance. It’s okay to let go and farm-out work during turbulent times, especially if you’re having trouble staying focused and concentrating. Also, there’s no shame asking for assistance from your team — it’s actually a smarter choice. Be upfront with customers. As soon as possible, let your clients know about the situation. You don’t have to go into details, but you ought to alert them to what’s going on, particularly if you’re not able to work as usual. You’ll find most to be understanding and that helps to give you some peace-of-mind. Surround yourself with positive people. This is something that successful entrepreneurs naturally do but it’s very important when you’re going through tough times. Personally, I lean on others as well as my faith and prayer to shoulder the burdens of crisis. It’s uplifting and it can be a way to see the silver lining knowing others are walking with you. Give team members more flexibility. Your employees are huge assets to your business and during a personal crisis, can be the best go-to source for carrying-out day-to-day operations. Give them the flexibility that’s needed to keep your company running smoothly. Do not put undue pressure on yourself. If there’s one thing entrepreneurs struggle with, it’s the fear of not getting the job done. When you are dealing with personal issues, give yourself permission to lighten your workload. Take time to reflect on what’s most important. This is an ideal time to put everything in perspective. Give yourself time off and reflect on what’s truly important in your life. In addition to these, you should be honest with yourself about your life’s direction. Some business owners who experience a personal crisis use it as a learning tool advantageously, but others allow the event to cloud their judgment and make rash decisions. When you’re not thinking clearly, be willing and ready to ask for advice from someone you trust. In my life, I have found great opportunity comes from crisis because of my willingness to reflect and make changes. How have you overcome crisis and remained focused and successful with your business? Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Embracing the Pressure: What Small Business Owners Can Learn from “Pressure is a Privilege”

January 16, 2025 No Comments

You’ve probably heard the analogy that running a small business is like walking a tightrope. There’s the thrill of balancing on your own terms, but also the pressure of the long fall looming below. However, it’s precisely this pressure that holds immense value. As tennis legend Billie Jean King once said, “Pressure is a privilege.” This phrase isn’t just an aphorism for sports; it’s a profound lesson that small business owners can embrace to better their companies.