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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7 Steps to Start a Business from Zero

May 5, 2017 No Comments

Companies, no matter their size, don’t start on their own. Someone, somewhere, someway, started something that eventually became a profitable entity. We’ve heard all the terms, like crowd funding, venture capital, angel investment, and the list goes on and on. While all these do exist, the majority of businesses are started with very little to no money. The reason people succeed isn’t because of their cash position but because those entrepreneurs had zeal, a vision, and a passion. In fact, no amount of money guarantees success, even if a business is well-funded from its inception and follows a smart plan in a strategic way, it can still fail. The Edsel is a perfect example. Produced by one of the most successful corporations in the world, the Ford Motor Company, the Edsel rolled off the assembly line from 1958 to 1960. It was, in its day, by far, one of the most advanced private passenger vehicles. It featured such technology as the Teletouch system and had many other creature comforts, as well as plenty of functionality. However, the line failed to the tune of $350 million, an astounding $2.8 billion in today’s dollars. Follow these 7 Steps to Start a Business with Little to No Money Failure is a terrific teacher, if you are willing to learn from it. A good lesson to learn and accept early on in starting a business is that money, as the Edsel clearly demonstrates, doesn’t equal success. Incremental growth, accompanied by patience, tempered with realism, does wonders because such a combination requires focus. When you set aside the distant future, you necessarily put the present at the forefront. …now is the time to have a heart-to-heart with reality. Reality of what? Well, start with yourself. Your experiences, gifts, passion, life goals and areas of weakness. Seriously. Knowing thyself is the first place to start on your trek toward your vision. —Forbes In other words, you’ve got to use what you have now, and turn your natural talents into marketable products and services, which is the very essence of business. Richard Branson, who has dyslexia, started his entrepreneurial career breeding budgerigars at age 11 and it didn’t work. Neither did his plan to sell Christmas trees. Next, with practically no money, the future billionaire started Student Magazine, which morphed into Virgin Records. He, like many mega-successful entrepreneurs, started with little to no money, and you can do this too, by doing a few simple things: Do your homework about the market and competition. The reason so many businesses fail is due to misunderstanding the market and not having a clear conception about the competition. Don’t worry if it seems as though the market is flooded, because you can carve-out a niche. Take small, incremental steps and don’t dive-in. A card table, a favorite spot on the couch, a workbench, or a kitchen are all acceptable places to start a business. When you first begin, do it part time and don’t rack-up expenses. If you commit too much time and/or too much money, you’ll put a lot of undue pressure on yourself and make bad decisions. Try to build out a niche. This bit of advice really bears repeating. If you find a smart way to separate yourself from the competition, you can build a stronger, more attractive business. Set small, tangible money and benchmark goals. When you set high goals, you need to do a lot more to reach them and that often leads to failure. When you set small goals, you’re more likely to accomplish them and that makes for a ton of motivation and satisfaction. Build a responsive, easy to navigate website. You need a presence on the internet, which you probably know. There are very inexpensive and easy to use platforms that will be more than sufficient to get you started. Get out and network but don’t sell. Your website, though a necessary tool, isn’t going to be a salesperson; but you can be, if you network to become a known quantity and not to sell. Finally, give yourself permission to make mistakes and don’t make the huge mistake of waiting for perfection to launch your business. [shareaholic app=”follow_buttons” id=”26833294″]

Stop Enforcing These Dumb Office Rules That Make People Quit

September 6, 2017 No Comments

If you want success, you’ve got to stop doing certain things. And, these include enforcing dumb office rules. Let’s face it, there are a number of do’s and don’ts in the workplace we all seem to recognize as unnecessary. But, for some strange reason, we follow tradition — even when it’s doesn’t really make sense. Giving into the “ways it’s always been notion” simply hinders us in different ways. Okay, rules are fundamental in business but too many rules stifles your employees. 5 Most Hated Office Rules that Drive Employees Crazy Think about it this way — more freedom means more business. Put another way, the more rules applied, the less freedom your team members enjoy. That’s simply creates artificial barriers they must overcome. Which means, it’s a waste of time (and ultimately money) and that’s not going to propel your business forward. When there are less rules, there’s more enthusiasm. Fewer rules also means more creativity. Companies need to have rules—that’s a given—but they don’t have to be shortsighted and lazy attempts at creating order. When companies create ridiculous and demoralizing rules to halt the outlandish behavior of a few individuals, it’s a management problem. There’s no sense in alienating your entire workforce because you don’t know how to manage performance. It makes a bad situation that much worse. —Entrepreneur Now, there are reasonable rules. It might apply to workplace social media use. Or, about limiting overtime. But, there are probably at least a few rules that your employees hate. These cause unnecessary stress and can easily become too overwhelming. If rules are stringent enough, you might lose good talent. Obviously, you need to retain the best talent and attract more. But some rules will make that quite problematic to achieve. Here are five of the most hated office rules that drive employees crazy: Time off rules. We all get sick, tired, and have personal needs. So, if an employee doesn’t feel well, don’t make it a bigger burden by requiring a doctor’s note. And, be flexible. If an employee feels lying is the best way to take a personal day off, there’s something wrong. Treat your employees with respect and you’ll definitely reap the rewards. Approval rules. Try this thought experiment — every time you make a purchase decision or other kind of decision in your personal life, stop to consider how productive it would be to seek an approval. Now, there are reasonable limits but you should trust employees to do what’s in the best interest of the company. Performance rules. Performance evaluations aren’t necessarily the best use of time. In fact, there are plenty of good arguments they just drive people nuts. What’s more, these are often dreaded, boring routines. So, ask yourself if you really need performance rules to meet performance guidelines to reward someone during a performance evaluation. Internet use rules. Unless you’re dealing with super-secret information, there’s really little to no need for internet rules. Your team already knows what is and what isn’t acceptable. Give them the power to do the right thing and they’ll feel respected. On-site attendance rules. The office isn’t always the best place to get things done. Sometimes, working from home or outside the office is better. Requiring people to be in the office or on-site from this time until that time daily simply won’t produce the best results. What hated office rules have you eliminated? Which office rules do you find the most productive? Please share your thoughts and experiences by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

Top Ways to Deal with Critics

August 9, 2017 No Comments

There’s simply no way to run a business without dealing with critics. As an entrepreneur, you’ll face doubt in many forms. You’ll face inner doubt, ruminate over which next step to take, receive less-than-positive feedback, and plenty more. What’s more, you’ll have to do so much more, like find ways to keep company secrets safe and navigate through industry changes. Running a business isn’t for the faint of heart and when critics chime-in, that’s precisely where it will hurt most. Top Ways to Deal with Critics Let’s face it, there is no shortage of bad news to discourage you. For instance, if you dream of opening a retail shop, no doubt the latest news out of that sector is troubling. But, it’s commonplace for unpleasant experiences to unfold. This certainly isn’t to say it’s all bad all the time. In fact, that’s part of the problem. When things are going good most of the time, criticism is the biggest wet blanket. Doubters rain on your parade and you scramble for cover. Criticism is part of life, but often times being criticized can make us feel like we aren’t good enough, like we’ve done something wrong, or even cause us to be uncertain about our future. People often take criticism as a personal attack, but in reality, criticism can often be positive. —Fast Company While it’s normal to experience periods of struggle, eventually, you’ll fight through and start to win. Any setback serves as a valuable lesson going forward. And, over time, you’ll enjoy long periods of success without much or any trouble. Then, seemingly out of nowhere, the critics will appear. That’s when you need to be prepared. Otherwise, you’ll become too distracted and won’t have the energy to fully function. So, here are some of the top ways to deal with critics: Teach them, no matter your feelings. Okay, so you don’t particularly like the person who is criticizing you (or your business). And, it’s natural to take it personally because it is your business. But, don’t let this become a missed opportunity. Instead, redirect your feelings and teach him or her. You’ll probably enjoy some accomplishment while turning a critic into a fan. Tell them the truth and do not be fake. You’ll receive at least a little criticism because of your success since it breeds jealousy. That jealousy will manifest into criticism and possibly into anger, even hate. If this does happen, don’t make the mistake of defending your success. Instead, talk about your failures to allow them to relate. Accept that doubters will always be there. Keep in mind that doubt is not the same as an insult (though you just might feel insulted). Rather, doubt is a disbelief in something unfamiliar. And, it isn’t personal, just a way of expressing uncertainty. So, find out what’s doubted and use it to teach. Trial and error isn’t perfect and that’s okay. Sometimes, a new idea can come off as foolish, gimmicky, or silly. But, trial and error are part of business. You need to experiment to know what does and does not work. If you receive criticism, accept it and just move on. Know when it’s time to give a sincere apology. If the criticism is legitimate, you might need to apologize. Know when it’s the right time to say you’re sorry and be sincere when you do. You’ll learn from the experience and move past the criticism, which are good things. How do you deal with critics? What strategies do you use to cope with doubters and doubt? What are your most useful experiences with critics? Please share your thoughts and experiences by leaving a comment. Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]