When you own a small business, you risk running into any number of complex business problems throughout the lifespan of operating your company. While some of these problems will be small, many can be potentially life-changing in nature. It’s your job as a business owner to solve these problems as they appear, no matter the magnitude.
Developing a strong set of problem-solving skills is essential for any small business owner. Here’s what you need to know.
Common Problems Encountered by Small Business Owners
There are complex business problems that many CEOs will face in their lifetimes. Just a few of the complex problems faced by small businesses include:
- Stalled momentum due to a global emergency, such as a war or pandemic
- A lawsuit, such as a wrongful termination suit
- Aggressively well-funded competition
- The death or departure of a business partner
- Major face-paced shifts in the marketplace or in technology
- Surviving a poor financial investment
- Meteoric growth or contraction
Any of these problems could be the nail in the coffin for a struggling business. However, those with fortitude can weather the storm. The important thing is to keep your head and look for solutions rather than throwing in the towel.
6 Ways to Overcome Complex Business Problems
The struggles of small business owners can be overwhelming, but taking decisive action will help you break through to the other side. Here are a few problem-solving techniques to consider:
- Find a mentor and talk it out. This can be a business coach, who will be able to help you on a professional level, but it could also be a friend or a trusted colleague. A neutral third party can help you see things from another perspective.
- Don’t overthink. The theory of Occam’s Razor suggests that the simplest solution is often the correct one. There’s no need to make more assumptions than is absolutely necessary to solve a problem.
- Write out a list of pros, cons, and alternatives. The act of committing something to paper helps the mind work through a problem subconsciously. Seeing all of your options written out will give you a clearer view of what path to take.
- Sound out ideas with your team. While many business owners tend to keep their problems to themselves, sharing with your employees can promote a sense of unity and make them feel valued. Often, your employees can provide a unique viewpoint that will help you see your obstacles in a new way.
- Get to the root of the problem. The problems we see on the surface are usually a symptom of a larger issue. Ask yourself if the obstacle you’re facing has a deeper cause. For example, a large upset that threatens the stability of your company can hint at structural failures that have been present from the start.
- Be objective. When handling complex business problems, it’s easy to let emotions cloud your vision. A business can feel very personal to its owner. However, you can only be sure you’re making the right decisions if you take your emotions out of the equation. You need to look at each problem with the objectivity of a third-party observer.
What are the top 3 challenges you face in operating your business? Overcoming complex business problems is an essential part of being a business owner. Fortunately, when you’re really stuck, a coach can help. Fill out my contact form for a complimentary video call where we can discuss your obstacles and develop a strategy to get you over them.
- Our World Needs More Leadership and Accountability in the Workplace - June 17, 2021
- How to Wildly Improve Your Quality of Product or Services - June 10, 2021
- Creative Brainstorming Techniques for Business Ideas and Strategies - June 3, 2021