How to Solve Your Business and Financial Problems.

No one gets to the top without facing challenges. In fact, anyone who says he doesn’t want problems or challenges is indirectly saying that he doesn’t want to live on this planet anymore.

There is a bridge called problem that stands between you and anything you want to accomplish in life. This is why success is defined as ability to solve problems.

Business owners struggle daily to grapple with stunted growth, insufficient capital for expansion, lack of adequate sales and profit etc. No business owner can avoid any of these, but you can overcome them with creative analysis.

Applying the Questioning Method.

Ian Mitroff has an interesting set of observations with regard to problem solving, and the removal of obstacles. He says, “Whatever the problem, define it several different ways before you attempt to solve it. Beware of any problem for which there is only one definition, or only one solution.”

Whenever we are consulting for companies and different organizations especially in the area of revenue generation, profit or cash flow, we usually tell them to ask the following questions:

Why is it that our revenue, income or profit are not twice as high already? By repeated questioning, we usually come up with an answer that is quite different from the obvious answer.

This is the example of questioning process: “We are not making enough sales, what else could be the problem? Our individual sales are not large enough per customer. What else could be the problem?

Our advertising is not attracting enough customers. What else could be the problem?

As you can see, whichever of these obstacles turns out to be the correct problem will require a completely different course of action to solve it.

If we don’t have enough sales, our solution is to increase the number of sales. If our sales are not large enough per customer, our solution is to increase the size of sale per customer. If our advertising is not drawing enough customers, our solution is to improve the quality of our advertising in some way.

Dig Deeper!

You could say, our customers are not buying enough from us. What could be the problem?

Our customers are not buying frequently enough from us. What else could be the problem?

Our salespeople are not selling enough to our customers. This could lead to totally revamping the quality of the sales force through better recruiting, training, and management. What else could be the problem?

Our customers are buying too many of our products from our competitors. What else could be the problem?

Our competitors are selling too many of their products to our customers. This answer forces you to ask, what value or benefit do our prospective customers see in purchasing from our competitors? How could we offset this perceived benefit?

What else could be the problem? We are not making enough profit on our sales. What else could be the problem? It cost us too much to make each sale. What else could be the problem?

That is how to ascertain the root causes of your problem. Each new definition of the problem suggests different ways that the goal of increased sales or profitability could be achieved.

Apply the Right Solution

It is one thing to generate a solution to a problem in your business, but another thing entirely applying the solution. Another mistake people make is applying the right solution to the wrong problem, or applying the wrong solution to the right problem.

I want to encourage you to pay a consultant to help you in this regard. The truth is that, people from outside your organization can see the mistakes you are making faster than you can. A professional will ask the right questions that will elicit the right answers.

So, I want to suggest the following: Firstly, sign up for our business consulting services to help you deal with insufficient capital for expansion, lack of adequate sales and profit etc. Simply click this link bit.ly/322fxVj and do that immediately or call Godwin on +234 (0)7032681154.

Secondly, study your major competitors to ascertain what they are doing well that makes your major customers to buy from them.

Use this period of lockdown to brainstorm on major issues that have been harassing you.

Share your thought at the comment section below.

Keep soaring!

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5 thoughts on “How to Solve Your Business and Financial Problems.

  1. Obinna Onwuka says:

    Success is define as the ability to solve problem. We should not run away from problems. We should learn how to solve them.

  2. Obinna Onwuka says:

    Applying questioning method will certainly reveal a lot more questions which will inevitably lead to solutions. We should not stop at one question or solution. There is more to ask.

  3. Obinna Onwuka says:

    “People from outside your organization can see the mistakes you are making faster then you can”

    This is revealing. It tells why corporation needs professionals to help them ask the right questions.

  4. Obinna Onwuka says:

    Apply right solution to right problem. This is a way to get right result. And a consultant can help you do this professionally

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