Identifying & Handling 4 Types of Problems Vital for Business Success

Business today is different than how it was years ago. New trends and discoveries have shaped the way management, leadership, and problem solving is done now days. Consumers have different thought processes, and the market only rewards customer-centric organizations.

Out of all the changes-all of which are crucial for any business-solving problems and how a business solves its problems is one of the biggest obstacles that holds it back. Why is that? Because they fail to split problems up into these 4 categories.

There are basically 4 types of problems you have to be able to identify, and know how to handle when they appear when trying to solve a problem for your organization. By doing so you will save time, money, and resources by not going on a blank mission to begin with.

The 4 types of problems you should notice when trying to solve your organizations' problem are; a problem that can be fixed with money, a problem that can't be fixed with money, problems that appear that they can be solved with money, but can't, and problems that can be fixed with money, but you don't have the capital necessary.

A problem that can be fixed with money

If you have a problem that can easily be solved by throwing money at it, you should do so in a heartbeat. As a business owner, there is nothing worst than wasting your time over situations that are either; out of your control, or can easily be fixed with no effort. Many people waste time by trying to reserve their money, and find other ways around the problem without coming out of their pocket.

I understand reserving money and budgeting is an important part of business, but money is a resource within itself. It's a resource and asset you can use to grow your business. Put it to use when necessary, that way you can spend the time that you saved to further progress and make that money back for your company!

Besides, the best companies are the ones that spend 100's of millions of dollars on marketing and advertising. That's why Geico and progressive are winning in the insurance area. They recognize when it's time to stop holding on to their money for dear life.

Your time is your most valuable asset. With that being said, when you have a problem that can be fixed with money, waste no time in throwing money at it and move on.

A problem that can't be fixed with money

These are what I like to call "the spoiled wealthy person who always look to their money worst nightmare". I call it this because it's true. Not all problems can be solved by throwing money at it, which some people couldn't fathom because it's a nightmare to them. These are typically problems of trust and judgement. "An old growth forest doesn't grow back merely because you pay the trees more", as Seth Godin once said.

So, where does that leave you? That leaves you with only 2 choices; complain and never solve the problem, or don't complain to begin with and become resourceful. I don't know about you, but I choose the second option.

Business owners and high executives of a company- at least I hope- should be resourceful people. Resourceful meaning that whenever your back is against the wall, you start swinging and you don't stop. Ever. Money isn't an option in this scenario.

Your only option in this case is to use your brain to fix it. That means becoming innovative, aggressive, and start playing chess, not checkers.

Yes, even the spoiled wealthy person who usually throws money at everything. It's time to use your skills!

A problem that appears it can be fixed with money, but can't

Here we have the problem that will cost you lots of money, and knowing when to identify these type of problems will save you lots of headaches.

Many people throw money at something over and over, hoping for results. But what happens when the results don't come or nothing changes? That's when you know you have a problem on your hands that can't be solved with money. Being slow to identify this type of problem will cost you.... big time.

The same thing applies here, as it does when you have a problem that can't be solved with money. This is when the true entrepreneur in you is supposed to come out, and start thinking outside of the box.

Just recognize this situation quickly.

A problem that can be fixed with money, money that is not available to you

A problem that many start-ups and small businesses may face more often than others. Knowing there's a problem that can be fixed with money, but you just don't have that type of money. Again, being resourceful comes into play in this scenario as well.

But you know what? This gives you can advantage over your competitors believe it or not.

How? You're getting better, while they're getting lazier.

Having an overabundance of resources sometimes is a curse. When a business is so use to throwing money at problems, they never take time to hone those entrepreneurial skills, and competitive nature. So when a problem comes along that can't be solved by money, they're lost and looking at everyone else around them to figure it out.

You on the other hand, learn to get creative. You're used to it! You always have your back against the wall and you start swinging. It cultivates a killer instinct inside of you and makes you even hungrier to hit your target.

There is nothing more intimidating than a business whose entire culture or leader has killer instincts because they're so used to having their backs against the wall and making use of the little resources they do have.

With that being said, appreciate the struggle, because it's an advantage.

Wrapping it all up

How good you become at identifying each of these problems when they appear, determines how successful your company will be. Also, how you handle each situation, whether you have the money to solve a problem or not, will determine the direction of not only your business, but yourself.

Don't forget, you're a brand and a company yourself. You're the CEO of you. Whether you own a business or not, you will encounter problems in your life. Some that requires more than using your money. So don't think this only applies to actual business owners.

It's universal, so put it to use.

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?Creating Value in the Workplace