Challenges are a given in business but knowing what they are and the potential ways to deal with them will make sure you are set up to deal with them like a pro. Let’s take a look at the steps to take when dealing with challenges.
1. Acknowledge the challenge: First you need to stop being an ostrich with your head in the ground and look your challenge in the eyes. You need to admit there is a challenge.
2. Understand the context: Often individuals are so focused on the challenge but forget to look at the circumstances that may have created the challenge. It is important to consider the context and see how that could affect the challenge.
3. Look at the challenge from every angle: Some people are very quick to jump to a solution instead of trying to truly understand the challenge. By reviewing it from every angle, you can ensure you solve the root of the problem not just the result of the challenge.
4. Act. Lastly, now you can put into action your solution for your challenge.
By following these four steps, you will be able to solve most challenges that come your way.
Here are four common problems that entrepreneurs may experience and potential solutions.
1. Hiring staff
Your staff represent your business; therefore, it is important to carefully consider who you employ for your business. When looking for candidates ensure you have a clear description of the role and a detailed breakdown of the skills and personality traits you require. By having this checklist, you can ensure you hire the best individual for the position. Secondly, if you have similar candidates who both lack a skill and one has a good attitude, hire the one with the good attitude. You can teach skills, but you can’t teach attitude.
This is one commodity that most entrepreneurs lack. Often entrepreneurs say they lack time in the day to focus on the big picture because they need to deal with the day-to-day. If you have employees, you need to trust that they can do the job you hired them for. Next, we know your business is dear to your heart and you struggle to give up control, but you need to delegate. You need to give your employees the opportunity to shine in the position you put them in.
One thing in business is that there will always be good opportunities coming your way, but you will struggle to build a great business if you keep running after every good opportunity that comes your way. You need to ensure you have a clear vision for your business and always evaluate the opportunity against the vision for your business. This will ensure you remain on course instead of chasing every shiny thing that comes your way.
We have all heard that cash is the lifeblood of a business, so you need to keep a careful eye on it. Try to not pretend that your business is your own private bank which you can fund a lavish lifestyle with because that may end very quickly. Be frugal with your company’s money and ensure you continually invest in your business. That is not to say that from time to time, you can take a portion of your profits to spoil yourself.
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