May/June 2009 Business Insights
Anticipate Problems, Then Develop Solutions
Many entrepreneurs find that the age-old lament “It’s lonely at the top” is true. As company owner or a key manager, you are ultimately responsible for everything that happens within the business or your particular area. That includes solving problems.
Obviously, the best way to avert small business problems is by anticipating them before they occur. Many potential problems can be avoided simply by preparing a written business plan that outlines your business and financial goals for the year and maps your strategy to achieve them. The plan can contain an appendix for you and your management team that focuses on a few issues of concern and planned responses for what would otherwise be unexpected events.
You can’t address every business contingency, but you can identify your top 10 concerns or business issues and plan to focus your efforts on them. If you already have developed a plan to handle problems that could disrupt your business, you can quickly move from identifying a problem that has occurred (let’s analyze it) to the plan (here’s the plan) to solving it (let’s get to work). Recognizing a business threat early on will save time, money and larger headaches later.
When you identify a likely source of trouble, gather all the information you can to assess its significance in light of possible causes and effects. Make a list of all potential solutions, then rank their feasibility. Continue to collect information and employee input, if appropriate, to arrive at the most logical and effective solution.
Without a well-thought-out and executed plan of action, you risk frustration and time that you may never recoup. Be proactive in preparing for the unexpected. Open lines of communication with your employees is one of the best ways to forestall problems, particularly if they know they can come to you with bad news as well as good.
When an obstacle gets in the way of your business goals, it’s up to you to figure out how to remove it or find a suitable alternative path. However, while you are responsible for solving business problems, you do not need to face them alone.
This article is provided by SCORE, Counselors to America’s Small Business. SCORE volunteers are available to meet with Chamber members to discuss business issues, problems or challenges. For assistance, call SCORE at 513/684-2812 or go to www.score.org.
The Chamber also provides counsel to small businesses.
The Chamber invites members to share their business insights and expertise by providing an article for this newsletter column and/or for the Business Tips section of our web site. For information, call Vanessa Cash at the Chamber (812/537-0814).