Entrepreneur Guide to Solving Problems

Entrepreneurs, by nature, like doing things their own way, and often find it difficult to seek advice from others. However, seeking advice from experts as well as employees is a smart move.

Seek Help from Employees First

Employees are a built-in source of knowledge. They are intimately familiar with he inner workings of the company. After all, their livelihood is on the line if the business fails. Savvy entrepreneurs recognize how important employees are to the overall success of their business. They schedule regular meetings to brainstorm new ideas, solicit suggestions and iron out problems before things get out of control. When appropriate, key employees should be involved in initiatives on how to cut costs, set goals and plan new products and services.

Employees should have access to tools that enhance their working experience and contribute to their growth within the organization. Seek out employees with special talents, encourage them to acquire more education and training to excel in that field or to further develop their skill set. Create an atmosphere that nurtures their performance and validates top performers. A pat on the back can go a long way; always praise and reward high calibre work.

Records and Statistics

Statistics and records such as web analytics, sales reports, customer demographics and other measuring parameters all tell a story. Successful use of records and stats reveal trends and helps you manage your business more effectively, reaching profitability sooner.  Learning that your sales are up this month versus the same month last year, or that sales are down compared to  budget forecasts or higher than the industry average lets you know which direction to head next.

Whenever possible, use percentages to highlight changes and make comparisons. Keep your eye on demographic statistics; where is your market, who is your customer. Proper use of this information leads to the development of new products and services and helps you identify offerings that are not working anymore.

Every thriving business has a pulse. Every vital part of a business must work in harmony. Past due accounts, a mountain of back-orders, unpaid suppliers, customer complaints, absenteeism, staff turnover and poor staff morale are the hot buttons. Monitor all of these areas frequently to keep the machine well-oiled and briskly moving along.

Joint Ventures, Franchising, Licensing
One way of securing inside help is to work jointly with or through another company or individual entrepreneur who can complement and supplement your own strengths and make up for your weaknesses. Joint ventures, franchisor or licensor should help in some or all of the following areas:

• Marketing
  • new products
  • location research
  • finding new markets
  • means of distribution
  • customers or customer lists
  • corporate image and awareness
  • market data and leads
  • Internet presence
• Management
  • provide the benefit of their management experience
  • suggest personnel training methods
  • introduce systems and control
• Finance
  • directly by investing or lending money
  • indirectly by co-signing leases, guaranteeing to lenders or suppliers, giving credibility through their name and reputation

Running a business is complex and exhilarating. Solving problems will always be a major part of the business experience. When those nasty problems do arise, as they inevitably will, listen and learn from others; making obstacles into opportunities for growth will ultimately lead you to success.