Monthly Archives April 2010

Apr2010
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Problem Solving: No Big Deal

A brilliant and distinguished professor of graduate school mathematics once told a frustrated, middle school student, “If you relax, you’ll find that word problems are no big deal. They always say what type of answer to give, and provide some information to be used in that calculation. You just need to think calmly about how the information and the answer type relate, and you’ll realize you know what formula to apply.”

It’s really no different in business.

Every entrepreneur has a vision for what they want to achieve. Defining the precise tasks, standards of performance, sequence, responsibility, and timing are the other components of the equation.

Example One: A company has been on the receiving end of a series of haymaker punches, decimating the sales force, causing implementation of strict financial constraints, and devastating employees and management. The need to rebuild is apparent. Company focuses efforts on learning what clients are buying, modifying its core product to address customer interests, promoting new product via social media, and training employees. Result: In a six-month period company successfully reengages with customers, releases financial constraints, and reestablishes growth mode and new hiring.

Example Two: An entrepreneur, frustrated that current business relationships are not delivering against the vision, decides to start anew. Entrepreneur realizes her skills and interests are in developing product vision and sales, and engages the services of a business manager to ensure focus, guide activities, and provide supportive counsel. Result: Business relationships increase six-fold in first four months, and new ways to earn greater revenue emerge.

What outcome are you looking for?  What do you have in place already?  What else do you need?  How do you organize your efforts?  Building your business = solving a word problem. You can do this.

Thanks for teaching me so well, Dad.

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