Board Director | Advisory Board Member | Interim CEO

6 Keys to Resolving 9 Critical Business Problems

Business Problems SolutionsCompanies fail when nine critical business problems go unanswered.  Today, I am sharing some of the most important lessons about recognizing and resolving problems.   First…

The 9 Critical Business Problems:

  1. Not adequately capitalized
  2. Cybercrime
  3. Loss of major customer
  4. Product obsolescence or failure
  5. Supply chain problems
  6. Fraud
  7. Loss of key employee
  8. Not knowing your true costs
  9. Misgauging market competition and product demand

Personal experience:

I founded and led SafeData, a data backup and recovery company. In the first year, we acquired 7 major customers, but 1 customer represented 50% of the sales. Being a new company, we were happy to have increased sales and the prestige of having a prominent customer as a client.  On the other hand, we understood the pain that losing that customer would cause. How we planned for problems:

  • We assumed the customer would eventually leave.
  • Signed customer to 3-year contract with auto renewal clause.
  • Made sure customer depended on us and  was happy with our service.
  • Increased customer base to reduce dependence on 1 major customer.

The customer stayed 5 years. Because we had a plan, the company grew and prospered.  The plan was the key to our success. In Planning Saved My Business: I explain the importance of planning and the pain that occurs when you don’t plan.

Leadership is recognizing and resolving problems.

6 Keys to Resolving Problems:

  1. Recognize problem
  2. Involve the team
  3. Make a plan
  4. Set deadlines
  5. Monitor progress
  6. Celebrate success

My favorite is: Celebrating Success.

Why Celebrate:

  • Problem resolved
  • Recognizes success
  • Way to rally and reward team

 Can you add a 10th critical problem? How are you resolving problems?

P.S. – Do you need an Outside Director, Advisory Board Member, Trusted Advisor,  or Interim CEO?  Someone who can help you see your business and your goals through “Fresh Eyes.”  Contact me and I will work with you to look at where you want to go and help you find the best way to get there.  Sometimes all it takes is someone with a fresh viewpoint, unencumbered by company politics or culture to help find the right solution.

Image Credit: dreamstime

Print Friendly and PDF
About Larry Putterman

Technology and Industrial Executive specializing in next-stage growth and competitive advantage strategy. serial entrepreneur, CEO, and board director. Husband, father... and major golf and fishing enthusiast!

Comments

  1. Great read.
    I would add #10 not having an effective sales and prospecting strategy.
    So many companies think, I have a good product, I have a great website and social media, what they forget is they need a skilled and nuanced sales team to marry customer the organization.
    Good Luck and Good Selling!
    Robert

    • Larry Putterman says:

      Robert…That’s a great #10. Effective sales and prospecting strategy is important. A great product does not sell its self. Thanks for your comments.

Speak Your Mind

*