Article

How to Turn Your Business Challenges Into Money-Making Opportunities

July 29, 2022

Jump to a section
Share it!
Sign up for our newsletter
You're all signed up! Look out for the next edition of The Manual Weekly coming Wednesday am!
Oops! Something went wrong while submitting the form.
This is some text inside of a div block.

Business owners face many challenges today — from supply-chain disruptions and rising inflation to talent shortages and *gestures to everything*. But one business coach says it's possible to take these challenges and reframe them into future opportunities. 

Meet Greg Gunther, director and co-founder of Your Business Momentum, a Process People community member and a Trainual-certified consultant. Greg is based out of Brisbane, Australia, and he recently came on the "Organize Chaos" podcast for a roundtable discussion. 

In this episode, Greg explains how to transform current-world problems into possibilities.

Distinguish between the uncontrollable and controllable

When you face a challenge in your business, Greg suggests distinguishing between the uncontrollable and controllable factors before coming up with a solution. That way, you save your mental energy and creative thinking for what’s actually attainable.

"[When you] spend a lot of energy on the uncontrollable, [you're] wasting headspace," he explained. And that means you have less capacity to focus on what you can control. But once you shift your focus to what you can dictate — within the confines of your business — you see the possibilities instead of dead ends. 

For example, with the current talent shortage, you could either focus on the uncontrollable aspects of finding and keeping great talent or funnel that energy into improving your recruiting and retaining systems. That way, you use your energy to set yourself up for success instead of festering on what you can't change. 

"[When] there's a lot of issues to sift through, the first silver lining is that you have many options." – Greg Gunther, director and co-founder of Your Business Momentum

Use the SWOT analysis framework

Greg says that when people face monumental or multiple challenges, they tend to feel overwhelmed. As a result, they look for the silver bullet to fix everything. "We start to chase the unicorn, and unicorns just don't exist," he shared. "[But] opportunity is closer than we think."

He suggests using the SWOT analysis framework to find these opportunities and break down exactly what you face. "[The SWOT method] helps you identify your top three to four strengths, weaknesses, opportunities, and threats," he explained. And when you use this framework, it's much easier to understand and identify your next steps.

  • Strengths: This is your value proposition and what your business does well. 
  • Weaknesses: These are internal business components that break when things go wrong.
  • Opportunities: These are the possibilities you have, considering the previous details.
  • Threats: These are the challenges you face outside of the business and your control.  

For example, a retailer might list their strengths as strong supplier relationships, weaknesses as minimal warehouse space, and threats as supply chain disruptions. Using those details as a framework, the retailer might see an opportunity to leverage their suppliers' warehouse and storage capabilities. That way, they can store more inventory and buffer against disruptions. 

"As a business owner, [you need to] think strategically about where your skill sets, offerings, and value propositions fit within a broader market, too."

Go beyond first-order thinking

Greg says it's common for business owners to embrace first-order thinking when facing a challenge, but it often leaves out the immediate consequences of that action. For example, if you face a supply-chain problem, first-order thinking might be to inform the client of the wait. 

"But if [you] can't get supply from the supplier, what's the second, third, and fourth-order consequence of that [challenge]?" Greg explained. You might find that you can provide an alternative until the supply-chain recovers or partner with a local supplier until the problem clears. Either way, you've looked beyond the first-order consequence to consider where your business fits into the solution.

"Strategically thinking uncovers an opportunity for [your business]."

Learn how to do more with less

For Greg, the best opportunity amidst current challenges — whether it’s supply-chain issues, talent shortages, or inflation — is learning how to do more with less. In other words, multiplying your current employees’ efforts with proper documentation. That way, you can worry less about the output and focus more on finding opportunities.

“The bulk of people are not performing to their level, and the best way to [multiply their efforts] is by having systems and processes in place.”

That means if you haven’t documented your systems and processes yet, it’s time to implement those tool now. And if you already have documentation, take the time to improve or update any company knowledge. Doing so will not only set your team up for success amidst challenges, but also free up more of your time for creative thinking. 

Transforming challenges into opportunities is not an overnight skill. But if you start reframing your perspective today, use the recommended tools, and learn how to do more with less, you’ll find the silver lining in any business issue that comes your way. 

Share it!
Sign up for our newsletter
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Author
Follow me!

Similar Blog Posts

No items found.
Article

How to Turn Your Business Challenges Into Money-Making Opportunities

July 29, 2022

Jump to a section
Share it!
Sign up for our newsletter
You're all signed up! Look out for the next edition of The Manual Weekly coming Wednesday am!
Oops! Something went wrong while submitting the form.

Business owners face many challenges today — from supply-chain disruptions and rising inflation to talent shortages and *gestures to everything*. But one business coach says it's possible to take these challenges and reframe them into future opportunities. 

Meet Greg Gunther, director and co-founder of Your Business Momentum, a Process People community member and a Trainual-certified consultant. Greg is based out of Brisbane, Australia, and he recently came on the "Organize Chaos" podcast for a roundtable discussion. 

In this episode, Greg explains how to transform current-world problems into possibilities.

Distinguish between the uncontrollable and controllable

When you face a challenge in your business, Greg suggests distinguishing between the uncontrollable and controllable factors before coming up with a solution. That way, you save your mental energy and creative thinking for what’s actually attainable.

"[When you] spend a lot of energy on the uncontrollable, [you're] wasting headspace," he explained. And that means you have less capacity to focus on what you can control. But once you shift your focus to what you can dictate — within the confines of your business — you see the possibilities instead of dead ends. 

For example, with the current talent shortage, you could either focus on the uncontrollable aspects of finding and keeping great talent or funnel that energy into improving your recruiting and retaining systems. That way, you use your energy to set yourself up for success instead of festering on what you can't change. 

"[When] there's a lot of issues to sift through, the first silver lining is that you have many options." – Greg Gunther, director and co-founder of Your Business Momentum

Use the SWOT analysis framework

Greg says that when people face monumental or multiple challenges, they tend to feel overwhelmed. As a result, they look for the silver bullet to fix everything. "We start to chase the unicorn, and unicorns just don't exist," he shared. "[But] opportunity is closer than we think."

He suggests using the SWOT analysis framework to find these opportunities and break down exactly what you face. "[The SWOT method] helps you identify your top three to four strengths, weaknesses, opportunities, and threats," he explained. And when you use this framework, it's much easier to understand and identify your next steps.

  • Strengths: This is your value proposition and what your business does well. 
  • Weaknesses: These are internal business components that break when things go wrong.
  • Opportunities: These are the possibilities you have, considering the previous details.
  • Threats: These are the challenges you face outside of the business and your control.  

For example, a retailer might list their strengths as strong supplier relationships, weaknesses as minimal warehouse space, and threats as supply chain disruptions. Using those details as a framework, the retailer might see an opportunity to leverage their suppliers' warehouse and storage capabilities. That way, they can store more inventory and buffer against disruptions. 

"As a business owner, [you need to] think strategically about where your skill sets, offerings, and value propositions fit within a broader market, too."

Go beyond first-order thinking

Greg says it's common for business owners to embrace first-order thinking when facing a challenge, but it often leaves out the immediate consequences of that action. For example, if you face a supply-chain problem, first-order thinking might be to inform the client of the wait. 

"But if [you] can't get supply from the supplier, what's the second, third, and fourth-order consequence of that [challenge]?" Greg explained. You might find that you can provide an alternative until the supply-chain recovers or partner with a local supplier until the problem clears. Either way, you've looked beyond the first-order consequence to consider where your business fits into the solution.

"Strategically thinking uncovers an opportunity for [your business]."

Learn how to do more with less

For Greg, the best opportunity amidst current challenges — whether it’s supply-chain issues, talent shortages, or inflation — is learning how to do more with less. In other words, multiplying your current employees’ efforts with proper documentation. That way, you can worry less about the output and focus more on finding opportunities.

“The bulk of people are not performing to their level, and the best way to [multiply their efforts] is by having systems and processes in place.”

That means if you haven’t documented your systems and processes yet, it’s time to implement those tool now. And if you already have documentation, take the time to improve or update any company knowledge. Doing so will not only set your team up for success amidst challenges, but also free up more of your time for creative thinking. 

Transforming challenges into opportunities is not an overnight skill. But if you start reframing your perspective today, use the recommended tools, and learn how to do more with less, you’ll find the silver lining in any business issue that comes your way. 

Author
Follow me!
Article

How to Turn Your Business Challenges Into Money-Making Opportunities

July 29, 2022

S
E

Organize the chaos
of your small business

No items found.
No items found.