Last Updated on 8 July 2021
Problems. Challenges. Opportunities.
Whatever you call them at your company, we want them fixed. Our gut reaction is – come hell or high water – to find a solution. However, there are times when there is no fix… You’re stuck with it.
The challenge with the downturn/recession is that there is not a lot you can do as an individual business. For example, your business may be experiencing a challenge with the current “economic condition” in the United States. You have to deal with it and wait it out.
Another time when we face challenges beyond our power is when doing a SWOT analysis. You can manage the Strengths, and Weaknesses and you can exploit the Opportunities. However, the Threats are out of your control… you’re stuck with their reality.
So, what can you do?
Your options are to…
- find a way to live with the problem, or
- find ways to flip the situation, so it is seen as an asset versus a deficit.
Living with the Problem
At first, this sounds fatalistic, not a ‘victory’ situation. However, the realization that you can’t fix something can be liberating. It frees you to focus resources on things you can change. You manage recognizing the problem is simply part of your playing field.
Flip from Deficit to Asset
A second option is to find a way to work the problem to your benefit. Change the deficit to an asset. This is called asset-based thinking.* Okay, so customer traffic has slowed at your business; maybe this is your opportunity to shift your model from focusing on quantity to quality. Instead of relying on new customers from new traffic, perhaps you should look at your existing satisfied customer base. Can you reconnect with them and create higher satisfaction and incremental sales? There is a slew of approaches once you turn the problem on its head.
In their book Instant Creativity, Brian Clegg and Paul Birch recommend examining your situation in two stages to “make your problem state desirable.”
- How could you change the world to live with this problem?
(This creates your first set of solutions)
- How could you change the world, so the problem goes away?
(This creates a second set of solutions).
They recommend taking the results of these two questions and combining them to determine potential ways to manage the situation.
While not all problems can be fixed, at least you can reduce your angst and find a way to flip the problem to benefit from it.
*Incidentally, you can learn more about asset-based thinking at the “Asset-Based Thinking” website of Kathy Cramer and Hank Wasiak.