On June 26th, 2018, the Halton Small Business Centre hosted a business event for local female entrepreneurs. The event provided attendees with an opportunity to hear from a panel of industry experts and peers share their own experiences, participate in group problem solving exercises, and take part in networking with fellow female entrepreneurs and small business owners.
The topic of the morning was The Strategy of Problem Solving, and the focus was on how to develop and create different strategies that can be used to find the right solutions.
Halton Small Business Centre staff presented tips and advice on ways to help tackle business problems large or small:
- Problem Identification – Understanding & Defining the Problem
- Start with defining the problem itself, both logically and realistically
- Define the key words or phrases – and don’t take anything for granted!
- Visualize the problem/draw a representation
- Focus on key units of measurement affected
- Engage all key stakeholders for details/context
- Problem Analysis – Qualify & Quantify the Problem
- Business impact, severity and scope
- Consequences (i.e.: economic, brand, morale)
- Is it internal or external?
- Is this a problem that can be turned into an opportunity?
- Prioritize the problem – what problems can be solved in the short-term, medium-term, or long-term?
- Plan Development – Brainstorm & Rank Solutions:
- Are they feasible?
- Test the viability of these solutions?
- Talk to customers/see what competitors are doing different
- Market research
- Test Minimum Viable Product (MVP)
- Plan Implementation – Choose Optimal Solution:
- The solution that most satisfies your decision criteria
- Develop action plan (step-by-step) with tasks time lines, resources and evaluation criteria
- Plan Evaluation – Evaluating the Solution:
- Does the problem still persist?
- Have the key performance indicators been impacted?
- Do you have a feedback mechanism
- If problem still persists, try another solution or improve process.
- Tweak or refine initial solution to optimize problem/solution fit, continuous improvement
We would like to thank our panelists who spoke about their inspirational start-up journeys and provided advice on how to overcome challenges and obstacles. Panelists: Michele Ballagh, Lawyer & Trademark Agent, Ballagh & Edward LLP; Andrea Dubravsky, President & Web Strategist, ADWebcom; Judy Lindenbach, Director Corporate Partnerships, Haltech Regional Innovation Centre; Sue Daharry, Owner, Workplace Law Compliance, Consulting and Training; Patricia Hopkins, Owner, The Clothespin Inc.; and Carole and Lynne Flory, Co-Founders, Two Gals and a Toolbox Inc.
One of our goals is to empower small and medium-sized enterprises and give them the tools to achieve success. For more information on our services and up-coming events, please visit us in person or online at the Halton Small Business Centre.
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